Visa and the Visa Foundation have announced a five-year, $100 million commitment and new efforts to support underserved and women-led small and micro businesses (SMBs) across the Asia-Pacific region.

Announced at this week’s Asia-Pacific Economic Cooperation (APEC) Forum Economic Leaders and CEO Summit in San Francisco, the $100 million pledge from the foundation will focus on accelerating digital access for underserved SMBs in APEC member economies. The program aims to advance digital financial inclusion, stimulate job creation, and increase access to capital to drive economic mobility. To that end, the foundation will collaborate with government and local business and community partners to expand access for underserved communities.

Visa also announced a new initiative designed to further accelerate digital enablement of underserved SMBs in the United States and developing economies. The effort initially will be focused on APEC economies including Indonesia, Mexico, Peru, the Philippines, and Vietnam, where cash still accounts for most financial transactions and much of the population does not have access to digital payment platforms. A previous three-year initiative provided support to nearly 67 million SMBs worldwide.

“Over the past three years, we’ve seen them shift from leveraging digital payments to survive, to now harnessing the power of digital to improve efficiency and reach new customers,” said Visa executive chair Alfred F. Kelly, Jr., who is co-chair of APEC CEO Summit 2023. “Visa is committed to continue expanding equitable access and extending digitization for underserved and women-led SMBs globally, so that payments can truly be a catalyst for growth.”

(Photo credit: Getty Images/FG Trade Latin)