Metlife Foundations' i3 (innovate, implement, impact) program partners include Aspire to Innovate (a2i), Shakti Foundation, Women and e-Commerce Ltd, and leading MFS providers, among others.
The program could directly impact over 12.8 million clients in Bangladesh and indirectly impact over 43 million, low-income individuals.
The event provided key insights to participants representing regulators, government officials, practitioners, and think tanks, with some of the major outcomes being: the i3 program's impact in increasing awareness and helping improve financial health; lessons from the ecosystem to innovate, evolve, and build the financial resilience of LMI segments; and identification of critical areas that require more focus now beyond access, which will be the next focus for the industry.
This was discussed at an event organized by Metlife Foundation and MSC (MicroSave Consulting) along with its partner UNCDF hosted the i3 (innovate, implement, impact) global learning event on “Innovation in financial products to enhance people's resilience” in Dhaka, Bangladesh on May 17.
The panel discussed what innovations are needed in the financial industry to improve people's financial health, what the most important lessons from the pandemic are and how we might prepare for a more resilient future.
The chief guest was Md Mezbaul Haque, executive director of the Bangladesh Bank.
"We discovered that we have more SIM users than bank account holders, so we started thinking if we could make some kind of matchmaking between these two, and the idea of mobile financial services came," he stated during the event. We can observe how quickly MFS has gained momentum. We have also had an NGO/MFI for a long time. Payment was made available during this time period."
Ala Ahmad, CEO of Metlife Bangladesh commented: “Metlife Foundation-sponsored projects in Bangladesh are advancing economic inclusion, financial health, and resilient communities. Sustainability is central to our business strategy, and we are committed towards the betterment of the economy, and the people of Bangladesh.”
While presenting the findings gathered by MSC under the i3 program, Sunil Bhat, associate partner, MSC, said: “LMI of Bangladesh and Vietnam need customer-centric, low-cost financial solutions. Through i3 program, Metlife, MSC and program partners like a2i, Bkash, Brac Bank, Bank Asia, Dmoney, iPay, WE in Bangladesh and MoMo, Careplus, VIFO, and SVF in Vietnam have leveraged digital channels and technology to make cost-effective solutions.”
The learning event also explored practical lessons around financial resilience and security in four markets: Malaysia, China, Vietnam, and Bangladesh. The event intended to help steer a shift in approach from financial inclusion to financial health with a focus on innovative products among practitioners, providers, donors, and regulators.
More than 80 industry experts attended this international event with participants from Malaysia and Vietnam.
Other special guests included Anir Chowdhury, policy advisor, a2i, Ala Ahmad, CEO, Metlife Bangladesh, Selim R F Hussain, CEO of Brac Bank, Nasima Aktar Nisha, president of WE, and joint secretary of e-Cab, Viet Linh Vuong, CEO and Founder, VIFO and Mandy Nguyen, Startup Vietnam Foundation.
Anil K Gupta, partner MSC, moderated a panel discussion with an esteemed group of industry experts comprising Shah Zia-Ul Haque, assistant director, Bangladesh Bank, Imran Ahmed of Shakti Foundation, Minh Trang Tran of Wise Vietnam, Nadia Ismadi of POD Malaysia and Imanun Nabi Khan of FAO Bangladesh was also present at the event.
