Originally published on The Straits Times
Access to capital is critical. But without a digital identity or proven credit history, many MSMEs struggle to secure loans, with up to 60 per cent of those in South-east Asia reporting difficulty in obtaining financing.
To meet this need, the Mastercard Impact Fund pledged US$5 million last year to unlock up to $1 billion in Asian Development Bank financing for MSMEs. This shows how relatively small commitments from the private sector can de-risk lending and spur a cycle of credit-building.
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