Over the next six months, the Journal will present “Financing the Future”, a major editorial project in Asia that will provide news and insights about the more than two billion people globally who are largely excluded from banking, lending, credit, investing and other basic financial services because they are restricted by poverty.
Coverage will feature big picture stories, interviews with experts and on-the-ground pieces about the challenges that the financially disadvantaged face in Asia through an engaging and interactive mix of videos, photography, articles and infographics.
Complementing the Journal’s coverage will be a competition called “The Financial Inclusion Challenge”, intended as a two-year, multi-phase global project, with the first phase launching in Asia. The Challenge aims to encourage non-profit and for-profit enterprises to submit proposals that provide innovative, sustainable solutions for individuals and families struggling to be part of the financial mainstream.
The first phase of the Challenge, which will run until June 30, 2015, will invite Asia-focused applications from around the world, recognizing programs, products and services in three areas: education; technology; and operational effectiveness. A panel of independent, expert judges from organizations including the Bill & Melinda Gates Foundation and Innovations for Poverty Action will seek to select finalists and a winner from each of the categories, as well as one overall winner. Finalists may be featured on WSJ.com over a two-week period in mid-June, and winners will be announced at or after the end of June.
“Asia’s economic rise is one of the greatest stories of our time,” said Paul Beckett, Asia Editor, The Wall Street Journal. “While numerous countries in Asia have done a tremendous job in collectively lifting huge numbers out of poverty, significant gaps still remain preventing millions from having access to resources and services to plan for a better future.”
“While the Journal spends a large amount of time profiling companies, leaders, governments and markets that drive economies in Asia, this project is dedicated to examining issues arising at the other end of the pyramid, and will look at the barriers preventing people from being able to plot their financial futures and ways to address this.”
Judges for the Challenge include:
* Alok Prasad, MFIN, India
* Chetna Gala Sinha, Mann Deshi Mahila Sahakari Bank & Mann Deshi Foundation,
India
* Chuck Waterfield, MicroFinance Transparency, U.S.A.
* Dave Kim, Bill & Melinda Gates Foundation, U.S.A.
* Dean Karlan, Yale University, U.S.A.
* Kelly Hattel, Asian Development Bank, Philippines
* Michael Schlein, Accion, U.S.A.
* Vipin Sharma, ACCESS Development Services, India; and,
* Vijay Mahajan, Basix, India
MetLife Foundation is the advertising sponsor for the projects. Further to coverage on WSJ.com, an additional dedicated site wsj.com/financingthefuture will launch on April 29, providing a content-rich hub with information and resources on financial inclusion.
