Latest news with #GlobalInclusiveGrowthSummit
Associated Press
08-05-2025
- Business
- Associated Press
Trust, Tech and Transformation at the Mastercard Global Inclusive Growth Summit
Mastercard Center for Inclusive Growth These are truly dizzying times, but if there was a single takeaway from the Global Inclusive Growth Summit held last month in Washington, D.C., it was this: The world can't afford to heed the standard advice for vertigo — sit down, lie still. In fact, uncertainty can be an opportunity for action, said Shamina Singh, the president and founder of the Mastercard Center for Inclusive Growth, which organizes the annual summit. 'That's what is needed now more than ever,' she said. 'New ways of thinking, new ways of doing, new partnerships that are purpose-built for the world as it is right now, but also how it will be tomorrow.' Among the challenges raised by the policymakers, philanthropists, futurists, NGO leaders and others in the packed auditorium: How do we drive economic growth so people everywhere can reach financial health? How do we foster digital transformation without leaving small businesses vulnerable to growing cyber threats? What kind of leadership is needed in times of change? 'We have to anticipate now that those once-in-a-decade events are every year,' said Henry Timms, CEO of the global consultancy Brunswick Group. 'Leadership during uncertain times requires balancing immediate challenges with long-term vision.' Here are three key insights from the summit: 01It takes a village to build financial health. You can't measure someone's financial health by the balance in their bank account or their annual salary, said Haley Sacks, the financial influencer known as Mrs. Dow Jones, in a conversation with Queen Máxima of the Netherlands, the U.N. secretary-general's special advocate for financial health. 'Having a gym membership doesn't mean you're going to have a six-pack,' Sacks said. Queen Máxima called on financial institutions to listen more carefully to their customers and their needs, and to develop and test tools that people will use to grow financially – and therefore grow as customers too. Employers can also play a greater role in supporting financial health, she said, with initiatives like automatic savings that can provide a buffer for emergencies, improving employees' peace of mind and productivity. As digitization makes deeper inroads across sectors, organizations can work together to create more comprehensive financial services. 'I think you do not see people emerge securely into the middle class until they have an entire toolbox, not one tool like insurance,' said Andy Kuper, CEO of LeapFrog Investments, during a panel on impact investing. 'So I'm hopeful that if we as a world — and that especially requires investors to be smart — back the right kinds of companies, that you will see many billions of people with this toolbox.' Despite the current economic turbulence, the middle class continues to grow globally, with already half of the global population in that income group, and projections indicating more than a billion people will join it in the coming decade, primarily in Asia, said Wolfgang Fengler, CEO of World Data Lab, in a session on the new global consumer with Michelle Meyer, chief economist of the Mastercard Economics Institute. 'Don't bet against digital,' Fengler said, 'and don't bet against the middle class.' 02Trust is the currency underpinning economic growth in the digital world. 'I am optimistic that cybersecurity is table stakes — it's increasingly understood that it is the starting point to an inclusive world,' said Mastercard CEO Michael Miebach. Yet the gap between those with strong cyber defenses and those without is widening at a time when technology has enabled more sophisticated and convincing scams, attack vectors are expanding, and trust in digital spaces is breaking down. Rebuilding trust starts at the individual level: 'We need to reclaim control of personal data, which is essential to one's identity and personhood,' said Frank McCourt, executive chairman of McCourt Global and founder of Project Liberty. He called for 'an intention economy over an attention economy, where individuals benefit economically from their data.' At the systemic level, cyber threats should be viewed as a business and leadership issue, rather than merely a technical one. 'They are a central risk to global economies, to critical infrastructure and to public trust,' said Alissa 'Dr. Jay' Abdullah, Mastercard's deputy chief information security officer. Public-private cooperation is critical, Miebach said, from cyber training and capacity building to real-time information sharing. 'There's a fragmentation of the world that we're currently witnessing, where people look more inside, and this [gets] in the way of sharing effectively,' he said. 'The way to defending is by sharing, being close.' Criminal organizations don't recognize borders, said Valdecy Urquiza, secretary general of INTERPOL. 'The threats are coming from everywhere … We have got to foster collaboration — cross-border collaboration, cross-sector collaboration — we've got to make sure that everyone is included.' 03Invest in closing the digital divide, wherever it exists. Whether it's Alabama or Angola, Montana or Malawi, rural innovation requires addressing fundamental infrastructure needs such as broadband access while also developing skills-based education programs that connect people to higher-paying jobs. Connectivity is one area of critical concern worldwide – as Amy Doherty, chief information officer at the World Bank half-joked, 'I love the new Maslow's hierarchy of needs that has Wi-Fi at the bottom.' In the U.S., that requires more coordination between local, state and federal governments, and with the private sector. 'If you don't have access to high-speed internet, you simply can't compete,' said Ross DeVol, CEO of think tank Heartland Forward. 'It is the number one economic challenge for many of these rural locations.' Julie Gehrki, president of the Walmart Foundation, said employers should work closely with states to close the skills gap — making sure community college classes address the changing needs of the job market. 'If you're investing in a company in rural America that's now going to need people with tech skills, how are you making sure they know the demand there, they know the training program that's relevant, and that they can sign up to be a part of that transformation?' Another key focus area is Africa, which is on the cusp of becoming a bigger global economic player thanks to its modern technology adoption, a young digital-native population, and creative industries. With more investment in the electricity infrastructure of sub-Saharan Africa, AI could even help emerging economies leapfrog developed ones, Doherty said. Take agriculture — agribusiness could use AI to give tailored advice to farmers about their land and help them increase crop yields, which in turn helps their community thrive, she said. At the close of the day, Jon Huntsman, Mastercard's president of Strategic Growth, spoke with James Mwangi, chief executive of African financial services company Equity Group Holdings, which is part of the MADE Alliance, launched by Mastercard and the African Development Bank to extend digital access to critical services to 100 million people and businesses in Africa. 'A transformed Africa is a sustainable world,' Mwangi said. 'Africa is not coming out on this stage as a beggar. It's coming with this human resource to serve the world. It's coming with its agricultural potential to secure.' Banner photo, Mastercard Economics Institute Chief Economist Michelle Meyer, left, discusses consumer spending habits and the resilience of the middle class with Wolfgang Fengler, right, CEO of the World Data Lab. Originally published by Mastercard. Learn more about the Mastercard Center for Inclusive Growth by following us on LinkedIn and Instagram. See content from the Summit: Visit 3BL Media to see more multimedia and stories from Mastercard
Daily Tribune
05-05-2025
- Business
- Daily Tribune
Mastercard and Tamkeen Launch Partnership to Support Bahrain's SMEs with Financial and Digital Tools
The Mastercard Center for Inclusive Growth and Bahrain's Labour Fund (Tamkeen) have announced a strategic partnership aimed at empowering Small and Medium Enterprises (SMEs) in Bahrain through financial and digital tools. This collaboration will introduce Mastercard's flagship small business program, Mastercard Strive, to Bahrain, marking a significant milestone for both organizations and the region. The Mastercard Strive initiative is designed to enhance the capabilities of SMEs by providing them with the necessary resources and expertise to improve their financial and digital readiness. As part of the partnership, the Kingdom will become home to the first Mastercard Strive project in the Middle East, with the goal of fostering inclusive economic growth, strengthening Bahrain's private sector, and helping local businesses thrive. The announcement was made during the Global Inclusive Growth Summit (GIGS), where Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, highlighted the importance of SMEs in Bahrain's economy. He emphasized the government's commitment to empowering these businesses and providing them with tools to enhance productivity and growth. 'The Kingdom of Bahrain has always prioritized fostering a supportive environment for SMEs,' said Shaikh Salman. 'This partnership with Mastercard will ensure SMEs in Bahrain are equipped with the digital and financial tools they need to succeed.' He also noted that this collaboration aligns with His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa's strategic initiatives, which aim to enhance the competitiveness of Bahrainis in the private sector. These initiatives include training 50,000 Bahrainis in artificial intelligence by 2030, helping citizens develop the skills necessary for career growth. Maha Abdulhameed Mofeez, CEO of Tamkeen, welcomed the partnership, calling it a crucial step for empowering Bahrain's SMEs. 'We are thrilled to partner with Mastercard to help Bahrainis embrace digital transformation and ensure that their businesses remain competitive,' she said. 'Mastercard Strive will provide specialized guidance to support SMEs in realizing their full potential.' This partnership also aligns with Tamkeen's strategic priorities for 2025, which focus on strengthening Bahrainis' skills for the future, promoting enterprise growth, advancing digitalization, and supporting the sustainable development of Bahrain's economy. According to the Bahrain 2023 Economic Report, SMEs represent 93% of all businesses in the Kingdom, with 79% owned by Bahrainis, 40% by women, and 25% by young entrepreneurs. SMEs contribute 10% of Bahrain's total exports and employ over 44,000 Bahraini nationals. Shamina Singh, President of Mastercard's Center for Inclusive Growth, expressed excitement about the partnership, noting that small businesses are key drivers of global economic growth. 'Through Mastercard Strive, we are excited to help Bahrainis thrive in the private sector by building their skills in financial and digital readiness,' she said.
Biz Bahrain
05-05-2025
- Business
- Biz Bahrain
Mastercard Center for Inclusive Growth and Tamkeen partner to launch the first Mastercard Strive to Bahrain and the Middle East
The Mastercard Center for Inclusive Growth and the Kingdom of Bahrain's Labour Fund (Tamkeen) announced a landmark strategic partnership to explore projects that promote financial and digital readiness for Small and Medium Enterprises (SMEs) in the Kingdom of Bahrain. The partnership will bring the centre's flagship small business program, Mastercard Strive, to Bahrain so SMEs can operate more efficiently through financial and digital tools. A first of its kind, the partnership aims to create a scalable model of collaboration between the Kingdom and the centre to drive inclusive economic growth in the country, empower local small businesses and entrepreneurs, and strengthen the Kingdom's private sector as a key driver of national development. This partnership marks a significant step in the region , as Bahrain will house the first Mastercard Strive Project in the Middle East. Through the partnership, both organisations will enhance the robust network and ecosystem of resources to drive impactful change and support for SMEs while helping foster and create financial and digital resilience and economic opportunity in the region. Commenting on this announcement during his attendance and keynote address at the Global Inclusive Growth Summit (GIGS), His Excellency Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, emphasised the importance of empowering SMEs with the tools and opportunities required to grow and thrive due to their active role in the national economy. He stated: 'The Kingdom of Bahrain has always prioritised fostering a supportive environment that enables SMEs to succeed and grow as they continue to play a pivotal role in the economy. This partnership with Mastercard will pave the way for SMEs in Bahrain to utilise financial and digital tools to enhance their operations and improve their productivity' His Excellency added that this partnership aligns with the directives of His Highness Shaikh Isa bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Educational Charitable Trust and Chairman of the Board of Directors of the Labour Fund (Tamkeen), to approve a number of initiatives and updates to support programmes. These initiatives include the launch of a first-of-its-kind package to train 50,000 Bahrainis in artificial intelligence skills by 2030, contributing to the strategic priorities for empowerment this year, which aim to enhance the position and competitiveness of Bahraini citizens in the private sector, providing them with the appropriate skills for career development. Additionally, His Excellency noted that this partnership reflects the commitment to it prioritizing growth, digitisation, and sustainability of institutions, while supporting the ecosystem to enhance the effectiveness of the labour market and the private sector, thereby contributing to positive economic impact and sustainable development. Her Excellency Ms. Maha Abdulhameed Mofeez, Chief Executive of the Labour Fund (Tamkeen), welcomed the partnership as a pivotal step towards empowering SMEs in Bahrain to leverage financial and digital tools to accelerate their growth and competitiveness. She stated: 'We are happy to partner with Mastercard to fulfill one of our key objectives to support SMEs in Bahrain. The solutions offered by Mastercard Strive will provide SMEs in Bahrain with the opportunity to embrace digital transformation and future-proof their businesses with specialised guidance and expertise aimed at helping them reach their full potential.' This initiative comes in line with Tamkeen's strategic priorities for 2025, which focus on strengthening the competitiveness of Bahrainis in the private sector, equipping the national workforce with future-ready skills, advancing enterprise growth and digitalization, and fostering a sustainable ecosystem that support both the labor market and private sector expansion. According to the Bahrain 2023 Economic Report, SMEs constituted 93% of all enterprises in the Kingdom of Bahrain. Of these, 79% are owned by Bahrainis, 40% are owned by women, and 25% are owned by young entrepreneurs. In 2023, SMEs contributed 10% of Bahrain's total exports and provided employment for over 44,000 Bahraini nationals. Since 2020, Mastercard Strive has supported small businesses worldwide to thrive in the digital economy. In markets and regions around the world, the program empowers small businesses to acquire capital, go digital and grow their networks and expertise — all to build stronger communities and create more economic opportunities. As of December 2023, Mastercard Strive reached more than 12 million small businesses with support and tools to increase their financial security and economic mobility. 'We have always known that small businesses are the engine of the global economy, and help create opportunity and growth for communities,' said Shamina Singh, the founder and president of Mastercard's Center for Inclusive Growth. 'Through Mastercard Strive, the Center is excited to partner with the Kingdom of Bahrain and Tamkeen to help Bahrainis thrive in the private sector while building their skills in financial and digital readiness.'
Zawya
05-05-2025
- Business
- Zawya
Mastercard, Tamkeen to launch new SME initiative in Bahrain
The Mastercard Center for Inclusive Growth and Bahrain's Labour Fund (Tamkeen) has announced a landmark strategic partnership to explore projects that promote financial and digital readiness for Small and Medium Enterprises (SMEs) in Bahrain. The partnership will bring the centre's flagship small business programme, Mastercard Strive, to Bahrain so SMEs can operate more efficiently through financial and digital tools, said a statement. A first of its kind, the partnership aims to create a scalable model of collaboration between the kingdom and the centre to drive inclusive economic growth in the country, empower local small businesses and entrepreneurs, and strengthen the Kingdom's private sector as a key driver of national development. This partnership marks a significant step in the region, as Bahrain will house the first Mastercard Strive Project in the Middle East. Through the partnership, both organisations will enhance the robust network and ecosystem of resources to drive impactful change and support for SMEs while helping foster and create financial and digital resilience and economic opportunity in the region. Commenting on this announcement during his attendance and keynote address at the Global Inclusive Growth Summit (GIGS), Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, emphasised the importance of empowering SMEs with the tools and opportunities required to grow and thrive due to their active role in the national economy. He stated: 'The Kingdom of Bahrain has always prioritised fostering a supportive environment that enables SMEs to succeed and grow as they continue to play a pivotal role in the economy. This partnership with Mastercard will pave the way for SMEs in Bahrain to utilise financial and digital tools to enhance their operations and improve their productivity.' He added that this partnership aligns with the directives of Shaikh Isa bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Educational Charitable Trust and Chairman of the Board of Directors of the Labour Fund (Tamkeen), to approve a number of initiatives and updates to support programmes. These initiatives include the launch of a first-of-its-kind package to train 50,000 Bahrainis in artificial intelligence skills by 2030, contributing to the strategic priorities for empowerment this year, which aim to enhance the position and competitiveness of Bahraini citizens in the private sector, providing them with the appropriate skills for career development. Additionally, he noted that this partnership reflects the commitment to it prioritising growth, digitisation, and sustainability of institutions, while supporting the ecosystem to enhance the effectiveness of the labour market and the private sector, thereby contributing to positive economic impact and sustainable development. Maha Abdulhameed Mofeez, Chief Executive of the Labour Fund (Tamkeen), welcomed the partnership as a pivotal step towards empowering SMEs in Bahrain to leverage financial and digital tools to accelerate their growth and competitiveness. She stated: 'We are happy to partner with Mastercard to fulfill one of our key objectives to support SMEs in Bahrain. The solutions offered by Mastercard Strive will provide SMEs in Bahrain with the opportunity to embrace digital transformation and future-proof their businesses with specialised guidance and expertise aimed at helping them reach their full potential.' This initiative comes in line with Tamkeen's strategic priorities for 2025, which focus on strengthening the competitiveness of Bahrainis in the private sector, equipping the national workforce with future-ready skills, advancing enterprise growth and digitalisation, and fostering a sustainable ecosystem that support both the labor market and private sector expansion. – TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
04-05-2025
- Business
- Trade Arabia
Mastercard, Tamkeen to launch new SME initiative in Bahrain
The Mastercard Center for Inclusive Growth and Bahrain's Labour Fund (Tamkeen) has announced a landmark strategic partnership to explore projects that promote financial and digital readiness for Small and Medium Enterprises (SMEs) in Bahrain. The partnership will bring the centre's flagship small business programme, Mastercard Strive, to Bahrain so SMEs can operate more efficiently through financial and digital tools, said a statement. A first of its kind, the partnership aims to create a scalable model of collaboration between the kingdom and the centre to drive inclusive economic growth in the country, empower local small businesses and entrepreneurs, and strengthen the Kingdom's private sector as a key driver of national development. This partnership marks a significant step in the region, as Bahrain will house the first Mastercard Strive Project in the Middle East. Through the partnership, both organisations will enhance the robust network and ecosystem of resources to drive impactful change and support for SMEs while helping foster and create financial and digital resilience and economic opportunity in the region. Commenting on this announcement during his attendance and keynote address at the Global Inclusive Growth Summit (GIGS), Shaikh Salman bin Khalifa Al Khalifa, Minister of Finance and National Economy, emphasised the importance of empowering SMEs with the tools and opportunities required to grow and thrive due to their active role in the national economy. He stated: 'The Kingdom of Bahrain has always prioritised fostering a supportive environment that enables SMEs to succeed and grow as they continue to play a pivotal role in the economy. This partnership with Mastercard will pave the way for SMEs in Bahrain to utilise financial and digital tools to enhance their operations and improve their productivity.' He added that this partnership aligns with the directives of Shaikh Isa bin Salman bin Hamad Al Khalifa, Chairman of the Board of Trustees of the Isa bin Salman Educational Charitable Trust and Chairman of the Board of Directors of the Labour Fund (Tamkeen), to approve a number of initiatives and updates to support programmes. These initiatives include the launch of a first-of-its-kind package to train 50,000 Bahrainis in artificial intelligence skills by 2030, contributing to the strategic priorities for empowerment this year, which aim to enhance the position and competitiveness of Bahraini citizens in the private sector, providing them with the appropriate skills for career development. Additionally, he noted that this partnership reflects the commitment to it prioritising growth, digitisation, and sustainability of institutions, while supporting the ecosystem to enhance the effectiveness of the labour market and the private sector, thereby contributing to positive economic impact and sustainable development. Maha Abdulhameed Mofeez, Chief Executive of the Labour Fund (Tamkeen), welcomed the partnership as a pivotal step towards empowering SMEs in Bahrain to leverage financial and digital tools to accelerate their growth and competitiveness. She stated: 'We are happy to partner with Mastercard to fulfill one of our key objectives to support SMEs in Bahrain. The solutions offered by Mastercard Strive will provide SMEs in Bahrain with the opportunity to embrace digital transformation and future-proof their businesses with specialised guidance and expertise aimed at helping them reach their full potential.'
