Image credit: UNCDF
SINGAPORE – 24 October 2017 – Fern Software, a leading provider of banking software for inclusive financial institutions worldwide, in partnership with TransferTo, a global B2B Cross-Border Mobile Payments Network, have been announced as the winners of the United Nations Capital Development Fund (UNCDF) third window of the Shaping Inclusive Finance Transformations (SHIFT) Challenge Fund.
Titled ‘Linking remittances as a catalyst for financial inclusion and women’s economic empowerment’, the SHIFT Challenge Fund aims to tackle the challenges and barriers faced by women in Cambodia, Lao PDR, Myanmar and Vietnam, and leverage on remittances as a channel to improve women’s economic empowerment.
The SHIFT Challenge Fund support will enable users of TransferTo’s Cross-border Mobile Payments Network, which reaches over 135 countries across the globe, to enable money to be transferred across borders to individuals who don’t have accounts with mainstream commercial banks.
Uniquely, the sender will be able to specify a transfer directly to a savings or loan account at a microfinance institution, credit union, or development bank – the financial institutions who typically serve the low-income or rural populations that make up the majority of the family members of migrants.
“Fern’s banking solutions enable inclusive financial institutions to design customer-centric products and services, and to deliver those services in a cost-effective way to even the remotest of locations. Our integration with the market-leading TransferTo Network will support true financial inclusion for both migrants and their families, in South East Asia and beyond”
said Debbie Watkins, Managing Director at Fern Software APMEA.
“We’re very honoured to have been selected as winners of the UNCDF SHIFT Challenge Fund alongside Fern Software. With this grant, we’re able to use our extensive mobile payments Network to help bridge the gap between the financial services offered in developed countries with those available in emerging markets, and drive better financial inclusion across Cambodia, Lao PDR, Myanmar and Vietnam”
said Peter De Caluwe, CEO at TransferTo.
United Nations Capital Development Fund (UNCDF) is the UN’s capital investment agency for the world’s 48 least developed countries (LDCs). With its capital mandate and instruments, UNCDF offers “last mile” finance models that unlock public and private resources, especially at the domestic level, to reduce poverty and support local economic development. This last mile is where available resources for development are scarcest; where market failures are most pronounced; and where benefits from national growth tend to leave people excluded.
Shaping Inclusive Finance Transformations (SHIFT) is a UNCDF managed regional programme that seeks to advance economic empowerment and market participation for low-income consumers, micro-enterprises and SMEs, with a specific focus on women, by unlocking financial markets access.
TransferTo operates a B2B Cross-Border Mobile Payments Network for emerging markets, processing real-time transactions for money transfer operators, mobile operators, digital wallet providers, banks, NGOs and merchants. Leading companies rely on TransferTo’s mobile payment solutions to perform digital payments.
Through a network which spans across more than 130 countries, TransferTo provides its partners with a global compliance framework for all relevant regulatory requirements.
TransferTo was founded in 2005. The company is headquartered in Singapore, with regional offices in Miami, London and Dubai, and local offices across Mumbai, Jakarta, San Salvador, Nairobi and Barcelona.
For more information, please visit www.transfer-to.com