pinBox Asia

Asia Cover Img

... India

India’s National Pension System (NPS)

Between 1998 and 2010, pinBox promoters worked closely with the Indian Ministry of Finance, World Bank and the ADB to help design and launch the NPS. The NPS was introduced as a mandatory program for new civil servants in 2004 and expanded, on a voluntary basis, to India’s 400m informal workers in 2010. By 2022, NPS has achieved around 15m subscribers and an AUM of over USD100 billion.

World’s first ‘micro-pension’ scheme

In 2006, pinBox promoters pioneered the concept of ‘micro-pensions’ in India. This began as a small pilot with SEWA Bank and UTI AMC at Ahmedabad. Over the years, it grew to over 2.5 million voluntary subscribers, 80 percent of whom were women, across 100 districts of 14 Indian Sates.

First micro-pension scheme with fiscal incentives

In 2008, pinBox promoters worked with the Rajasthan State Government to design and implement India's first informal sector micro-pension scheme based on government co-contributions. In 2010, this model was adopted by the federal government and nearly a dozen Indian States. It resulted in over 4.5 million voluntary micro-pension accounts within 4 years.

Micro-pensions for women self-help group members

In 2009, pinBox promoters worked with the World Bank to help the Government of Andhra Pradesh and SERP develop a micro-pension scheme for women SHG members. Over 6 million rural self-employed women across the State voluntarily joined this scheme within the first year.

Micro-pensions for overseas migrant workers

In 2010, pinBox promoters helped the Ministry of Overseas Indian Affairs to design and launch an integrated pension, insurance and saving scheme for ~5 million Indians working in GCC countries.

Building a mass-market for the NPS

In 2017-18, The World Bank and pinBox helped PFRDA (India’s pension regulator), the Indian Finance Ministry, Government of Andhra Pradesh and the State Bank of India to develop and field-tested a digital micro-pension model. This model was field-tested in 4 districts across 3 States. Pension coverage jumped by between 500 to 1000% in the pilot districts.

pinBox-WhatsApp digital micro-pension platform deployed

In 2021, pinBox deployed its pensionTech platform for India. Jointly with WhatsApp, we have created a simple and familiar UI-UX using which the 500 million WhatsApp users in India can now digitally activate their NPS accounts. In any language. Within minutes. We are also working with India’s top financial institutions to deliver an integrated pension, micro-SIP and insurance solution to India’s 400 million informal sector workers without pension benefits.

... Bangladesh

Digital micro-pensions for self-employed women

In 2016, pinBox worked with BRAC to design a self-funded digital micro-pension and insurance solution for 10 million BRAC clients. This digital micro-pension program could also be extended to the 4 million RMG workers.

Establishing a new private pensions market

In 2016, pinBox worked with World Bank and the Bangladesh Finance Department to assess the feasibility of establishing a private pensions market. The study proposed the design of a new digital micro-pension program for the over 50 million informal sector workers. In 2023, the Government has decided to launch a Universal Pension Scheme based on individual contributions.

Establishing a new private pensions market

In 2023, BRAC Microfinance and pinBox have decided to join hands to design, build and deploy an inclusive, digital micro-pension solution for micro-credit customers, RMG workers, gig workers and domestic help in Bangladesh.

... Papa New Guinea

Expanding pension coverage to informal sector workers

In 2019, pinBox conducted a detailed supply and demand side study on informal sector pensions with UNCDF, NASFUND and BPNG. We helped design an inclusive digital micro-pension architecture for PNG’s 4 million non-salaried workers.

... Nepal

National Pension Policy

In 2006-07, pinBox promoters worked with the World Bank and the Finance Ministry to design Nepal’s national pension policy and the framework for a new, contributions based pension scheme for both salaried and non-salaried workers.