As we end 2019 and with insights from over 12 years in the global digital financial inclusion sector, we are excited to be part of the debate around Financial health and well-being of local populations.
It was a pleasure for us to participate in the Learning Event “Financial Health and its Relevance for the Developing World” sponsored by MetLife Foundation’s I3Program. The event was organised on the side lines of the Singapore Fintech Festival and saw a strong participation from private and public sector players including start-ups, financial institutions, government officials and experts from the Development world. The discussions focused on the importance of the sector to inculcate a mindset shift from “financial inclusion and account ownership” to “usage of financial products/services and financial well-being”. According to the Consumer Financial Protection Bureau in the US, financial well-being or financial health describes a condition wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life. The event explored questions on what financial health entails for different stakeholder groups : the end customer, private sector and policy makers. Working sessions made for rich debate and brainstorming on whether financial access and usage actually improve customers’ lives, making them more financially healthy and if this is a fact, how can private sector be incentive to build this focus into their business models; and how can government and other market enablers act as catalysts. Learn more about the i3Program