Visa Incorporated, a US-based payment technology company, recently announced partnerships with two organizations to promote financial inclusion in China: the China Foundation for Development of Financial Education (CFDFE), which is affiliated with China’s central bank, and the China Foundation for Poverty Alleviation (CFPA), a government-backed organization.
Visa will collaborate with CFDFE to build the “China Financial Inclusion and Education (Jinhui Project) International Demonstration Zone” to facilitate financial education and capacity building to 5 million people over three years.
In partnership with CFPA, Visa will launch a mobile phone-based program in Inner Mongolia to educate farmers in eight counties and to promote Internet-based financial services. Wenkui Liu, the General Secretary of CFPA, said, “With Visa’s support, CFPA Microfinance will conduct a pilot project in Inner Mongolia which will benefit 40,000 people in the first round of financial training programs.”
As of January 2016, Visa reported total assets of USD 55.0 billion and return on assets of 15.8 percent. As of December 2014, CFDFE reported total assets of CNY 68.9 million (USD 11.5 million). As of December 2014, CFPA reported total assets of CNY 2.2 billion (USD 337 million).
By Caroline Zhu, Research Associate
About Visa Inc.
Visa is a global payments technology company based in the United States. It partners with financial institutions to provide credit, debit and prepaid cards to consumers. Visa also offers payment programs and consulting services for commercial clients. As of January 2016, Visa reported total assets of USD 55.0 billion and return on assets of 15.8 percent.
About China Foundation for Development of Financial Education (CFDFE)
The China Foundation for Development of Financial Education was founded in 1992 and is governed by China’s central bank, the People’s Bank of China. It is organized as a nonprofit organization, and its goal is to alleviate poverty. As of December 2014, CFDFE reported total assets of CNY 68.9 million (USD 11.5 million).
About China Foundation for Poverty Alleviation (CFPA)
Founded in 1989, the China Foundation for Poverty Alleviation is a non-governmental organization that is backed by the Chinese government to address challenges such as poverty alleviation and emergency relief. As of December 2014, CFPA reported total assets of CNY 2.2 billion (USD 337 million), and since its inception it has raised CNY 13.1 billion (USD 2.01 billion) .
MicroCapital Universe Profile: Visa
MicroCapital Universe Profile: China Foundation for Development of Financial Education (CFDFE)
MicroCapital Universe Profile:China Foundation for Poverty Alleviation (CFPA)
Sources and Additional Resources:
[1] PR Newswire Press Release, “CFDFE, CFPA and Visa Partner to Promote Innovative Financial Inclusion Activities and Support Poverty Alleviation in China”, http://en.prnasia.com/story/archive/1600719_EN00719_0
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