Advancing financial inclusion for Indonesian women

Commonwealth Bank and Mastercard announce a collaboration to better financial inclusion for Indonesian women 

Commonwealth Bank and Mastercard announced today a collaboration to better financial inclusion for Indonesian women.

This collaboration under the WISE (Women Investment Series) program will have three key pillars:

  1. Enhancing formal networks by creating knowledge and capability exchange among women-owned businesses.
  2. Innovating with technology through the development of new digital learning tools and expansion of the WISE App to achieve nationwide scale and impact.
  3. Investing in research to understand how together we can advance financial inclusion and equitable economic growth throughout Indonesia.

Early in 2017, Otoritas Jasa Keuangan (OJK; Indonesia’s Financial Services Authority) released research showing that Indonesia’s financial literacy and inclusion indices stood at 29.66 percent and 67.82 percent respectively. OJK called upon the financial services industry to promote and implement financial literacy and inclusion programs to achieve their target of 75 percent for the financial inclusion index by 2019.

“I am excited for our collaboration with Mastercard as both companies have an ongoing commitment to Indonesia, and helping the Indonesian government realise financial inclusion and financial literacy index targets”, shared Lauren Sulistiawati, President Director, Commonwealth Bank Indonesia.

“At Commonwealth Bank, we believe that by enhancing awareness of and access to financial services, particularly through digital channels, Indonesians will be better equipped to secure their financial wellbeing, hence, advancing the overall Indonesian economy. Through our WISE program, we are particularly focused on Indonesian women as they increasingly have greater financial influence in their personal lives and within the broader local community. Currently, more than 2,500 Indonesian women have joined our WISE face-to-face classes and more than 3,500 people have downloaded our digital platform under WISE Apps to support the finances of the Indonesian women.”

According to the International Finance Corporation, women-owned businesses make up half of the small and medium enterprises in Indonesia and contribute an estimated 9.1 percent of GDP.

Commonwealth Bank and Mastercard will help drive the growth of women-owned businesses by improving their business acumen, increasing their understanding of financing, and educating them about customer and market trends. Additionally, Commonwealth Bank and Mastercard will invest in research to continue the conversation about how together we can advance the inclusive and robust growth of the Indonesian economy.

“Financial inclusion is an integral part of Mastercard’s commitment to Indonesia. We believe that unlocking the full potential of women business leaders to expand their companies will result in reduced income inequality while strengthening small and medium enterprises as engines of growth for the Indonesian economy,” said Safdar Khan, Division President, Indonesia, Malaysia and Brunei, Mastercard.  “I am confident that our work with Commonwealth Bank will grow the economic contribution of small businesses while improving the lives of women entrepreneurs and their families.”

This collaboration is the coming together of like-minded companies with shared vision, values, and long-term commitment to a vibrant and inclusive Indonesian economy.  There will be an increased pace of change and the calibre of resources available to deliver greater financial inclusion outcomes for Indonesian women, especially women entrepreneurs.

This is the beginning of a global financial inclusion collaboration between Commonwealth Bank and Mastercard, with a view to replicate a similar model in other international markets.

 

Established in Indonesia in 1997, PT Bank Commonwealth (Commonwealth Bank) is a subsidiary of Commonwealth Bank of Australia (CBA), the largest service provider listed on the Australian Securities Exchange and is included the Morgan Stanley Capital Global Index. With more than 1,700 professionals in banking, Commonwealth Bank today serves its customers in 25 cities across Indonesia.

Commonwealth Bank offers a variety of banking products, such as savings, deposits, mortgage, various investment products and bancassurance, working capital credit for Small and Medium Enterprises (SME) and Safe Deposit Box (SDB), 24-hours Call Centre, as well as Internet Banking for individuals with special features that offer flexibilities for customers to set transaction dates, standing order feature, and mutual funds purchase with special discount.

Commonwealth Bank has launched its mobile banking application with breakthrough technology, investment and security features which give convenient financial access anytime, anywhere. The mobile banking application has several features such as fund transfer, the ability to buy and sell foreign currency at real-time and applications to monitor their mutual fund portfolio via smartphones. Visit www.commbank.co.id for further information on Commonwealth Bank.

Mastercard (NYSE: MA) is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.