Financial technology firm Tala, in collaboration with the Atlantic Council’s Geoeconomics Center, unveiled a white paper that highlights the importance of
the “global majority” – women, children, micro, small and medium enterprises , and underserved individuals, representing a powerful economic force that has historically been excluded from financial systems.
The white paper emphasizes the need for governments, policymakers and organizations to develop targeted strategies to empower this group.Data from the Bangko Sentral ng Pilipinas’ 2023 Financial Inclusion Dashboard noted the financial concerns among Filipinos. According to the white paper, 65 percent of Filipinos worry about covering emergency medical costs. Around 42 percent fear high medical expenses from serious illnesses or accidents, 24 percent worry about monthly bills, 17 percent are concerned about retirement funds and 13 percent struggle with tuition and school fees.
According to Tala, these barriers are compounded by limited financial education and difficulties in accessing credit due to requirements like collateral and credit history.Tags
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Maybank recognizes financial literacy champions at 3rd Regional Financial Education Excellence Awards 2024 in PHLGroup continues its commitment to fostering financial literacy among youth, empowering communities across ASEAN As part of its continuous commitment in enhancing financial literacy across ASEAN, Maybank and Maybank Foundation recently hosted the 3rd Maybank Regional Financial Education Excellence (Regional FinEx) Awards 2024 at the Maybank...
Read more »
SM Supermalls, DTI champion MSMEs through national trade fairsThese trade fairs not only provided a platform for MSMEs to thrive but also brought shoppers unique finds and meaningful stories behind each product
Read more »
SM Supermalls, DTI champion MSMEs through national trade fairsSM Supermalls, in partnership with the Department of Trade and Industry (DTI), has been at the forefront of empowering Filipino micro, small, and medium enterprises (MSMEs) through a series of national trade fairs. These events have celebrated Filipino craftsmanship, innovation, and sustainability while boosting local economies.
Read more »
Tala says AI can help serve the underbanked, underservedLeading majority platform for global majority forum Tala recently underscored the importance of artificial intelligence (AI) and blockchain to serve the underbanked and underserved in the Philippines and its other clients in the world. “I could think about so many applications.
Read more »
GCash equips MSMEs with faster, more secure cashless payment tool with SoundPayInnovative POS technology SoundPay free with GCash for Business EasyBiz Bundles to boost MSME growth
Read more »
GCash now has SoundPay for MSMEs for faster, more secure cashless paymentsSoundPay is an innovative POS technology available for free through GCash for Business EasyBiz Bundles!
Read more »