UNCDF SHIFT announced the four successful proposals of the Challenge Fund Third Window, one of which was SME Finance Forum member, Fern Software, working with TransferTo in receiving the award. TransferTo operates a B2B Cross-Border Mobile Payments Network, linking money transfer operators, digital financial services operators, mobile wallets providers, financial institutions, NGOs and global merchants to facilitate mobile-based money transfers to and from emerging markets - including Cambodia, Lao PDR, Myanmar and Viet Nam. As part of their project, TransferTo will be partnering with Fern Software, a global leading provider of banking solutions for inclusive financial institutions, to enable migrant workers to send transfers directly to loan and savings accounts held by their family members at microfinance institutions in the region.

UNCDF’s Shaping Inclusive Finance Transformations (SHIFT) programme is a market development, technical assistance and financing platform for the ASEAN region. The programme works to transition people with low incomes – especially women – from informal to formal financial services by catalysing innovative partnerships across financial, policy, data and training markets.