The Center for Financial Access, Inclusion and Research (FAIR) is officially launched during the first day of the Financial Fairplay Week.
By INSTITUTIONAL COMMUNICATION | EGADE BUSINESS SCHOOL
Today, Tecnológico de Monterrey, in partnership with the Mastercard Center for Inclusive Growth (CIG), officially launched the Center for Financial Access, Inclusion and Research (FAIR).
This new entity, which forms part of the Tec's Undergraduate Business School and EGADE Business School Ecosystem of Centers, will foster the development of a fairer, more inclusive financial system and a sustainable economy that will contribute to improving living conditions for the most vulnerable populations in Mexico and Latin America.
FAIR, which began operating in January, will serve as a center for sharing knowledge and expanding solutions that can accelerate the pace of financial and digital inclusion across the region.
During its first year, the center will be partnering with Pontificia Universidad Católica de Chile and Universidad de los Andes - Colombia, and will also receive advice from a renowned group of experts in financial inclusion and innovation, including the World Bank, Inter-American Development Bank, ECLAC and the UN.
Financial inclusion has been identified as one of the contributing factors to the accomplishment of seven of the 17 UN Sustainable Development Goals.
Despite the progress made over the last decade, there are still more than 200 million unbanked adults in Latin America, including women, people who live in rural communities, and people who are unemployed or work in the informal sector. In the particular case of Mexico, just 37% of the population has a bank account, positioning the country below the average for Latin America.
“The creation of the FAIR Center provides a space for the Tecnológico de Monterrey community to contribute to the development and wellbeing of our country through academic projects, high-impact research, and the promotion of dialogue and search for solutions. I would like to thank the Mastercard Center for Inclusive Growth and the School of Business for exercising a conscious leadership and prioritizing the financial inclusion of vulnerable groups in order to generate a fairer, more prosperous Mexico,” commented David Garza, Rector and Executive President of Tecnológico de Monterrey.
FAIR was launched during the opening day of one of its very first initiatives, the Financial Fair Play Week, a virtual event that will take place from April 12 to 16, offering a variety of discussion panels, conferences, and talks on financial culture and inclusion in Mexico.
“At Mastercard, we are aware that financial inclusion is actually a social inclusion process which can make the difference between poverty and prosperity by offering people the necessary tools to achieve financial security and improve their quality of life. For Mastercard, financial inclusion has always been a shared responsibility, which is why we launched the initiative Tech for Good Partnership last year with partners from the private sector, and we are excited to continue this effort with the creation of FAIR and the implementation of the Financial Fair Play Week. Tec de Monterrey will undoubtedly be a magnificent ally in achieving our shared objective of creating equal opportunities for all,” said Laura Cruz, Country Manager, Mastercard México.
Attendees on behalf of Tec at the presentation of FAIR were Juan Pablo Murra Lascurain, Rector of Undergraduate and Graduate Programs; Ignacio de la Vega, Executive Associate Provost of Academic Affairs, Faculty and Internationalization; María Elena Vázquez, Interim Dean of the SchoAssociate Provostol of Business; Osmar Zavaleta, Interim Dean of EGADE Business School; and Felipe Pérez, Director of the Center for Financial Access, Inclusion and Research.
In addition, Mastercard was represented by Michael Froman, Vice Chairman and President, Strategic Growth, and Arturo Franco, Vice President of CIG.
Further information on the Center for Financial Access, Inclusion and Research (FAIR) can be found here.