The Monetary Authority of Singapore (MAS) and the United Nations Capital Development Fund (UNCDF) have formed a strategic partnership under the ongoing UNCDF’s SHIFT (Shaping Inclusive Finance Transformations) programme to facilitate the development and access to digital financial services in the ASEAN region.
The Consultative Group to Assist the Poor (CGAP) and the UN Capital Development Fund (UNCDF) held a workshop entitled “Facilitating Inclusive Financial Markets” in the Dusit Thani Hotel in Bangkok, Thailand on December 2, 2015.
What is the challenge put forward by the CleanStart window?
The SHIFT Challenge Fund - CleanStart Energy Access Window challenges banks, non-bank financial institutions, microfinance Institutions, private sector companies, cooperative societies to introduce innovative financial products, approaches and services which facilitate expansion of consumer and/or enterprise financing, benefitting low-income consumers, especially women and marginalized groups, who want to transition to cleaner and more efficient energy.
The challenge fund instrument is designed to leverage the creative power and commercial instincts of financial service providers to overcome development challenges. The challenge fund, through the provision of competitively sourced matching grants, can overcome market failures that would otherwise prevent a grantee from making an initial investment, either from the cost of information discovery, costs of mitigating risks or simple lack of available funding.