Manila, Philippines – The Asian Development Bank (ADB) and Mastercard have signed a memorandum of understanding (MOU) to promote financial inclusion and digital transformation across Asia-Pacific. The agreement reflects both organisations’ common objective of improving financial inclusion by supporting micro, small, and medium-sized enterprises (MSMEs) and women-owned businesses. It seeks to use digital innovation to promote equitable growth and the adoption of climate-friendly behaviours.
ADB and Mastercard have committed to working together on projects that will increase financial accessibility, encourage the use of digital payments, and improve digital literacy in marginalised populations. Their main goals include encouraging inclusive economic development and closing the digital divide. To make sure that their cooperative efforts are in line with the main goal of creating a safe and sustainable digital economy, the parties have set guiding principles.
ADB recently granted a US$300m loan to help the Philippines’ financial inclusion aspirations. The loan aims to increase Filipinos’ access to financial services, particularly among underprivileged parts of the community, while simultaneously encouraging economic growth.
The strategic partnership is a step toward a more inclusive and resilient digital economy in the Asia-Pacific region. ADB and Mastercard aim to create new opportunities, promote long-term growth, and have a lasting impact on future generations by working closely together.
Speaking about the partnership, Simon Calasanz, country manager, Philippines, Mastercard, said, “Mastercard has an extensive history of supporting MSMEs, and is committed to further collaborating with ADB in the Philippines to drive greater financial inclusion, broaden credit access, and ensure a safe and secure digital ecosystem for the evolving landscape.”
Meanwhile, Suzanne Gaboury, director general of ADB’s private sector operations department, stated, “Financial inclusion is at the heart of ADB’s mission to promote sustainable development. Through this partnership with Mastercard, we are increasing our efforts to expand access to financial services and unlock opportunities for marginalised communities in the Philippines, and across the region.”
