WEF delegates push for greater accessibility to financial services
The government and the private sector should not hesitate to use different business models in their pursuit for greater accessibility to financial services, delegates at the Financial nclusion Session at the World Economic Forum said.
“With the number of people you want to reach out to, there’s a room for every model as long as it’s sustainable,” ose sidro Camacho, vice- charman for Asia-Pacific and country chief executive officer at Credit Suisse (Singapore), said.
Financial inclusion has been the advocacy of the Bangko Sentral ng Pilipinas to allow a bigger part of the population to have access to formal financial services.
Camacho said that his firm, being a global financial institution, pursues financial inclusion through capacity building with other organi ations and helping microfinance companies in ways the firm can.
“We do have a program that allow us to deploy young bankers globally and work with microfinance institutions and help them with risk-finance management and other functions,” Camacho said.
Matthew Driver, president for southeast Asia at MasterCard (Singapore), said during the session that ecosystems built to further promote financial inclusion should really be sustainable.
“Governments can lead but you have to build sustainable ecosystems,” Driver said.
MasterCard, he said, has been working with mobile operators in the region in order to expand their reach especially as a big chunk of the population have mobile phones.
“We’re trying to leverage the experience we have on the ground and improve it with technology,” Driver said.
The New Champions community in the Philippines and their foreign counterparts will gather in Movenpick Hotel, Mactan Island for some rest, recreation and innovation discussions at the “Open Collaboration with East Asia New Champions 2014 Summit” or “OCEAN 14” on May 23 to 25.
OCEAN 14, a community-led event that follows the close of the World Economic Forum in Manila, aims to create a forum for entrepreneurship, innovation, and design that involves all sectors of the society -- academe, private sector, and government.
“We have a rare opportunity at hand -with the World Economic Forum taking place in the Philippines. With OCEAN 14, we’re taking advantage of the global experts that are in Manila, and extending the opportunity for more dialogue with the local community,” said OCEAN summit chair Winston Damarillo, a Young Global Leader honoree in 2010.
“We are thrilled to have very strong interest from our legislators, with World Economic Forum Young Global Leaders Sen. Bam Aquino and Sen. Chiz Escudero putting the boosters,” Damarillo added.
“By putting the brilliant minds of various sectors together to work, OCEAN will jump-start activities that would promote innovation zones and inclusive growth,” Damarillo said.
Broadcaster Karen Davila, also a World Economic Forum Young Global Leader honoree in 2010, also serves as OCEAN 14 co-chairperson. “We wanted for our foreign counterparts to see the beauty outside of Manila and that is why we planned for OCEAN in Cebu, which boasts an impressive community of innovators, business leaders, and social change makers.”
Co-hosted by the Cebu Chamber of Commerce and Industry with the support of the province of Cebu, OCEAN 14 will feature Interactive Panels tackling the following subject matters:
• Inclusive Entrepreneurship: This panel focuses on how to enable a society that enables entrepreneurship for all. Speakers include: Kathleen Largo, cofounder of ASEANpreneurs Philippines; Earl Valencia, co-founder and president of IdeaSpace Foundation; Jay Aldeguer, president and chairman of The Islands Group; John Echauz, executive vice-president of Standard Insurance; Yinglan Tan, venture partner with Sequoia Capital India; Ryan Guadalquiver, country manager of HP Philippines; and Moderated by Calvin Chin, co-founder and CEO of Qifang.
• Sustainable Social Enterprise: A discussion of best practices from the leading social entrepreneurs. Speakers include: Tony Meloto, executive chairman of Gawad Kalinga; Andreas Heinecke, founder of Dialogue in the Dark; Caroline Boudreaux, founder of The Miracle Foundation; Therese Fernandez, founder of Rags2Riches; and Moderated by Lynn Pinugu, founder of Mano Amiga Academy Philippines.
• Preparing for the Digital Age: The ASEAN region is the fastest growing consumer of digital content and services. Traditional enterprises will need to transform its business to address the new consumers of the region. Speakers include: Fujio Akimoto, general manager of Platform Strategic Marketing Division at NEC Corp.; Jem Bendell, founding director of The University of Cumbria Institute for Leadership and Sustainability; Mia Umanos, director of Analytics at Digitaria; Kat Luna-Abelarde, first vice president of PLDT SME Nation; Maria Ressa, CEO and executive editor of Rappler; Nestor Tan, CEO of Banco de Oro; and moderated by Winston Damarillo, executive chairman of Exist and CEO of Acaleph Storage.