Digital microPensions Roundtable at the Lien Centre for Social Innovation at SMU, Singapore
Namrata Jolly and Gautam Bhardwaj from pinBox Solutions were privileged to join Christy Davies and Han-Peng Ho for the roundtable discussion with key stakeholders on #digitalmicropensions hosted by the Lien Centre for Social Innovation at the Singapore Management University campus. The roundtable was attended by NGOs, financial institutions, economists and think-tanks. It explored innovative solutions to tackle the growing challenge of a rapidly aging self-employed demographic and the parallel problem it brings with it: an older population with no financial access or social safety net. pinBox presented its model and approach to delivering regulated pension and insurance solutions to the 1.7 billion non-salaried workers across Asia, Africa and Latin American who are not covered by a formal retirement savings construct. Without urgent and effective intervention, this population is simply “walking into old age poverty”, potentially leading to a fiscal and social crisis for Asia, Africa, and the LAC. This pension coverage gap will become one of the main causes of increased global poverty in the coming decades. Comprehensive pension inclusion needs collective action across the public, private and civil society sectors. The roundtable explored strategies to raise awareness in this space, explore opportunities for cooperative and collaborative action, and ideas for raising awareness and financial resources to mount a global action on comprehensive pension inclusion, and especially among low-income self-employed women.