THE Asian Development Bank (ADB) and Mastercard have inked a memorandum of understanding to promote financial inclusion and digital transformation in the Asia-Pacific region.

The agreement emphasizes the joint vision of both organizations to enhance financial inclusion by supporting micro, small and medium enterprises (MSMEs), and women-owned businesses. Mastercard said that this would be achieved through digital innovation to promote inclusive growth and the adoption of climate-smart practices.

"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," Mastercard Philippines Country Manager Simon Calasanz said.

ADB and Mastercard said they aim to improve access to finance, encourage digital payments and enhance digital skills in underserved communities.

The focus will be on reducing the digital gap and promoting inclusive economic growth, guided by principles aimed at creating a secure and sustainable digital economy.

"Through this partnership with Mastercard, we are increasing our efforts to expand access to financial services and unlock opportunities for marginalized communities in the Philippines, and across the region," ADB Private Sector Operations Department Director General Suzanne Gaboury said.

ADB has approved a $300-million loan to support the Philippines' financial inclusion efforts, which will expand access to financial services for Filipinos, especially among vulnerable groups, and to stimulate economic growth.

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