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Unveiling new investment initiatives for sustainable growth
The tenth Mongolia Economic Forum (MEF) is in full swing, attracting 2,200 global guests including business leaders, representatives from multilateral organizations, and members of the third sector. Held from July 9-10, the event aims to explore collaborative opportunities with the Mongolian Government to achieve its ambitious economic goals. Against the backdrop of an upgraded economic growth forecast for 2023, the government has made significant announcements, including the establishment of new investment bodies and partnerships with industry giants Elon Musk’s SpaceX and geo-location company What3Words.
During the Forum, the Mongolian Government unveiled the creation of two entities geared towards bolstering investment in the country. The Private Partnership Centre aims to facilitate business engagement, protecting investors’ rights and interests while expanding import diversification and improving competitiveness in import-substituting industries. The Investment and Trade Agency, on the other hand, will act as a vital bridge for business in Mongolia, offering support and assistance for foreign investors.
In his keynote address, Minister for the Economy and Development and Deputy Prime Minister Khurelbaatar Chimed highlighted the vast investment potential in Mongolia, emphasizing the government’s commitment to amending the Draft Law on Investment to further facilitate new investment partnerships.
The government’s strategic direction, outlined in Vision 2050 and the New Recovery Policy, has yielded remarkable results, and set the stage for this year’s milestones. The comprehensive $US49 billion New Recovery Policy, launched in December 2021, along with the Vision 2050 blueprint, has played a pivotal role in removing growth barriers. As a result, Mongolia achieved above-forecast growth of 4.8 per cent in 2022, with 1.1 per cent attributed to the New Recovery Policy. The upward trajectory continued into 2023, with a growth rate of 7.9 per cent in the first quarter, leading to an upgrade of the growth forecast from 5 per cent to 6 per cent for the year. The forecast for 2024 stands at 6.5 per cent.
The successful management of the COVID-19 pandemic played a significant role in Mongolia’s economic recovery. The collaboration with Dr. Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization (WHO), resulted in a remarkable vaccination coverage, with 90 per cent of the target group receiving at least the first dose. This achievement led to the lifting of COVID-19 restrictions in February 2022, contributing to a mortality rate five times lower than that of other countries. Dr. Ghebreyesus’s presence at this year’s MEF underscored the fruitful partnership.
Aligned with the “Vision 2050” plan, the government has placed a strong focus on fostering a culture of well-being. A campaign launched in May 2022 aimed at promoting early screening and diagnosis services has seen one million citizens participate to date, encouraging proactive healthcare management.
The government’s pro-growth agenda has also attracted significant investment partnerships. The announcement of an unprecedented alliance with SpaceX is set to bring high-speed internet access through Starlink to millions of internet users in Mongolia, particularly benefiting rural areas and supporting the country’s digital transformation. Additionally, strategic alliances with What3Words will leverage Optical Character Recognition technology to streamline postal services while increasing the visibility of Mongolia’s heritage sites and key tourism spots.
Prime Minister Oyun-Erdene Luvsannamsrai expressed delight at hosting global guests for the tenth Mongolia Economic Forum and emphasized the government’s commitment to unlocking Mongolia’s economic potential. Notable recent achievements, including additional investments and the commencement of underground production at the Oyu Tolgoi copper mine in partnership with Rio Tinto in March, showcased Mongolia’s growing attractiveness to international investors.
The Prime Minister welcomed the opportunity for collaboration and discussions at the Forum to address long-term barriers to sustained high levels of growth. The event’s theme, “Welcome to Mongolia,” exemplifies the government’s commitment to fostering a warm and welcoming environment for visitors, whether for business or tourism. Dominic Barton, Chairman of the Board of Directors of Rio Tinto Group, also echoed this sentiment in his keynote address, expressing confidence in Mongolia’s vision, ambition, resources, and talent to achieve greatness, while highlighting the return of strong economic conditions.
The Mongolia Economic Forum serves as a platform for fruitful partnerships and lays the groundwork for Mongolia’s ambitious economic aspirations, making it one of the fastest-growing economies in the world.
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Private LTE/5G infrastructure revenues to reach $US5.2 billion worldwide
In a recent forecast released by International Data Corporation (IDC), it was projected that global revenues for private LTE/5G infrastructure would surge to $US5.2 billion by 2027. This robust growth reflects a compound annual growth rate (CAGR) of 21 per cent during the forecast period spanning from 2023 to 2027. The worldwide market revenue for both LTE and 5G in 2022 amounted to just over $US1.9 billion.
Private cellular networks have emerged as a promising solution to address enterprise and industrial challenges, driving the market’s expansion. LTE continues to play a significant role, particularly in the utilities and mining sectors, where it provides mobile coverage across vast grids. However, the advent of 5G is garnering increasing momentum in verticals such as manufacturing, warehousing, and logistics. IDC anticipates that the bulk of the market’s growth will occur within these sectors throughout the forecast period.
Patrick Filkins, Research Manager for IoT and Telecom Network Infrastructure at IDC, emphasized the market’s potential, stating, “The private cellular networks market continues to show promise, as both LTE and 5G are being rolled out to address enterprise and industrial challenges. Notably, LTE remains a key contributor across both the utilities and mining sectors to provide mobile coverage over large grids. However, 5G is starting to see more traction within the manufacturing, warehousing, and logistics verticals, where we expect the bulk of growth to occur over the forecast period.”
The forecast from IDC underscores the increasing demand for private LTE/5G infrastructure, driven by the need for secure and reliable connectivity within various industries. The anticipated growth in market revenue signifies the transformative potential of private cellular networks and their ability to reshape enterprise operations in the coming years.
Tags: Global revenuesIDC
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The UK’s trade prospects remain lackluster due to slow economies in major trading partners
GlobalData, a leading data and analytics company, predicts that the United Kingdom’s economy is set to experience a marginal growth of 0.1 per cent in 2023. This upturn is attributed to several factors, including lower energy prices, government support measures, and a robust labour market. However, the country’s trade prospects may remain lackluster due to sluggish economies in major trading partners. Additionally, businesses continue to face a high cost of financing, which remains a concern.
GlobalData’s “Macroeconomic Outlook Report: UK” highlights that while the projected growth in 2023 represents a notable slowdown compared to the 4.1 per cent achieved in 2022, it diverges from the previous contraction outlook. In the first quarter of 2023, the British economy grew by 0.1 per cent on a quarterly basis, unchanged from the previous quarter but an improvement from a decline of 0.1 per cent in the third quarter of 2022. The services, construction, and manufacturing sectors experienced modest growth, while sectors such as education, health, public administration, and transport faced declines. Stagnant household spending was offset by positive contributions from business and government investment.
Although the inflation rate is expected to ease, it is projected to remain elevated at 7 per cent in 2023, down from 9.1 per cent in 2022 but significantly higher than the Bank of England’s target of 2 per cent. To address high inflationary pressure, the Bank of England increased its policy rate 11 times by a total of 425 basis points to 4.5 per cent in May 2023. The combination of slowing but elevated inflation, along with tax hikes, is expected to restrain domestic demand. GlobalData forecasts a contraction of 0.5 per cent in real household consumption expenditure in 2023 compared to 3.9 per cent growth in 2022.
Bindi Patel, Economic Research Analyst at GlobalData, expressed concerns about high food prices potentially leading to a food crisis despite the decrease in energy prices. Food inflation has remained above 10 per cent since July 2022, causing a cost-of-living increase for 95 per cent of adults in Great Britain as of May 2023. This situation has resulted in heightened demand for food bank charities such as the Trussell Trust, highlighting the pressing issue of affordability and access to essential food supplies.
In terms of sectors, financial intermediation, real estate, and business activities contributed 34.4 per cent to the gross value added (GVA) in 2022, followed by mining and manufacturing (13.6 per cent) and wholesale, retail, and hotel activities (12.9 per cent), according to GlobalData estimates. These sectors are expected to grow by 4.8 per cent, 4.6 per cent, and 4.7 per cent respectively in 2023, a significant slowdown compared to the growth rates recorded in 2022.
On the policy front, the UK government implemented spending cuts and tax hikes to restore the country’s financial credibility. However, these measures have resulted in nearly 3 million low- and middle-income individuals paying basic or higher-rate tax for the first time starting in April 2023 due to the freeze on income tax thresholds. While these actions aim to improve the country’s fiscal position in the future, they may have an ongoing impact on domestic demand.
Despite the challenges, the UK is ranked as a very low-risk nation and performed well in various parameters, including legal, technological, and infrastructure aspects, as well as environmental factors, according to the GlobalData Country Risk Index (GCRI Q1 2023). The country’s establishment of 70 free trade agreements as an independent nation, with additional agreements in the negotiation process, provides an optimistic outlook for sustained economic growth in the coming years.
In summary, while the UK economy is expected to witness a marginal growth in 2023, the pace of expansion has slowed, and challenges in trade and inflation persist. However, the government’s support measures, robust labour market, and the country’s free trade agreements offer hope for the UK’s economic prospects.
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Modernizing decision support systems is key to achieving data-driven decision-making
The IDC MarketScape: Asia/Pacific excluding Japan (APeJ) Analytic Data Platforms for Decision Support 2023 Vendor Assessment has identified AWS, Google, Microsoft, and Oracle as the “Leaders” in the software category for Analytic Data Platforms for Decision Support. They are closely followed by “Major Players” in the market, namely Alibaba, Cloudera, Huawei, IBM, Snowflake, and Teradata.
In today’s volatile economic landscape, organizations’ ability to make informed decisions based on data-driven insights plays a critical role in advancing their business priorities. The report emphasizes the importance of improving enterprise intelligence (EI) or data-driven decision-making, which requires concerted investments and actions at multiple levels within organizations.
Modernizing decision support systems is key to achieving data-driven decision-making and keeping up with the rapid pace of innovation. Organizations are increasingly turning to high-performance and scalable analytic data platforms that can handle various data types and cater to multiple user personas. Cloud-based data platforms are gaining traction globally and in Asia/Pacific as organizations seek to future-proof their EI and decision-support capabilities.
Deepika Giri, Associate Vice President of Artificial Intelligence and Analytics Strategies at IDC Asia/Pacific, highlights the significance of leveraging analytics and AI to enhance productivity and operational efficiencies, particularly in the current global economic downturn. Giri emphasizes the need for robust and flexible decision support platforms that can meet scalability, performance, reliability, and time-to-value requirements based on specific use cases.
The IDC MarketScape report, titled “Asia/Pacific (Excluding Japan) Analytic Data Platforms for Decision Support 2023 Vendor Assessment,” provides a comprehensive evaluation of vendors offering analytic data platforms for decision support in the Asia/Pacific region. The assessment framework assesses the capabilities and strategies of vendors, distinguishing between those offering essential capabilities and those offering more advanced features. The report provides valuable guidance for enterprise buyers in Asia/Pacific who are planning to adopt or upgrade their decision support systems and associated analytic data platforms.
As organizations strive to navigate the complexities of the data-driven business landscape, the recognition of these technology giants as “Leaders” and “Major Players” in the analytic data platform market underscores their expertise and ability to provide robust solutions that empower data-driven decision-making across industries in the Asia/Pacific region.
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The forum emphasized the importance of an integrated policy framework
Leading central bankers and economists gathered at the Asian Monetary Policy Forum to discuss the challenges of achieving both price stability and financial stability in today’s complex economic landscape. The forum, held in Singapore, featured prominent figures such as Professor Bernard Yeung from the National University of Singapore Business School and President of the Asian Bureau of Finance and Economic Research (ABFER), and Professor Steven J Davis from the University of Chicago and the Hoover Institution.
During the event, participants reviewed the progress made over the past decade in understanding the intricate relationship between monetary policy and financial stability. They explored three possible approaches for monetary policy in addressing this nexus and shared insights on the evolving role of macroprudential policies.
The first approach discussed was the traditional stance adopted by most advanced economies, focusing monetary policy solely on price stability while delegating financial stability to microprudential regulation and supervision. This approach, although widely implemented, has faced challenges in addressing the growing complexities and risks in the financial sector.
The second approach, proposed by economist Jeremy Stein, suggests including financial stability as an explicit objective of monetary policy. While no central bank has formally adopted this approach, some institutions indirectly consider financial stability implications in their policy decisions.
The third approach, known as “targeting the cracks,” involves keeping monetary policy focused on price stability and utilizing macroprudential policies to address financial stability concerns. This approach has gained traction among emerging market economies, particularly in response to increased capital flow volatility, exchange rate fluctuations, and asset price bubbles triggered by loose monetary policies in advanced economies.
The forum emphasized the importance of an integrated policy framework that combines monetary policy, fiscal policy, and macro-financial policies to secure both monetary and financial stability. Participants highlighted the interactions between monetary policy and the financial system, underscoring the need to consider the implications of monetary policy decisions on financial stability.
Capital flows and exchange rates were also identified as critical factors, particularly for emerging market economies, as they can significantly impact macroeconomic and macro-financial conditions. The forum stressed the need for proactive measures to manage capital flows and limit exchange rate volatility, as well as coordination between monetary and macroprudential policies to mitigate potential trade-offs between financial stability and price stability.
The discussion further emphasized the importance of a diverse range of macro-financial policy tools to address financial sector vulnerabilities effectively. These tools include macroprudential measures, foreign exchange interventions, and capital flow management measures, which, when used coherently, can help safeguard financial stability and mitigate risks stemming from various sources.
While advocating that monetary policy should primarily focus on inflation control, participants recognized the need to consider its implications for financial stability. They cautioned against relying solely on monetary policy to address excessive risk-taking and leverage in specific sectors, as it may prove to be a blunt instrument. Instead, a more flexible approach to inflation targeting was proposed, which would allow sufficient time for inflation to return to the target range and be tolerant of inflation outcomes close to zero.
Lastly, fiscal policy was identified as playing a crucial role in ensuring the sustainability of public debt, thereby reducing the risk of fiscal dominance. The forum emphasized the need for sound public finances to support monetary policy independence in pursuing price stability objectives effectively.
The discussions at the Asian Monetary Policy Forum highlighted the complex interplay between monetary policy and financial stability. Central bankers and economists stressed the significance of an integrated policy framework, combining various tools and policies, to achieve both monetary and financial stability in a rapidly evolving economic landscape.
Tags: Asian Monetary Policy ForumMAS
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Assessing the Impact: How ChatGPT Influences Industries and Labor Force
Innovation and technology have become the driving forces behind high-quality economic development in Hong Kong. With the rise of artificial intelligence (AI) and its impact on various industries, the recent success of ChatGPT, an AI chatbot, has caught the attention of the world. Today, in the Legislative Council, the Hon Yung Hoi-yan raised important questions about the accessibility of ChatGPT in Hong Kong, its impact on industries, and the government’s efforts to promote AI education.
ChatGPT, developed by OpenAI, has gained global recognition for its versatility and potential to revolutionize programming, creative work, translation, and more. However, it has been noted that ChatGPT is currently only available for registration and use in select countries and regions, excluding Hong Kong. The Hon Yung Hoi-yan questioned whether the government would take the initiative to engage with the operators to expand access rights to ChatGPT for Hong Kong users.
In response, Ms Lillian Cheong, the Acting Secretary for Innovation, Technology and Industry, stated that while ChatGPT may not be officially registered for Hong Kong, citizens and enterprises can still access similar AI chatbots utilizing generative AI technology through alternative channels. The government respects the strategies and arrangements of individual organizations, but remains open to monitoring the development and application of generative AI technology.
The impact of AI, including generative AI technology like ChatGPT, on different industries is a matter of concern. It has the potential to reshape operational modes and job requirements across sectors, potentially leading to a reduction in the labor force required in some industries. To address this, government bureaus and departments are working to facilitate industries in capitalizing on AI’s opportunities while assisting affected individuals in upgrading their skills and embracing the changes brought by AI.
Efforts are being made through various initiatives, such as the Reindustrialization and Technology Training Programme, which subsidizes local enterprises for training their staff in advanced technologies, including generative AI. The Continuing Education Fund provides subsidies to adults pursuing technology-related courses, and the government is funding AI research and development projects through different schemes. The InnoHK research clusters at the Hong Kong Science Park are attracting world-renowned universities and research institutes to collaborate on AI and robotics technology.
Recognizing the importance of AI education, the Education Bureau is implementing STEAM education (Science, Technology, Engineering, the Arts, and Mathematics) in primary and secondary schools to promote I&T learning from an early age. The bureau is developing modules on artificial intelligence and coding education to enable students to understand the latest technological developments and their applications. The updated Information and Communication Technology curriculum includes AI topics, and teachers receive professional development programs to enhance their teaching effectiveness.
The government’s approach to AI education extends beyond school curricula. Programs such as the IT Innovation Lab in Secondary Schools and Knowing More About IT provide funding support for extracurricular activities related to AI, including workshops and competitions. Universities funded by the University Grants Committee are also introducing programs and curriculum updates to nurture cross-disciplinary AI professionals.
While the potential of AI, including ChatGPT, is undeniable, concerns have been raised regarding its impact on students’ learning and the responsible use of technology. The Education Bureau is actively monitoring the development and usage of AI and updating curricula accordingly. Additionally, seminars and workshops are organized to assist teachers in teaching AI knowledge and proper usage to their students.
As Hong Kong continues its journey as a global innovation and technology hub, the government recognizes the importance of embracing AI and preparing future generations for the challenges and opportunities it presents. By fostering a supportive environment for AI development, promoting industry adaptation, and integrating AI education into the curriculum, Hong Kong aims to cultivate a skilled workforce that can thrive in the digital era.
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Driven by the remote monitoring opportunity
The smart home healthcare market is experiencing steady growth, but there is still significant untapped potential. In 2022, global smart home healthcare shipment and service revenues reached $US22.9 billion, growing by 25 per cent compared to the previous year. However, sustaining such a high growth rate will be challenging, and revenues are projected to reach $US26.5 billion in 2023, a 15 per cent increase from 2022, according to ABI Research.
Smart home healthcare includes connected home care, remote patient monitoring, and social robotics, offering opportunities to improve healthcare and reduce costs. It also allows various players in the smart home industry and beyond to extend their offerings into this market. However, the market faces challenges such as channel issues, funding complexity, and inertia, limiting its growth potential, as highlighted by Jonathan Collins, Smart Home and Buildings Research Director at ABI Research.
Home care presents a significant opportunity, where wearable devices, home sensors, and robot companions can discreetly monitor and engage with individuals requiring light care and companionship. Although there has been a surge in do-it-yourself approaches utilizing smart home equipment during the pandemic, the smart home industry has not fully capitalized on offering comprehensive services. Traditional Personal Emergency Response players, like Connect America, have expanded their offerings by incorporating enhanced sensing and capabilities.
Certain segments, particularly remote patient monitoring applications, are experiencing pockets of growth. This is supported by health insurance requirements and increased consumer awareness of the value of connected services. Continuous Glucose Monitoring (CGM) shipments and services, offered by companies like Abbott Labs, Dexcom, and Medtronic, have shown strong growth, especially outside the U.S. market. In 2022, CGM shipments grew by 28 per cent year-on-year, demonstrating how connectivity can enhance the management of chronic conditions and create valuable opportunities.
Consumer appeal and single-vendor offerings are driving adoption in the market, rather than healthcare services. To realize substantial growth and value, broad support from the healthcare industry is necessary to integrate monitoring and management devices and applications effectively, concludes Collins.
The findings mentioned are from ABI Research’s Smart Home Healthcare market data report, which provides in-depth analysis based on extensive primary interviews. The report is part of the company’s Smart Home and Buildings research service, encompassing research, data, and analyst insights.
Tags: PrnasiaSmart home healthcare
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Increasing economic inclusion and educational opportunities in Indonesia
The Internet Society Foundation has launched a new round of its grant program that expands economic growth and increases educational opportunities by supporting individuals and communities to use the Internet more knowledgeably and skillfully. The Strengthening Communities, Improving Lives and Livelihoods (SCILLS) program is now open to eligible organizations in Indonesia. Grants of up to $US250,000 USD will be awarded to organizations for projects lasting up to two years.
The program opened for applications on May 1, 2023, with completed applications due by May 31, 2023. Provisional award notifications will take place in August 2023.
According to the International Telecommunication Union’s Data Hub, in Indonesia, 62 percent of individuals are using the Internet, which represents growth from previous years. The Internet Society Foundation is now seeking projects in Indonesia that aim to capitalize on this expanding access by securing educational opportunities and/or supporting economic inclusion for underserved and unserved communities.
“Internet access has increased significantly in Indonesia, however, access to Internet knowledge and skills remains out of reach for some,” said Sarah Armstrong, Executive Director of the Internet Society Foundation. “This new round of SCILLS program grants will support organizations that connect underserved communities with the critical digital skills needed to unlock economic growth and educational opportunities.”
The SCILLS program operates in countries in Africa, Asia, and Latin America. With this round, the six target countries are Bangladesh, Brazil, Colombia, Ghana, Indonesia, and Senegal.
Tags: IndonesiaInternet Society FoundationPrnasia
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]]>As economic headwinds persist, weak end-market electronics demand is spreading
Global semiconductor revenue is projected to decline 11.2 per cent in 2023, according to the latest forecast from Gartner, Inc. In 2022, the market totalled $US599.6 billion, which was marginal growth of 0.2 per cent from 2021.
The short-term outlook for the semiconductor market has deteriorated further. Global semiconductor revenue is forecast to total $US532 billion in 2023.
“As economic headwinds persist, weak end-market electronics demand is spreading from consumers to businesses, creating an uncertain investment environment. In addition, an oversupply of chips which is elevating inventories and reducing chip prices, is accelerating the decline of the semiconductor market this year,” said Richard Gordon, Practice Vice President at Gartner.
Memory Revenue to Decline 35.5 per cent in 2023 but to Recover in 2024
The memory industry is dealing with overcapacity and excess inventory, which will continue to put significant pressure on average selling prices (ASPs) in 2023. The memory market is projected to total $US92.3 billion, a decline of 35.5 per cent in 2023. However, it is on pace to rebound in 2024 with a 70 per cent increase.
The DRAM market will witness significant oversupply for most of 2023 due to weak end-equipment demand and high inventory levels despite flat bit production by DRAM vendors. Gartner analysts foresee DRAM revenue will decline 39.4 per cent in 2023 to total $US47.6 billion. The market will move to undersupply in 2024 and DRAM revenue is set to increase 86.8 per cent as pricing rebounds.
Over the next six months, Gartner expects the dynamics for the NAND market will be like the DRAM market. Weak demand and significant vendor inventory will create oversupply resulting in strong price declines. As a result, NAND revenue is projected to decline 32.9 per cent to $US38.9 billion in 2023. In 2024, NAND revenue is projected to increase 60.7 per cent due to a deep supply shortage.
“The semiconductor industry is facing a number of long-term challenges in the decade to come,” said Gordon. “The past decades of high volume, high-dollar content market drivers are coming to an end, notably in the PC, tablet and smartphone markets where technology innovation is lacking.”
In addition, COVID-19 and the U.S. and China trade tension have precipitated the deglobalization trend and the rise of techno nationalism. “Semiconductors today are seen as a national security issue,” said Gordon. “Governments around the world are scrambling to build self-sufficiency in the semiconductor and electronics supply chain. This is leading the incentivization of onshoring initiatives across the world.”
Fragmentation of Semiconductor Demand
The PC, tablet and smartphone semiconductor markets are stagnating. The combined markets will represent 31 per cent of semiconductor revenue in 2023 and total $US167.6 billion. “These high-volume markets have saturated and become replacement markets devoid of compelling technology innovation,” said Gordon.
In parallel, both the automotive and industrial, military/civil aerospace semiconductor markets will achieve growth. The automotive semiconductor market is forecast to grow 13.8 per cent, reaching $US76.9 billion in 2023.
In the future, there will be many more but smaller end markets. End markets will be more fragmented, with pockets of growth coming from multiple different sectors in the automotive, industrial, IoT and military/aerospace sectors.
“End-market demand will be less exposed to consumer discretionary spending and more exposed to business capital spending. Supply chains will be more complex with many more intermediaries involved and varied channels to market, and to satisfy different end-market requirements, different types of capacity will be required,” said Gordon.
Tags: GartnerSemiconductor industry
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]]>The largest early-stage Fintech fund dedicated to women
Anthemis, a specialist asset manager that creates value from driving financial systems change, today announced additional investments from institutions including Visa and BMO for its Female Innovators Lab (FIL) Fund. Anchored by Barclays, with investment from Aviva, the fund now totals $US50 million, making it the largest early-stage fintech fund focused on female founders. With this latest raise, the Fund will invest in additional early-stage companies and continue its focus on designing, sourcing, and scaling female-founded embedded finance start-ups.
Launched in 2019 and led by Anthemis’ Global Head of Venture Studio, Katie Palencsar, the FIL Fund actively invests in women-led start-ups across North America, UK, and Europe. FIL’s approach is modelled on Anthemis’ embedded finance investment thesis, targeting business models that deploy financial services within a diverse set of industries including sustainability, beauty, ecommerce, and more. FIL combines Anthemis early-stage asset management capacities with a singular network of strategic investors, diversifying deal sourcing and providing peerless strategic support to the FIL portfolio.
Through the venture studio and fund, Anthemis has sourced over 1,500 early-stage female-founded companies and shaped and funded portfolio companies like Addition (a workplace financial wellness platform), Pile (a cash management tool for businesses), and Upkeep (a marketplace for beauty treatments).
“Women are half of the world’s population, they control 70 per cent of global household spending, profits are higher when they’re present in the c-suite, and the start-ups they build have a more rapid path to exit – but somehow, women-led companies still raised just two per cent of all US venture investment last year. Female founder businesses are a massive market opportunity, yet chronically underfunded. FIL is purpose-built to seize that opportunity, helping women develop high-growth, high-impact start-ups at the intersection of finance, technology, and society,” said Palencsar. “Expanding with a partner like Visa – a world leader in digital payments – and BMO – the 8th largest bank in North America by assets – gives us the capital, strategic partners, and global reach to unlock a new cohort of women leaders blazing the trail for fintech and embedded finance.”
“Women power economies around the world, yet they remain underrepresented in the fintech sector with many barriers to overcome,” said Charlotte Hogg, Visa Chief Executive Officer, Europe. “At Visa, we believe partnering with diverse businesses, banks and fintechs is essential. Only by doing so can innovative financial and business services be nurtured that cater to the needs of all communities and underrepresented groups. We are excited to partner with Anthemis to execute on our joint purpose of supporting women’s economic advancement and to help bring the benefits of going digital to everyone, everywhere.”
As one of the earliest asset managers to establish a diversity and inclusion mandate, Anthemis is uniquely suited to lead FIL. Women account for 69 per cent of the people across investments, 48 per cent of portfolio company founders are women or people of colour and 58 per cent of all employees at Anthemis are women.
“BMO’s investment in Anthemis’ Female Innovators Lab Fund is aligned with our Zero Barriers to Inclusion strategy, which includes creating economic progress and removing barriers to the inclusion of women and women-owned businesses everywhere,” said Andrew Harrison, Head of U.S. Partnerships at BMO. “Through our support for FIL and the continued success of WMNfintech, North America’s largest non-profit fintech industry program for women-led fintechs developed by BMO and 1871, we are bridging the gender gap by giving more women the opportunity to bring innovative technology forward.”
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