Reducing Inequality in FEALAC Member Countries

Individual Initiatives

1. Ayala Corporation is integrating socially responsible business approaches and sustainability plans into the strategies of its companies that operate across a wide range of sectors. The Ayala Sustainability Blueprint aligns business models to specific United Nations Sustainable Development Goals and assigns targets to its subsidiaries to overcome social and environmental challenges.

   Ayala’s Bank of the Philippine Islands’ financial inclusion arm, BanKo, operates the country’s first mobile savings bank. This allows clients to open a savings account using a mobile app. The bank serves self-employed micro entrepreneurs and provides them with credit, microinsurance, microloans and expert financial advice. Ayala Corporation Health manufactures low-cost, quality generic medicines for lower income groups and operates a chain of community-based primary care clinics. A HealthNow teleconsultation app is under development. In the education sector, iPeople delivers accessible secondary and tertiary education.

   Several value chain innovations have been undertaken. Ayala has been exploring ways to integrate digital tools into small business operations, increase public access among low-income customers to digital platforms and improve digital ecosystems supporting e-payments, e-commerce, logistics and primary healthcare services. The group is increasing affordable social housing options, integrated health care services and quality and low-cost education offers. Ayala’s digital trading platforms allow local entrepreneurs to stay in business despite lockdowns.

   A Sustainability Blueprint outlines a framework for Ayala’s sustainability monitoring and reporting. It identifies climate change, biodiversity, resource efficiency and waste management as priority areas. Two of its subsidiaries, AC Energy and AC Industrials, are focused on sourcing and harnessing renewable energy and on developing a commercially viable electric vehicle. AC Infra is reducing paper, energy consumption and waste production in its rail business by establishing greenhouse gas emission baselines and accounting mechanisms for logistics and financial operations.

2. Amru Rice Cambodia Co., Ltd is a Cambodian-owned and operated inclusive business, headquartered in Phnom Penh which sells different types of organic rice. Its initiative began in 2016 and supports better agricultural practices while empowering farmers in the Tonle Sap zone and northern Cambodia.

   The initiative works directly with farmers to achieve market and product diversity, develop farming infrastructure and ultimately build a stronger supply chain. The initiative focuses on low-income farmers with less than five hectares of farming land. Farmers are offered education programmes, as well as low-cost seeds and the use of farming equipment. Their produce is purchased by the Amru Rice Cambodia’s at a higher price than offered by its competitors. Production is measured and the most successful farmers can become the company’s cooperative business partners.

   Outcomes have been positive. Farmers have earned an average of USD 2,000 in profit every quarter thanks to higher prices offered and have become more prosperous, acquiring assets and investing in their future. Farmers who become cooperative business partners receive performance-based incentives to ensure quality crop yields. They are able to access support at low prices and the security of receiving payment from Amru Rice Cambodia provides a steady income needed to scale up their farming activities. Further improving the company’s relationship with farmers and better supporting their organizational capacity remain objectives. The initiative has to date helped some 50,000 individual farmers, over half of whom are women.

3. Banqer (New Zealand) manages an online financial education platform for students aged 8 to 17. Students use the platform to work through virtual scenarios involving savings, interest, goal setting, taking out loans and investing in fictional stocks. The platform is also used by teachers who are supported by Banqer through online webinars and trainings.  Banqer’s financial education offerings, Banqer Primary and Banqer High, have been used by over 100,000 students in New Zealand and 30,000 students in Australia . Banqer enables access to the platform as widely as possible, including to Māori children and teens, groups underserved both in education and banking. It works with schools in need of funding and assistance. In 2017, 42 per cent of Banquer’s users were from these schools.

   Several value chain innovations have been undertaken by the company. Initially, access to the platforms was paid for by users. As the company grew, it partnered with financing institutions to enable free access where possible. Banqer High student fees are calculated based on their capacity to pay. Banqer’s online learning platforms do not rely on geographical proximity to engage schools and students. The dissemination of materials to learners and teachers have remained uninterrupted during the pandemic. The company focuses on serving lower-income schools and indigenous communities. Banqer Primary has been translated into Māori, with tailored content for Māori-language immersion schools. The company regularly publishes Māori resources.

4. Eden Myanmar is a social enterprise and jewellery maker founded with the goal of reaching, rescuing, and restoring the lives of survivors of human trafficking. It has offices in the United States, the United Kingdom, Denmark, Australia, New Zealand and Hong Kong. Eden Myanmar has 20 employees in Myanmar and 30 female beneficiaries.

   Women survivors of human trafficking are employed by Eden Myanmar to make jewellery. They are employed part time but receive a full day’s wages. The survivors attend various forms of trauma-focused therapy and vocational training when they are not working. Eden Myanmar’s initiative aims to empower survivors financially and help them reintegrate society. The employment programme lasts six to twelve months and provides survivors with an income to support their families. Survivors can receive support beyond the programme, such as counselling.

   Eden Myanmar has succeeded in changing survivors’ lives. Survivors are empowered as they gain a sense of normality through a normal setting and routine. The jewellery produced by survivors is in demand and provides a stable income. Public awareness of Eden Myanmar continues to grow, allowing for greater recognition and increased reach. Eden Myanmar faces challenges due to the high demand for its products. To meet business demands operations would need to be scaled up, but this would mean asking for more from beneficiaries who are working through their own traumas and put their recovery at risk.

5. Ephrathah Farms Corporation (Philippines) is an agri-tourism and farm resort: an inclusive business with 60 staff. Its activities include farm production, a farm school, hotel and restaurant services, event venues, aqua-tourism and freshwater fish production. The company oversees the entire value chain from farmer training, produce consolidation and quality assurance, packaging, delivery and merchandising.

   Epharthah Farms reduces inequalities through its inclusive business model and is the number one taxpayer in the municipality where it operates. It sources fruits and vegetables from a local cooperative with over 200 farmer-members, buying produce at a higher price than offered by regular traders. Trainings are provided to farmer suppliers to improve expertise and introduce new technologies, which guarantee the supply of quality produce to the company. Ephrathah Farms works with farmers owning land as small as 500 square meters. It advises farmer-suppliers on appropriate crops, supplies them with quality seeds, schedules their planting to prevent oversupply and ensures delivery to their buyers. The company also provides quality checks so their produce can meet supermarket standards. To increase farmer revenues, Ephrathah Farms assists them in cultivating high-value crops and buys them with a 20 per cent markup. The produce is then sold by the company in supermarkets, with the farmers getting a larger share of the profits from sales.

   Several value chain innovations have been undertaken by the company. It opened larger and more stable markets for their smallholder farmer-suppliers, improved local farming capabilities, and increased farmer productivity to meet higher commercial standards. The company generated local employment and tourism opportunities and provided a more stable source of income for its farmer-suppliers. Local skills were improved by the company’s training programmes. In times of need, farmers receive payments for their produce in advance, without interest. Ephrathah Farms recently set up the first solar-powered greenhouse in the province of Iloilo, which is expected to increase farm production. Thanks to a government grant, the company has developed with partners a programmable solar powered dehydrator machine for herbal teas, which is expected to generate higher yields, and be more cost-effective.

6. Franklin Baker Company of the Philippines is a global supplier of desiccated coconut products. It has formed wide ranging partnerships to become an inclusive business, sell into new markets and improve the livelihoods of local coconut farmers. The company’s ongoing initiatives are undertaken under two umbrella projects.

   The Livelihoods-Coconut project helps 5,000 coconut farmers improve their productivity and management practices. Farmers involved can sell their harvest directly to Franklin Baker through farmer-owned cooperatives. The project trains framers on agricultural best practice, business development and crop diversification, while working with them to assess their environmental, social and economic performance. The Livelihoods project aims to transform 10,000 hectares of coconut plantation into sustainable agriculture, improving farm biodiversity and the soil’s fertility. The project is a joint initiative with the non-governmental organization Integrated Rural Development Foundation and the confectionary company Mars, Inc. It received support from the Livelihoods Fund.

   The Sustainable Development and Good Agricultural Practices in the Philippine Coconut Supply Chain (SDGCoco) project works with farmers to enhance the social, economic, and environmental sustainability of the coconut supply chain. It builds local capacity, supports the upgrade of farm management and systems, strengthens farmer organizations and enhances market responsiveness and opportunities to promote decent work and income growth among farmers. The company and the Philippine Coconut Authority are running farmer trainings on “Good Agricultural Practices”, focusing on crop diversification and business development. Farm demonstration sites promote innovative sustainable agriculture, while other programmes promote the use of safety equipment, soil fertility regeneration and the involvement of women and youth in farming activities. The SDGCoco project is a partnership with the German Federal Ministry for Economic Cooperation and Development, the food and cosmetics flavoring and fragrances company Symrise and The Absolut Company which owns several spirit brands.

   In both projects, the company facilitates direct sourcing from the farmers to improve supply chain efficiency, guarantee fair pricing and product traceability. Diversified income sources and knowledge and skills acquired provide greater financial stability and resilience among coconut farmers. Women from farming households are engaged in crop management and marketing of produce. Both projects are expected to create an ecosystem that promotes security and transparency in the coconut industry, acknowledging stakeholders’ interests, involving farmers in decision-making and channelling greater support to farming households to ensure access to essential services. The company has been recognized for its biodiversity preservation and best practices in water and land management. The company’s Organic and Fair Trade coconut sourcing programme promotes organic farming and provides certified farmers with technical assistance to support sustainable, organic farming methods.

7. Gojek is an inclusive business which manages a platform offering services which include ride-hailing, food delivery, online shopping, logistics, entertainment and carbon offset. Gojek has 2 million driver partners and 900,000 merchant partners across Southeast Asia and improving the livelihoods of local motorcycle taxi drivers is central to its mission and 100 per cent of Gojek’s driver partners report an improvement in their quality of life since joining the platform. Many micro, small and medium enterprises (MSMEs) in Indonesia use the Gojek platform to run their businesses and reach a wider market. The company has 900,000 merchant partners 96 per cent of which are MSMEs.

   Several value chain innovations have been undertaken. Gojek has supported the digital and online migration of merchants’ businesses and has improved public access to millions of micro-entrepreneurs. E-payments and financial services for consumers have been introduced, a major development in Indonesia where the majority of the population remains unbanked. Gojek’s digital payment platform, GoPay, has accelerated financial inclusion in Indonesia and its use increased significantly in 2020 as a hygienic alternative to cash . Gojek has empowered women micro-entrepreneurs through its digital solutions. Among younger businesses owned by women, the use of Gojek’s digital platforms helped 41 per cent of formal micro and small businesses and 40 per cent of informal such businesses to expand.

   To disincentivize the use of single-use plastics, Gojek set up a separate-cutlery-kit option on its app to allow merchants to charge customers who request plastic cutlery. GoFood drivers were given collapsible and reusable delivery bags. Over 13 tons of single-use waste has been avoided through this programme in Indonesia from August 2019 to December 2020. Gojek has conducted green initiatives in numerous cities and a sustainability training programme for food merchants in Bali. Gojek is part of a waste bank programme where people can exchange their plastic waste for cash.

8. Golden Sunland is a rice distributor and inclusive business located in Singapore. In addition to having 90 staff it has a working relationship with 400 smallholder farmers and helps them to bring their product to the market for commercial consumption. Beginning in 2016, Golden Sunland launched their initiative engaging farmers in 2018. It aimed to overcome the dependency many farmers had on exploitative intermediaries, by helping farmers in Myanmar export to Singapore.

   Golden Sunland’s initiative benefits 400 local partnered farmers and suppliers. They connect farmers to financial institutions to help fund their farming activities. The company’s data shows farmers’ livelihoods improved by 30 per cent since partnering with them. The partnerships have expanded markets for suppliers and financial institutions. Farmers receive training in production techniques as part of the project.

   Several challenges have been identified by Golden Sunland in implementing their initiative. The tension between business and social enterprise objectives needs careful management. Active engagement has been required to overcome the skepticism of local farmers. There is a culture of loyalty to certain suppliers and other influential businesses. As Golden Sunland seeks to improve the lives of farmers, a persistent challenge is evaluating farmer indebtedness. Repayment methods are inconsistent and some lenders ask for repayment with up to five per cent interest per month or a percentage of the total harvest. There is disagreement from farmers about what should be considered a component of cost, especially their labour.

9. Gender-Responsive Economic Actions for the Transformation of Women (GREAT Women) is a textile and fashion social enterprise selling clothing and accessories and food products. Based and operated in the Philippines it employs 10 people and its initiative promotes the economic empowerment of women.

   GREAT Women finds the gaps in supply chains and through public private partnerships closes them through women-run microenterprises. It provides women with access to capital and production capacity, and helps women microenterprises meet supply chain needs. GREAT Women allows for the purchase of stocks and supplies, buying the final textile products. It pays for labour of goods and makes direct payments to labourers, cooperatives and microenterprises.

   Currently, 40 weaving communities have benefited from GREAT Women, comprised of 800 weavers in the cooperatives and indigenous groups. Thanks to the exposure by GREAT Women, many of the women-run micro-enterprises across the Philippines have gained market opportunities and deepened their commercial skills. In the future, Great Women hope to expand their initiative to 60 textile and crafting communities and replicate it Myanmar and Cambodia.

10. Grandis Timber Ltd. is a responsible business headquartered in Phnom Penh, Cambodia. The company employs 60 permanent staff and its main focus is planting trees for timber. Its reforestation and sustainable forestry efforts are a point of reference. The company operates on an environmental protection policy which forbids the razing of forestry they have not grown. Existing forests are preserved, and only trees grown by the company are felled.

    The initiative is implemented working with local communities. Grandis Timber established goodwill by committing to never undertake land evictions or land grabbing. The company encouraged communities to provide land titles to community members. This created income opportunities for locals with contracts suited to their needs. Women benefited most as the opportunity provided them with financial security. A community day-care centre was renovated in 2018, providing nutritious food, healthcare and clean clothing for children in the community. Health checks by qualified doctors, including malaria checks for children and quarterly check-ups for elderly adults were made available.

    By supporting the increased availability of healthcare and access to qualified health professionals, the initiative has improved the health and wellbeing of the community. Children have particularly benefited from the initiative through which they were dewormed and educated on good health and hygiene practice. The extension of land title rights has improved trust and elevated living conditions. The company has earned the trust of the community which is now strongly engaged with business.

11. Hennes & Mauritz (H&M) is a responsible business and clothing brand in the fashion industry which operates in 74 countries and is headquartered in Stockholm, Sweden. H&M maintains a presence in Cambodia with 50 factories. It currently has two initiatives aimed at their factory workers.

    The first initiative focuses on promoting gender equality and seeks to increase the share of women in leadership roles, including traditional management positions and union leadership positions. This was well received by the H&M workforce in Cambodia that is 80 per cent female and which felt having women in positions of leadership is good for morale. Empowering women led to more confidence and understanding in the benefits of having women in management positions, as well as improving the financial situation of women employees. This initiative was taken forward to overcome traditional cultural expectations. It provided all employees the opportunity to experience women in leadership roles and challenge entrenched gender stereotypes.

    The second initiative focused on digital payments for employees to improve transparency, convenience and expedience. Digital payments make it easier to monitor correct payment to workers and streamline payment systems for the factories. It guarantees everyone in the workforce of participating factories access to banking services. Having bank accounts does more to provide financial security and electronic records of payments protect both workers and H&M. Financial management at each factory site has become easier with digital payments where records are well-kept for both sending and receiving payments.

    H&M acknowledges that challenges do exist with digital payments due to a limited exposure and understanding of digital banking. This makes some workers reluctant to enroll and leaves others temporarily struggling to access their funds, underscoring the need for dedicated information campaigns to accompany the transition to digital banking and ensure workers can confidently manage their finances. The project has confirmed the importance of centralized banking services to as far as possible avoid banking fees for workers.

12. LHAMOUR is a responsible business that produces and sells environmentally friendly natural skin care products made in Mongolia where the business is headquartered.

    LHAMOUR used their reputation in Mongolia to launch programmes focused on improving gender equality and reducing poverty. They launched Finding Your Passion, a mentoring programme for young teenage girls (ages 14-16) to help them find potential career paths. LHAMOUR inspired girls to participate in Science, Technology, Engineering and Mathematics (STEM) fields through the Girls in STEM programme. It began Mongolia’s first Women Entrepreneurship Day. LAHMOUR funds free dental care for public school children, renovation work in the children’s section of public hospitals and free LHAMOUR products to children with disabilities. LHAMOUR’s distributors are all run by young women entrepreneurs.

    The impact has been positive. Currently, there are 35 women who work for LHAMOUR and six former women employees have since become entrepreneurs. The Girls in STEM programme was taken up by 50 girls. Eighty were involved in the Find Your Passion programme and 300 participated in Women Entrepreneurship Day. Community members and poorer families benefited from increased access to healthcare and products. LHAMOUR has observed a gradual shift in the practices of other companies towards models that benefit society. LHAMOUR reported no negative changes from their activities; however, their initiatives have met financial constraints.

13. Local Alike is a responsible community-based tourism business based in Bangkok, Thailand. The company employs 39 local employees and has a presence in Vietnam, Taiwan, Indonesia and the Philippines. It has focused its efforts on community-based tourism where there is a chance to give exposure and tourist business to parts of countries that are less likely to receive it. The result is bringing income into impoverished communities and providing them economic stimulus.

    Local Alike’s objective is to foster community development through the tourism industry. This business model promotes preservation of local culture and wisdom, reduces the need for people to migrate to urban areas and raises awareness of community assets and experiences. The initiative aims to tackle income inequality in the tourism industry around parts of Asia. The income gained facilitates the development of schools and libraries in the local community and creates jobs. The impact of Local Alike’s initiative has been substantial in growing the community-based tourism sector. In addition to establishing a presence in 100 local host communities, 2,000 residents were employed part time without interfering with their original occupations, generating THB 54 million for local communities.

14. McKinsey & Company Greater China Region (GCR) is inclusive business of which the initiatives are focused on gender equality, quality education, and climate action. They aim to reduce inequality through partnership building, network management, support mechanisms for personnel, fundraising, mentoring and training, and education-to-employment matchmaking.

    Several value chain innovations have been undertaken. McKinsey provides inclusive employee benefit and leave packages. It has expanded its benefits to cover fertility treatments and provides financial assistance for adoption and surrogacy. McKinsey matches personnel donations of up to USD 2,000 a year to targeted non-profits and has a social responsibility unit responsible for partnerships with NGO partners, donations and pro-bono work. The firm is working to engage about 30 per cent of its personnel across offices in social responsibility initiatives and has mandated 1 per cent of work hours be committed to these initiatives. McKinsey GCR’s Paid Volunteer programme requires personnel to dedicate four days a year of paid volunteer work to an NGO partner of their choice.

    McKinsey GCR has the highest percentage of new women hires within the firm in 2020. It launched an All-In Initiative to promote the advancement and leadership of women in the workplace. An All-In Woman Alliance Group was formed with 14 leading companies that engages working women from any company in a mentoring programme to facilitate connections and promote both personal and professional growth. Since last year, around 20,000 women professionals are involved in the network. In 2021, McKinsey GCR will launch a Remarkable Women Training programme for leadership development for junior female employees.

    Through the Paid Volunteer/ Day of Service programme, in partnership with Adream Foundation, McKinsey GCR was able to engage 4 million students in rural areas in career planning sessions. In partnership with Educating Girls of Rural China, McKinsey GCR provided skills training for 500 female undergraduates in rural areas. In partnership with SH United Foundation, more than RMB 200,000 was raised from personnel, which will be used to scale up a migrant children support programme.

    Green-building certification has been obtained by more than half of McKinsey’s global office spaces. It has taken action to reduce single-use plastic in the workplace and expand its recycling services. In 2019, 95 per cent of McKinsey’s electricity consumption came from renewable sources. McKinsey invests in carbon-reduction projects, and emission offsetting initiatives such as reforestation, forest conservation, and sustainable agroforestry. In 2019, the firm invested in 10 different projects worldwide, offsetting as estimated 743,000 tons of CO2 emissions.

15. Negros Women for Tomorrow Foundation, Inc. (NWTF) is a social enterprise, founded to help women in Negros Island in the Philippines achieve self-reliance and self-sufficiency, increase their economic potential, skills and productivity and improve their quality of life. Project Dungganon provides individual women clients in rural areas with training and access to collateral-free capital through group loans to finance small business ventures. Project Kasanag offers loans to micro, small and medium enterprises (MSMEs) wishing to acquire business assets. NWTF runs microinsurance schemes and a scholarship programme for clients’ children. It runs the Dungganon Bank, which offers micro-crop loans to agrarian reform beneficiaries. NWTF currently has 3,823 employees, 62 per cent of whom are women.

    NWTF serves women in the poorest income brackets and 80 per cent of its clients are below the poverty threshold. Clients are identified through poverty mapping designed to target the poorest households. Those who qualify for the programmes are introduced to the principles of group accountability and responsibility necessary for client clusters to work. A Group Recognition Test ensures cluster members have adequate skills to create a sustainable livelihood and manage credit.

    Several value chain innovations have been undertaken by the company. NWTF has expanded its services through the DO-IT Foundation, which provide technology solutions to other microfinance institutions and NGOs. To spur social innovation, NWTF is working with universities in the island of Negros to introduce “social business” to the curriculum. In addition to financial products and assistance programmes, a phone banking service has been introduced.

    Clients are able to gain business development and livelihood skills from NWTF programmes. They are given access to quality medicines and health and wellness services. Clients’ children can access formal education through a scholarship programme. Recovery programmes have extended assistance to typhoon devastated areas, through microloans, bridge loans, housing reconstruction loans and disaster preparedness and response training. Since 2009, NWTF has helped finance access to environment-friendly products. In 2019, the foundation supported 5,000 clients invest in solar lights and cook stoves. NWTF partnered with Net-Works to collect used fishing nets and recycle them into carpet tiles. Its Water Access, Sanitation and Hygiene (WASH) programme provides loans to improve toilet and clean water access.

16. PTT, formerly the Petroleum Authority of Thailand, is a responsible business which specializes in the sales of petrochemicals, natural gas and coal products. It employs over 4,600 people and is also present in Singapore, the Philippines and Cambodia. It has three social initiatives which aim to reduce inequality in Thailand.

    PTT’s renewable energies initiative began in 2013. It focuses on the socioeconomically disadvantaged in provincial areas of Thailand where there is limited access to renewable energy. The project aims to increase the energy independence of rural communities. PTT engaged farmers to promote the use of biogas from pig waste to meet the energy demands of communities. The energy-independent approach provides farmers with a greater source of income and decreases the energy costs of members in the community. PTT estimates there are approximately 3,200 beneficiaries from this initiative.

    The second and third initiatives involve Café Amazon, a coffeehouse chain owned by PTT. The coffee sourcing initiative began in 2018. It involves PTT’s Café Amazon teaching farmers in the northern, southern regions of Thailand and Bangkok coffee bean growing techniques and providing organic inputs. PTT pays farmers above standard price for organically grown coffee beans and sources 10 per cent of their coffee supply from them. The knowledge gained through teaching provides farmers with higher-quality yields and a guaranteed source of income from Café Amazon. The reduction in use of harmful chemicals on the soil leads to more fertile land that supports reforestation efforts. PTT has reported 160 farmers and their families have benefited since the initiative began. The other PTT initiative taken forward with Café Amazon supports the hiring of persons with disabilities. PTT has hired and employed 24 employees with disabilities in Thailand.

17. Reach52 is an inclusive business which manages an e-health platform. It is headquartered in Singapore with operations in Singapore, India, Cambodia, Philippines, Indonesia, London, Senegal, and Kenya. The company works to strengthen digital health systems and provides e-health services like telemedicine and screenings. Through its app and community health workers in partner communities, it connects people with local pharmacies, insurance providers and diagnostic laboratories.

    Reach52 uses technology, network building and community outreach to widen access to services and lower costs. The non-profit service arm of the company supports partnerships with government agencies and targeted communities. It trains community health workers to conduct basic patient screening before connecting them to professional healthcare providers. The profit focused arm of the company sells discounted products and services to partner communities. The company’s app facilitates access to low-cost medicines, delivered straight to villages. In 2020, the company provided services to 3 million people, in 5 countries and to over 500 communities. It launched 12 new services to reduce non-communicable and infectious diseases, improve maternal and child health and strengthen financial protection. The company trained 3,262 community health workers and hired over 400 of them, 97 per cent of whom were female.

    Several value chain innovations have been undertaken by the company. With UNICEF and other partners, Reach52 is testing a points-based incentive model which would allow users to earn points that can be used to buy products. In partnership with Johnson & Johnson, the company has used its mediconnect platform to upskill over 1,900 community health workers and spread greater health awareness. In collaboration with Gilead Sciences and the Department of Health of the Philippines, a comprehensive Hepatitis B solution was introduced in rural areas and health workers were trained to support the roll out. In partnership with Biocon Biologics, it launched a recombinant human insulin in the Philippines for less than USD 0.10 per dose, 80 per cent lower than others available. Two new maternal health services were introduced to partner communities in the Philippines, in partnership with Save the Children and Philips which provided telehealth and ultrasound services for expectant mothers. An affordable health insurance was launched in Karnataka, India, in partnership with MYKAPS and MYRADA, which has enabled 3,500 people to purchase insurance plans.

18. Shinhan Financial Group is an inclusive business which operates commercial banking services, credit card services, credit transactions, consignment trading of securities and life insurance. The group has commercial operations worldwide, but also provides products, services and financial education to underbanked and disadvantaged populations with low credit ratings and low incomes.

    Several value chain innovations have been undertaken by the company. Shinhan Bank opened Joint Heart Windows for Seniors and People with Disabilities, which are special transaction lanes in 690 retail and financial centers dedicated to assisting senior citizens navigate the bank’s financial services. The New Hope Savings Installment product offers higher interest rate to low-income or underprivileged savers. Through a programme called the "Healing Program for Household Debts" the bank extends loans to consumers unable to obtain them elsewhere on regular terms, with repayment schedules tailored to customers’ repayment capacity. Shinhan Life Insurance and the Smile Microcredit Bank launched the Shinhan Hope Love Insurance programme, designed to support low-income customers and offer insurance contracts for children. The Shinhan Happy Silver Financial Class is a finance education and wealth management programme for vulnerable elderly customers.

    Shinhan Card established the Arumin Finance Classroom programme for elementary school students from low-income families to improve financial literacy. The Group created the Shinhan Do Dream Space to support youth employment and entrepreneurship. It provides start-ups with office space and study rooms, educational content and networking opportunities. Four hundred fifty young entrepreneurs benefited from training to improve their entrepreneurship skills. In 2011, Shinhan Bank launched the Fresh Green Corporate Loan, to channel investment to green industries and offer them preferential interest rates and commission fees. Shinhan Bank signed an agreement with the Korean Energy Management Corporation to create the Green Love Energy Fixed Deposit Account which offers energy subsidies and preferential interest rates to customers who conserve energy.

19. Total Access Communication Public Company, Ltd. DTAC is a responsible telecommunications business headquartered in Bangkok, Thailand. The company employs 3,560 people. They are currently engaged in three initiatives aimed at promoting equality in their workforce and communities.

    The Rak Ban Kerd Farmer Awards Initiative began in 2008. Its aim is to highlight the achievements of farmers and promote Thai agriculture to increase market access abroad. It offers networking opportunities through which knowledge can be shared among smallholder farmers. It supports producers integrating organic farming into their practices, improving the quality of crops and the availability of organic produce.

    The second initiative, the Blind Call Centre Agent Initiative, began in 2015. It aims to improve employment opportunities for persons with disabilities, in particular the visually impaired. A call centre fully operated by blind employees was established in collaboration with the Foundation for the Blind in Thailand. DTAC currently employs 15 visually impaired people. The main challenge identified is the difficulty of scaling up the initiative. Currently, the Foundation for the Blind in Thailand is the location of training and following graduation from the Foundation, employment is provided by the call centre. Since the call centre is part of the Foundation for the Blind in Thailand, there may be a need to establish a standalone call centre to accommodate a growing workforce.

    The third initiative, the maternity leave initiative, began in 2016. DTAC recognized that pregnancy and neonatal care often removes women from the workforce. In response to a need for assistance from mothers with their childcare needs, the initiative allows women employees who have been employed by DTAC for at least two years to receive six months of paid maternity leave. This allows mothers to bond with their newborns and recover without a decrease in their financial earnings for half of a year. This initiative is beneficial to mothers and enables DTAC to retain skilled labour. Since the initiative began, uptake has been high with a total of 565 beneficiaries to date.