Continue reading this on our app for a better experience

Open in App
Home Views Commentary

The buck stops with all of us, not women

Judy Hsu
Judy Hsu • 4 min read
The buck stops with all of us, not women
Banks can play a role to boost women-led businesses, says Judy Hsu of Standard Chartered / Photo: Standard Chartered
Font Resizer
Share to Whatsapp
Share to Facebook
Share to LinkedIn
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

This year, for International Women’s Day, the United Nations has called for countries around the world to “Invest in Women: Accelerate Progress”. This crucial call underlines the need to address the deficit in gender-equality measures as economies continue to grow. 

The call also emphasises the imperative of prioritising women’s economic empowerment because a stark reality persists: There continues to be a wide economic disparity between men and women in many parts of the world. This disparity includes the commonly discussed wage gap, and a lack of access to capital and other critical financial resources. According to the World Economic Forum (WEF), the funding gap for women in the overall micro, small, or medium enterprise (MSME) sector amounts to US$1.7 trillion. Despite constituting 22% participation in micro ventures and 32% in small and medium enterprises, women entrepreneurs remain severely underbanked – prompting us to question how financial institutions can help close this gap and contribute to the solution.  

A call for financial empowerment 
Investing in women-owned and women-led enterprises holds the key to sustainable socio-economic growth. There is an urgent need to address the imbalance in gender diversity in corporations (although we are seeing some overall positive actions), obstacles to accessing financing options, and the lack of support for female business founders. 

Growing awareness and prioritisation of women’s financial needs is one thing, taking concrete actions to help achieve equitable financing is the real calling. 

Financial institutions can play a pivotal role in empowering women entrepreneurs – by providing tailored financial solutions, insights, education and upskilling, and opportunities to connect with a global network of like-minded entrepreneurs. These are just some of the ways banks can help women unleash their potential as successful business owners in the marketplace. The Standard Chartered Women’s International Network (SC WIN), a programme that addresses the funding gap of women-led businesses and foster economic participation, exemplifies this approach. 

Access to funding and upskilling 
Access to credit and timely training are paramount in supporting women-owned businesses in their growth. By offering incentives and financing options, including but not limited to flexible repayment options on business loans, preferential time deposit rates, reduction in loan interest rates, faster disbursement of loan amounts, priority banking, and so on can go a long way in empowering women founders to take the plunge to start, grow, or expand their ventures.

See also: The productivity remedy

Financial institutions can also leverage their diverse expertise and resources to provide tailored support, helping to elevate women-owned businesses into competitive arenas where they are currently underrepresented. These could include upskilling initiatives such as incubator programmes which provide training, mentoring, and seeding support to female entrepreneurs.

Fostering an international network of women entrepreneurs
They say in business, it’s all about the network. Financial institutions can tap into their regional or global networks to catalyse the growth of women-led businesses. By establishing local or international networks of women entrepreneurs, they can enable connections between women entrepreneurs with like-minded entrepreneurs worldwide. Facilitating networking opportunities, making cross-border business opportunities available to them, and curating advisory services on expanding ventures overseas – all contribute to overseas expansion ambitions. 

Moreover, these networks provide opportunities to understand and navigate different regulatory frameworks and cultural nuances (for instance, perceived inferiority of women-led businesses) in overseas markets, which further enhances women entrepreneurs' capabilities to scale their ventures successfully on a global stage. 

See also: Winter has come

It's on all of us
Through collaborations with government agencies, non-profit organisations, and industry associations, financial institutions can amplify their efforts in supporting women-owned SMEs as integral components of the financial landscape as well as advocating for policy changes toward gender equality and economic empowerment. By the same token, business partners and customers of women-led enterprises, through their individual and informal ways, can also join the rally call to “invest in women”.  

Banks, as integral players of society, have the privilege and opportunity to pave the way towards a future where all entrepreneurs, regardless of gender, have equal opportunities for success. The time is now, to invest in women and lift economic participation to accelerate progress.

Judy Hsu’s banking career spans over 3 decades, during which she has held various leadership positions in Asia with global, regional, and market responsibilities. Judy joined Standard Chartered in 2009 as Global Head of Wealth Management. In 2015, Judy was appointed CEO, Singapore. In 2018, Judy took on the role of Regional CEO, ASEAN and South Asia (ASA). She has been serving as CEO, Consumer, Private and Business Banking (CPBB) since January 2021. 

 

×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
© 2024 The Edge Publishing Pte Ltd. All rights reserved.