Breaking Down Barrier to Women’s Economics Participation

May 24, 2018

Phnom Penh – May 23, 2018: While women are continually left out of the formal economy, 13 high-profile leaders have gathered at the Southeast Asia Advisory Council this week to advocate for women in financial inclusion throughout the region.

According to the World Bank’s latest data, nearly a third of women in Southeast Asia lack access to a bank account. The picture in Cambodia is similar.  For instance whilst a large percentage of business owners are woman it is cited that many lack the resources or access to financial services.

As an official member of the council, Mr Jojo Malolos, Wing Chief Executive Officer, said he was honored to play a role in advocating women in the region’s financial sector, both as customers and working professionals.  “In Cambodia, Wing is committed to closing the gap, in particular for workers, university students, entrepreneurs, start-ups and SMEs,” said Mr. Malolos.

“For instance, Wing engages with university students by encouraging them to open their first Wing account and learn how to manage their finances.”

“Wing is also very active with the entrepreneur community, offering an easy way for them to manage their finance and process transactions, benefiting the growth of their business. Many of these entrepreneurs are female and own businesses from retail to restaurant owners, craft makers and service providers,” said Mr. Malolos.

He added that he was confident, with both local and international support, Cambodia will see an increase in participation by woman and greater empowerment.

The first gathering in Singapore was aimed at producing short and long term strategies to provide greater access for women in the financial sector, both as customers and working executives. The meeting was attended by Her Excellency Serey Chea, Director General of Central Banking from the National Bank Cambodia as Cambodia’s representative.

The Southeast Advisory Council, made possible with funding from the Department of Foreign Affairs and Trade of Australia (DFAT), represents the banking, technology, government and consumer goods industries. The group will develop a robust, actionable strategy for influencing key stakeholders throughout the region who are best positioned to advance women’s financial inclusion.

Further details of the meeting, click here: https://bit.ly/2kiEp6r