Ant Financial and IFC launch financial inclusion programme

Source: Ant Financial

International Financial Corporation (“IFC”), a member of the World Bank Group, and Ant Financial Services Group (“Ant Financial”), the world’s leading tech company and the operator of Alipay, jointly announced the 10x1000 Tech for Inclusion programme at the 2018 Annual Meetings of the International Monetary Fund and the World Bank Group.

The initiative will include a comprehensive programme that embraces interactivity and the exchange of ideas to provide training to 10,000 tech experts in emerging markets from both public and private sectors over the next 10 years.

Alibaba Group founder and Executive Chairman Jack Ma said that the programme aims to build an interactive and open platform to increase support for tech leaders and skilled individuals who are working to alleviate poverty and make basic financial services more broadly accessible in Indonesia, which will be the first stop of the programme within emerging markets.

“I believe that investing in people is investing for the future. Cultivating talent is one of the most significant things the Alibaba ecosystem can do. My hope is that emerging markets will benefit from the individuals that are nurtured under this new 10x1000 Tech for Inclusion programme and be able to embrace a brighter future through the digital economy,” said Ma, who is an adviser to the Indonesian government steering committee for e-commerce.

The 10x1000 Tech for Inclusion programme will seek support from local public and private sector partners in emerging markets. A series of Techfin workshops will be held across China and various countries. The workshops will aim to inspire tech leaders and local talent to become “drivers for change” in the digital era, promoting technology inclusion and global sustainability.

“Technology offers the largest dividend of the digital era bringing unprecedented opportunities for financial inclusion,” said Eric Jing, Executive Chairman and Chief Executive Officer of Ant Financial. “Individuals with talent in technology are the drivers for change who can inspire innovation that will lead to a better collective future. Now is the time for Alipay to share its knowledge and experience in digital financial services to broaden the tech communities and ecosystem within emerging markets.”

IFC and Ant Financial have partnered on initiatives to extend micro-credits to small- and women-owned businesses in China and over the past year have driven collaboration on inclusive digital finance, green digital finance and business-environment enhancement. In 2016, Ant Financial signed onto the World Bank Group Universal Financial Access 2020 goal and committed to increasing access to financial services for 100 million underserved individuals.

Philippe Le Houérou, IFC CEO, said, “Digital finance is transforming the financial landscape, creating new markets, empowering consumers and putting banking in the hands of unreached millions worldwide for the first time. The joint programme will further deepen knowledge and create new opportunities for digital financial services to expand financial access and improve lives.”
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