As Council Member and Co-Chair of the Grow Asia Business Council in 2023, Visa will enhance the knowledge and capacity of Grow Asia’s programs to integrate digital financial solutions, promote financial inclusion of smallholder farmers and address livelihood challenges in the Philippines, in Indonesia and Vietnam, Myanmar, Cambodia and Papua New Guinea.
Manila, December 4, 2023 – Visa has been elected as the new co-chair of the prestigious Grow Asia Business Council, a high-level advisory body that brings together business leaders to shape Grow Asia’s partnerships, develop a robust and market-focused approach, and lead by example by investing in viable projects Location. Grow Asia was founded in 2015 by the World Economic Forum – in collaboration with the Association of Southeast Asian Nations (ASEAN) – to develop market-driven solutions for sustainable food systems in Southeast Asia.
As announced at COP28 this year, Visa will join acting co-chair East-West Seed, a company that is one of the largest vegetable seed companies in the world, supplying 23 million smallholder farmers worldwide. As Co-Chair of Grow Asia’s Business Council and exclusive Digital Financial Inclusion Partner, Visa supports the design and deployment of Grow Asia’s Public Private Impact Funds in collaboration with other partners in the Grow Asia Network. The collaboration spans three years, from July 2022 to June 2025. In the first year of the partnership with Grow Asia, Visa actively participated in more than 30 multi-stakeholder events in the region, contributing to the design and scaling of SME targeted projects and training in Indonesia, the Philippines, Vietnam and Cambodia.
Financial inclusion is a cornerstone of prosperity in Southeast Asia, where small and medium-sized enterprises generate 44.8% of the region’s GDP. Despite the critical challenges posed by climate change and the availability of innovative, scalable solutions, the adoption of climate-resilient practices in the region is hampered by economic and accessibility barriers. Digitalization and financial inclusion of small farmers and rural businesses can bridge this economic divide and create resilient livelihoods.
In his role as Co-Chair of Grow Asia’s Business Council, Visa will enhance the knowledge and capacity of Grow Asia’s programs, integrate digital financial solutions, promote financial inclusion of smallholder farmers, and address livelihood challenges in Indonesia, the Philippines, Vietnam and Myanmar, Cambodia and Papua New Guinea.
“This commitment represents a significant step forward in our mission to help everyone, everywhere through digital financial inclusion,” said Jeff Navarro, country manager for the Philippines. “Financial inclusion for smallholder farmers is at the heart of sustainable development in the Philippines.” By working closely with Grow Asia and other Grow Asia Advisory Board members, we aim to unlock new opportunities for digital finance to advance climate resilience in the agri-food sector .”
Visa’s commitment to leveraging digital financial inclusion to drive sustainable growth in Asia extends beyond its role as co-chair and includes significant strategic investments in Grow Asia’s flagship impact funds. These funds include GrowVentures, which focuses on agri-food innovation; GrowHer on women’s economic empowerment; GrowRight on responsible investing; and GrowBeyond on climate change adaptation and resilience.
“We are pleased to welcome Visa as the new co-chair of our Business Council,” said Beverley Postma, Executive Director – Grow Asia. “Visa’s appointment is timely and significant as we face Asia’s biggest climate change challenge – how to deliver affordable finance all the way to the farm. More than 45% of the region’s agricultural financing needs remain unmet, and rural SMEs lack access to working capital, hindering their ability to increase productivity and adapt to the impacts of climate change. Visa’s extensive experience in digital finance will greatly contribute to our shared mission to empower small farmers, governments and agri-food businesses by promoting financial inclusion, while driving adoption of climate-resilient practices and ensuring the long-term sustainability of the region’s food systems.”
