Visa and Visa Foundation have committed $100 million over five years to support underserved and women-led SMBs in APEC economies, surpassing their three-year goal of digitally enabling 50 million SMBs globally. The initiative aims to boost digital financial inclusion, stimulate job creation, and improve access to capital for SMBs, with a focus on economies such as Indonesia, Mexico, Peru, Philippines, and Vietnam.
17 November 2023 – In a strategic move, Visa and Visa Foundation have unveiled a $100 million commitment spanning five years to champion small and women-led businesses (SMBs) in APEC economies. The announcement, made during the Asia Pacific Economic Cooperation (APEC) Forum Economic Leaders and CEO Summit in San Francisco, marks a pivotal moment as Visa surpasses its three-year goal, having digitally enabled nearly 67 million SMBs globally by June 2023.
The Visa Foundation’s initiative focuses on advancing digital financial inclusion, job creation, and access to capital, aligning with the critical role SMBs play in the global economy and local communities. The commitment aims to stimulate economic mobility, foster job creation, and enhance the resilience of SMBs, particularly in APEC economies such as Indonesia, Mexico, Peru, Philippines, and Vietnam. This comprehensive approach acknowledges the evolving needs of SMBs and seeks to address challenges through collaborative efforts with local partners.
This announcement follows Visa’s successful milestone of enabling 50 million SMBs digitally, showcasing the company’s dedication to supporting SMBs in navigating the dynamic commerce landscape. The expanded SMB accelerator initiatives will extend to more than 15 developing economies, prioritizing regions with clear digital development needs and a significant reliance on cash transactions.
Jason Schmitt, General Manager of the Synopsys Software Integrity Group, expressed Visa’s commitment to fostering equitable access and extending digitization for underserved and women-led SMBs globally, emphasizing the transformative role of payments in catalyzing growth.