13 Asia-Pacific fintech leaders have united under the banner of Programme Sirius (Sustainability Innovation for Regenerative & Inclusive Purpose), launching an initiative aimed at empowering Micro, Small, and Medium-Sized Enterprises (MSMEs), a bold move towards sustainability.
Empowering Sustainability: Programme Sirius unites Asia-Pacific fintech leaders to revolutionize MSMEs' journey towards a greener future.
With the support of giants like GCash from the Philippines and others, this program is set to redefine the landscape of business sustainability in the region.
The cornerstone of Programme Sirius lies in its commitment to fostering sustainability practices among MSMEs operating on digital platforms. Recognizing the pivotal role these enterprises play in local economies, the program is designed to facilitate their transition into a low-carbon economy while advancing their access to sustainable financing.
At the heart of this initiative is collaboration. Industry giants like Ant International and the International Finance Corporation (IFC) are stepping up to the plate, offering their expertise to support MSMEs in adopting sustainable practices.
Ant International, in collaboration with IFC, will develop Digital Sustainability Impact Management Toolkits over the next two years, equipping MSMEs with the tools they need to embrace environmentally and socially friendly practices.
Moreover, to address the challenge of sustainability reporting, Gprnt (pronounced Greenprint), in partnership with Ant International, is set to provide a technology-enabled reporting solution.
This will enable MSMEs to embark on simplified sustainability disclosures, paving the way for them to tap into sustainable business opportunities.
The urgency of this initiative cannot be overstated. With multinational corporations increasingly demanding sustainability from their suppliers, local merchants have the opportunity to gain a competitive edge by embracing sustainability practices.
However, MSMEs face significant hurdles in meeting these demands, including limited resources and expertise in sustainability reporting.
Leiming Chen, Chief Sustainability Officer at Ant International, emphasized the collective effort required to drive this change. He stressed the importance of providing MSMEs with the necessary mindset, knowledge, and resources to take climate action.
“We always talk about financial and digital inclusion, but sustainability inclusion for MSMEs is becoming one of the most pressing challenges,” highlighted Chen.
Martha Sazon, President and CEO of GCash, echoed this sentiment, highlighting their commitment to helping Filipino MSMEs achieve progress through democratized financial services.
“MSMEs are the backbone of any growing economy. With this, GCash has become their bridge to digital by providing essential tools – transforming the way they do business. We remain committed to helping Filipino MSMEs achieve progress through democratized financial services, especially with easy access to credit,” said Sazon.
Christina Ongoma from IFC emphasized the importance of sustainable growth for MSMEs, not only for economic development but also for creating a better future for all.
“MSMEs are the backbone of the Asia-Pacific economy, accounting for more than 97 percent of its businesses and employing over half its workforce.
Meanwhile, our region accounts for three-fifths of global emissions from power generation and includes many countries vulnerable to climate change,” emphasized Ongoma.
Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore, underlined the role of digital wallets and payment solutions in enabling smaller businesses to embark on their sustainability journeys.
“The widespread adoption of digital wallets and payment solutions makes them a key enabler for helping smaller businesses commence their sustainability journeys. Industry initiatives like Programme Sirius are important for the public and private sector to coordinate the tools, frameworks, and technologies for smaller businesses to build their sustainability competencies as they transition into the green economy,” added Mohanty.
Programme Sirius represents a significant step forward in promoting sustainability among MSMEs in the Asia-Pacific region.
By leveraging the expertise and resources of industry leaders, this initiative has the potential to transform the business landscape, driving positive change for underserved communities and the environment alike.
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