Partnership formed to support financial inclusion
Singapore based fintech advisory firm Move 78 announced a partnership this week with Financial Resilience Australia.
This partnership has been established with an emphasis on financial wellness and a collaboration on projects based in the Asia Pacific region.
COVID-19 has exacerbated the importance of financial inclusion and wellbeing across the globe, and the World Bank finds that 24 million fewer people are estimated to escape poverty in South Asia and the Pacific than they would have without the pandemic in 2020. The fragility in the finances of consumers has been exposed and intensified leading to devastating tolls on physical, mental and emotional health, and this is prevalent throughout the Asia Pacific.
Both Move 78 and Financial Resilience Australia believe the road to recovery lies in a collective response across sectors, and this partnership aims to raise awareness and set up a cross sector community being titled, The APAC Financial Wellness Initiative.
Financial Resilience Australia has been helping address financial inclusion for vulnerable Australians since 2014, and is a social enterprise that enables and supports multisector clients including banks, credit unions, regulators and multicultural leaders.
Vinita Godinho, CEO of Financial Resilience says, “COVID has highlighted a crucial aspect of financial wellness that we want our partnership to deliver on i.e. the inextricable link between our physical, mental and financial health and wellbeing. We are not just coping with the physical symptoms of this virus, but also feelings of depression, anxiety and isolation triggered by physical distancing, as well as financial uncertainty and lost income due to the mass lockdowns. We must now work collaboratively across sectors and borders to find ‘joined-up’ and holistic solutions to address all three of these domains, and this new partnership is our pathway to achieving this.”
Mariko Braswell, CEO of Move 78 highlighted the “natural synergies” between the efforts of both FRA and Move 78, particularly “with respect to our efforts in digital inclusion and FRA’s financial wellness focus”. Braswell also added, “there is no better time than now, to reach out to other like-minded organizations to tackle Financial Wellness together head-on. We look forward to working with the FRA team to further awareness and to help facilitate solutions for Financial Wellness throughout APAC’s communities.”
Braswell and Godinho invite like minded individuals, business and institutions across sectors to join the APAC Financial Wellness Initiative as they set out to enable financial wellness across the Asia Pacific.
Anna Shaw is the client insights manager at RFi Group