A recent collaboration between Mastercard and the Asian Development Bank (ADB) aims to enhance financial inclusion and digital transformation in the Philippines and the wider Asia Pacific region. This partnership, solidified by a memorandum of understanding signed in early May, underscores the shared commitment of both entities to empower micro, small, and medium enterprises (MSMEs) as well as women-owned businesses.
Mastercard’s country manager for the Philippines, Simon Calasanz, stated that the company has a strong history of supporting MSMEs and is dedicated to working with ADB to drive greater financial inclusion, expand credit access, and ensure a secure digital ecosystem. The collaboration between Mastercard and ADB will focus on initiatives that improve access to financing, promote the adoption of digital payments, and enhance digital literacy in underserved communities. Guiding principles have been established to ensure that these initiatives align with the overarching goal of creating a secure and sustainable digital economy.
Suzanne Gaboury, the director general of ADB’s Private Sector Operations Department, emphasized that financial inclusion is a crucial aspect of ADB’s mission to foster sustainable development. Through this partnership with Mastercard, ADB aims to increase efforts to provide financial services and opportunities for marginalized communities in the Philippines and beyond.
In October 2023, ADB approved a $300 million policy-based loan for the Philippines to enhance access to financial services and drive economic growth. This support, under the Inclusive Finance Development Program, Subprogram 3, will aid the government in implementing reforms to expand financial inclusion and improve the digital financing ecosystem.
Mastercard described the strategic partnership with ADB as a significant milestone in advancing a more inclusive and resilient digital economy in the Asia-Pacific region. The collaboration between ADB and Mastercard is expected to unlock new opportunities, drive sustainable growth, and create lasting impact for future generations.
