Aadhaar enabled payment system (ACPS)

, 44, 45

Abu-Saifan, S.

, 75, 83

Access

, 4, 14, 15, 44

Accion

, 14, 53

banking perspective in

, 17

Adam, F.

, 60–61

Adler, P. S.

, 58

Advisory board members

, 113

African National Council (ANC)

, 103–104

Afrins, S.

, 61–62

Ahmed, S. U.

, 61–62

Alleviation of poverty

, 43

Alnuaimi, T.

, 63

Amadzic, G.

, 18

Annual Goalkeepers Report (2018)

, 101

Ansari, S.

, 60, 62, 63

Anti-poverty programs

, 66–67

Arebehety, P. G.

, 38

Arrow, K. J.

, 61, 63

Artificial intelligence (AI)

, 27

Arzlanian, S.

, 60–61

Ashoka Foundation

, 76

Ashoka Organization

, 76

Asian and developing countries, women entrepreneurship in

, 91–93

Asian Development Bank

, 15, 105

Asian Venture Philanthropy Network (AVPN)

, 67, 75

Aspelund, A.

, 28, 35–37, 39

Availability

, 14, 15, 24, 28, 43, 44

Bahaj, A. S.

, 63

Baldassarri, D.

, 62

Bandhan MFI program

, 66–67

Bangladesh, financial inclusion in

, 16

Bank of the Philippine Islands (BPI)

, 54

Banking

, 3–4

Base of the pyramid. See Bottom of the pyramid (BOP)

Basic inputs

, 102

Beck, T.

, 17–18

Behavioral theory

, 83

Berry, C.

, 17, 19

Bery, L.

, 27

Biometric identity system

, 45

bKash

, 32–35

Blended financing model

, 79–80

Blockchain technology

, 23

Blockstack Labs

, 23

Bogner, W. C.

, 39

Bourdieu, P.

, 58–59, 60

Bottom of the pyramid (BOP)

, 13, 20, 27, 33, 43–44, 52, 57–58, 75, 101

communities at

, 60

social capital and

, 61–62

BPI Globe Bank

, 54–55

Brau, J. C.

, 62

Bridging social capital

, 60

Buchenrieder, G.

, 62

Bugg-Levine, A.

, 79, 80

Burt, R. S.

, 58–59, 60

Business

, 75

Gramshakti

, 53

schools in promoting principles of inclusive growth

, 106–108

Business correspondent system (BC system)

, 32

Bustos, S.

, 4

Bykere, A.

, 14, 17, 52–53

Cabrol, M.

, 28, 35–37, 39

Cambodia Water Project by SCVD

, 67–69

Capital(ism)

, 2, 103

crisis of

, 103

Cardpe

, 39–40

Carey, K.

, 2

Caring capitalism

, 103

Cash-In-Cash-Out (CICO)

agents

, 28–29

networks

, 33

transaction mechanism

, 54–55

Caulkin, S.

, x

Center for Financial Inclusion (CFI)

, 14

Center for Management Practice

, 109–110, 111

CGAP

, 18

“Chance” entrepreneurs

, 92

“Chatbot” approaches

, 51–52

Chen, G.

, 18, 38

Cheston, S.

, 14, 17, 52–53

Chief Financial Officer (CFOs)

, 47

Choi, N.

, 75

Citi-SMU financial literacy model

, 49

Codified knowledge dimension

, 4, 5

Cognitive dimension of social capital

, 59

Collaborative partnership

, 23

Coleman, J. S.

, 58–59, 60

Collier, P.

, 47

Communications infrastructure

, 34

“Community-centered” approach

, 62

Complementary inputs

, 102

Conscious capitalism

, 103

ConsenSys

, 23

Consumer backlash

, 77

Conte, T.

, 14, 17, 52–53

Cook, W.

, 38

Costa, A.

, 28–29

“Created” entrepreneurs

, 92

“Crisis of capitalism”

, 103

Critical resources

, 101

Cull, R.

, 17–18

Cultural factor

, 93

Culture

, 63

Customer

centricity

, 38–39

customer-centric business model

, 37

engagement

, 52–53

DBBCL

, 32

Davis, G.

, x

Deaton, A.

, 1

Debt crowdfunding

, 23

Deeds, D. L.

, 38

Dees, J. G.

, 83

Demirgüç-Kunt, A.

, 14, 17–18, 50

Democratic capitalism

, 103

Democratic finance. See Direct-public offering (DPO)

Democratizing productivity

, 7–10

Department of International Development (DFID)

, 57

Digital

connectivity

, 33

credit

, 22–23

identity project

, 22

infrastructure

, 27

insurance

, 23

lending business models

, 23

mobile money account

, 23

payments

, 21, 32–33

savings

, 23

technology

, 27–28, 104

Digital finance

digital pathways for financial inclusion

, 33–35

digital-financial platform

, 33

Fintech start-ups

, 35–40

M-Pesa case study

, 28–33

MFI

, 27–28

World Bank Findex

, 28

Digitization

, 18–19, 21–23

entrepreneurs

, 27–28

Direct-public offering (DPO)

, 81

Distributed ledger technology (DLT)

, 27

Donor

, 80–81

Donovan, K.

, 18, 19–20

Dufhues, T. H.

, 62

Duflo, E.

, 90

Dung, T.

, 85

Dynamic financial services market

, 27

Easterly, W. R.

, 2–3

ECHOstore

, 95–96

Economic complexity

, 3–7

Economic development

, 89

Economic empowerment

, 90–91

Economic growth

, 3–7, 75, 90

puzzle of

, 1–3

Education

, 3–4

management

, 107

Ehrbeck, T.

, 17–18, 28–29

EKO India

, 32–35

Electronic money units (EMUs)

, 30, 30

Elfring, T.

, 60–61

Embodied knowledge dimension

, 4

Enabling inputs

, 102

Enabling models of inclusive growth

basic inputs

, 24, 102

complementary inputs

, 10, 102

enabling inputs

, 10, 102

Endogenous growth models

, 3

Enterprise capital markets

, 80

Entrepreneurship

, 78, 84, 87

behaviors

, 75

social capital and

, 61–62

See also Social entrepreneur

Equity

holders

, 80

hybrid model

, 80–81

Ethnic networks

, 63

Fafchamps, M.

, 60–61, 62

Fama, E.

, x–xi

Faz, X.

, 18

Female entrepreneurship

Female/women entrepreneurship

, 62, 90–93

from Asian and African case studies

, 93–98

gender equity and female workforce participation

, 91, 92

importance in developing countries

, 90

studies from GIBS SMU

, 90

Fernandes, D.

, 47, 48

FFH (Fullerton Financial Holdings): Fullerton, Myanmar

, 53, 57, 94–95

FFMCI’s digital approach

, 54

Finance

, 3–4

Financial capability

, 14, 47–48

Financial capital

, 2

Financial empowerment affecting financial inclusion

, 49–50

Financial exclusion

, 43

Financial inclusion

, 13, 28, 43, 44, 47–48, 89, 101

barriers to

, 52–53

defining and measuring

, 14–18

digital pathways for

, 33–35

digital payments

, 21

digital credit

, 22–23

digital savings

, 23

digital insurance

, 23

digitization, financial services, and

, 18–19, 21–23

dimensions for

, 14

drivers

, 15

examining success of FFH in

, 53–54

financial empowerment affecting

, 49–50

financial literacy to catalyzing

, 48–49

identity and

, 44–47

microfinance and role

, 43

Grameen Bank and Muhammad Yunus

, 17, 44

importance of mobile phone technology in

, 19–21

See also Microfinance institution model (MFI model); Social inclusion

Financial investors

, 80–81

Financial literacy

, 47, 48

behavioral decision theory to aid financial literacy and financial inclusion

“Chatbots” and Juntos Global

, 51–52

“nudge”-type interactions

, 52

to catalyze financial inclusion

, 48–49

Citi-SMU financial literacy

, 49

key success factors

financial awareness, knowledge and capability

, 47–48

financial education

, 48

trust building regarding financial services and institutions

, 50–52

Financial services

, 14, 18–19, 21–23, 104

Financial Times

, 45, 89

Findex

, 16

Fine, B.

, 57, 61

Fintech

, 27

framework for assessing performance

, 36

high failure rate of start ups

, 39

meaning and definition

, 27

research on FinTech new ventures and start-ups

, 35–40

success factors of profitable start-ups

partnerships with financial institutions, interoperability

, 37

prior financial experience, customer centricity

, 37

Firms

, 7

First-generation initial phase

, 30

Flexibility

, 9

“Forced” entrepreneurs

, 92

Foreign direct investment (FDI)

, 85

Fourth-generation platform

, 31

Fukuyama, F.

, 60

Fullerton Financial Holdings (FFH)

, 53, 57, 94–95

success examining in social and financial inclusion

, 53–54

Funding social enterprise

, 79–83

donor and equity hybrid model

, 80–81

DPO

, 81

integrated capital

, 81

listed retail charity bond

, 82–83

loan guarantees

, 82

pooling

, 82

PRI

, 82

quasi-equity debt

, 81

types of financing

, 80

Gates Foundation

, 76, 82, 101

GDP per capita

, 1–2, 32

Gedajlovic, E.

, 58, 63, 64–65

Gender equity

, 92

George, G.

, 38, 57, 62, 63

Ghemawat, P.

, xi

Ghosh, A.

, 48, 49–50

Ghosh, J.

, 77

Ghosh, S.

, 35

Ghoshal, S.

, 59, 60

Gilovich, T.

, 103–104

Gimpel, H.

, 35–37

GINI coefficient (South Africa)

, 89

Glaeser, E. L.

, 63

Global Findex Survey

, 13

Gordon Institute of Business Science (GIBS)

, 89, 96

Government regulations

, 8

Grab

, 47–48

Grameen Bank

, 17, 62, 82, 84

Gramshakti business

, 53

Great Earth Women

, 86–87

Great Escape: Health, Wealth, and the Origins of Inequality, The (Deaton)

, 1

Great Women organization

, 95–96

Gregg, T.

, 60, 62, 63

Grootaert, C.

, 65

Gross secondary education enrolment rates

, 91

Grossman, G.

, 62

GSMA

, 18

Guanxi

, 60–61

Guiso, L.

, 61, 63

Halpern, D.

, 59–60

Hamel, G.

, 37

Hart, S. L.

, 61–62

Hausman, R.

, 3, 4

Hedrick-Wong, Y.

, 15, 90–91

Heikkila, A.

, 62

Hidalgo, C. A.

, 4

Hill, C. W. L.

, 38

Hoang, Q. D.

, 62

Hofer, C. W.

, 39

Holle, N.

, 17–18

Honig, B.

, 58, 63

Honohan, P.

, 15

Hsieh, E. T.

, 7

Huang, Y.

, 60–61

Human capital

, 2

Hyflux

, 68

iCare Benefits

, 75, 77, 84

iCare social enterprise

, 86

ICICI Bank

, 32

Identity and financial inclusion

, 44–47

IFMR Trust in Chennai

, 82

IMF

, 18

Inclusive capitalism

, 103

Inclusive growth

, 2, 43, 75, 89

and access and eliminating barriers to inclusion

, 4

and barriers to inclusion

, 10

bottom of pyramid issues

, 13, 57

business schools in promoting principles

, 106–108

capitalism crisis

, 103

conscious capitalism

, 103

democratic capitalism

, 103

and democratizing productivity

, 7–10

dimensions of knowledge

, 5

economic complexity, productivity, and economic growth

, 3–7

economic inequality

, 89

environmental sustainability

, 78

financial inclusion

, 18–21

GINI coefficient

, 89

globalization

, 85

growing wealth gap between rich and poor

, 101

human development

, 97–98

inclusive capitalism

, 103

indicators

, 3

political inclusion

, 101

puzzle of economic growth

, 1–3

social inclusion

, 47–48

See also Financial inclusion

Inclusiveness

, 44, 101

Income effect

, 91

Indonesia, financial inclusion in

, 16

Institute for One World Health

, 77

Institute of International Finance

, 32

Institutional theory of organizations

, 83

Integrated capital

, 81

International Finance Corporation (IFC)

, 17, 109

International Monetary Fund (IMF)

, 18

International New York Times

, 45

Interoperability

, 37

Involuntary exclusion

, 14

Ireland, R. D.

, 61–62

Islam, N.

, 61–62

Itekeng Disabled Centre

, 96–97

Itekeng Kleen and Green

, 96–97

Jalilvand, M. R.

, 62

JAM Trinity

, 45

Jan Dhan projects

, 44

Johanns, S.

, 24

Jones, V. N.

, 65

Juntos Global company

, 52

Kalmi, P.

, 62

Kenyan M-Shwari loan platform

, 22

Khayesi, J. N.

, 63

Kilduff, M.

, 58–59

Klapper, L.

, 14, 17–18, 50

Klenow, P. J.

, 7

Klyver, K.

, 63

Know Your Customer orientation (KYC)

, 45

Know-how dimension

, 6

Kogut, B.

, 79, 80

Kotha, R.

, 63

KPMG

, 39

Krige, K.

, 96–97

Krishna, A.

, 63–64

Kulatilaka, N.

, 79, 80

Kumar, V.

, 37

Kwon, S. W.

, 58

Labor productivity

, 91

Lagakos, D.

, 7

Laibson, D.

, 63

Lange, G. M.

, 2

Lao, J.

, 59

Lawrence, R.

, 9

Lee, D. K. C.

, 38, 39

Lee, M.

, 89, 96

Lee Kong Chian School of Business (LKCSB)

, 109

Lenskold, J. D.

, 37

Lewis, J. C.

, 77, 93

Lewis, R. J.

, 27

Lim, C. P.

, 5, 7, 46, 64, 69

Lin, N.

, 58–59

Linking social capital

, 60

Listed retail charity bond

, 82–83

Liu, J.

, 38

Lo, A.

, xi

Loan guarantees

, 82

Logical positivism

, 107

London, T.

, 61–62

Lumpkin, G. T.

, 76, 83–84

Lund, S.

, 17, 19, 27

Luo, Y.

, 60–61

Lusardi, A.

, 47, 48

Lynch, J. G.

, 47, 48

M-Pesa platform

, 20, 29, 44

case study

, 28–33

first-generation

, 30

second-generation

, 30

third-generation

, 30–31

fourth-generation

, 31

M-Shwari

, 22–23

Madou, A.

, 18

Mair, J.

, 61–62, 83

Majumdar, S.

, 75

Management education

, 107

Manyika, J.

, 17, 19, 27

Marti, I.

, 61–62

Martin, R.

, 78, 79

Mas, I.

, 28–29

Masara, A.

, 18

Mastercard Center for inclusive growth

, 13–14

Mastercard Program

, 24, 52, 86

in Financial and Social Exclusion

, 109

Mazzucato, M.

, x

McGahan, A. M.

, 57, 62

McKay, C.

, 38

McKinsey Global Institute (MGI)

, 17, 27, 43–44

McLean, M.

, 76

Mehta, K.

, 13

Mercado, R. V.

, 15

Micro-Ensure

, 38

Micro-entrepreneurs

, 17

Microfinance (MFI)

, 54, 66–67, 94–95

crisis

, 77

programs

, 62

Microfinance institutions (MFIs)

, 27–28, 43, 77

and access to individual financial products

, 18

model

, 17

Microsoft

, 23

Midrigan, V.

, 7

Miloud, T.

, 28, 35–37, 39

Minniti, M.

, 92

Minten, B.

, 60–61, 62

Mitchell, O. S.

, 48

Mobile financial service (MFS)

, 32

Mobile money

, 19–20

providers

, 34

transfer system

, 44

Mobile network operators (MNOs)

, 38–39, 45

Mobile payment system

, 29

Mobile technology

, 27

in financial inclusion

, 19–21

Mobile telephony, mobile money and financial inclusion

M-Pesa platform

, 28–33

mobile wallets

, 35

electronic money units (EMUs)

, 30

EKO India

, 32

M-Shwari loan platform

, 22–23

Mobivi mobile wallet

, 75

Moli, B.

, 7

Molka-Danielsen, J.

, 59

Molls, B.

, 7

Moore, C. B.

, 58, 63

Moss, T. N.

, 76, 83–84

MSMEs (Micro, Small and Medium Enterprises)

, 17, 19–20, 22, 102

Mullainathan, S.

, 52

Multinational corporations (MNCs)

, 63

Multipurpose national identity cards (MNIC)

, 44

Munir, K.

, 60, 62, 63

Munkung, N.

, 62

Myanmar

financial inclusion in

, 16

Yangon Bakehouse

, 84–85

Nahapiet, J.

, 59, 60

Narayan, D.

, 60, 65

National Economic Development Authority (NEDA)

, 7

Natural capital

, 2

Naude, W.

, 92

Ndung’u, N. S.

, 30

Netemayer, R. G.

, 47, 48

Newman, A.

, 62

Nice, R.

, 58–59, 60

Non-governmental organizations (NGOs)

, 57

“Nudge” approach

, 51

Ogus, S.

, 90–91

Ohlsson, A. V.

, 67

Organization for Economic Co-operation and Development (OECD)

, 62

Osberg, S.

, 78, 79

P2P lending

, 23

Pakistan, financial inclusion in

, 16

Palmisano, S.

, xi, xi–xii

Parikh, P.

, 63

Park, C. Y.

, 15

Pay-bill service

, 31–32

Payne, G. T.

, 58, 63

Paytm (Indian digital payments system)

, 45

Pearce, J.

, 60–61

Peredo, A. M.

, 76

Peterson, J. A.

, 37

Philippines

financial inclusion in

, 16

rural banking system

, 54–55

Philippines rural banking system

, 54–55

Piketty, T

, x

Pisano, G.

, 37

Point of sale system (POS system)

, 39–40

Policy perspective

, 76–77

Pooling

, 82

Porzio, T.

, 7

Prabhu, J.

, 57, 62

Pragmatism

, 9

Prahalad, C. K.

, 13, 37

Primary Education Stipend Project

, 32–33

Produced capital

, 2

Productivity

, 3–7

Program-related investments (PRI)

, 82

Prospect and agency theory

, 84

Public goods

, 8

Public/non-profit management

, 84

“Pull” factors

, 92

“Push” factors

, 92

Putnam, R.

, 58–59, 60

Qian, N.

, 7

Quasi-equity debt

, 81

Radcliffe, D.

, 33, 34

Rau, D.

, 35–37

Realini, C.

, 13

Resource-based View (RBV)

, 37

Rhyne, E.

, 14, 17, 52–53

Robinson, L. J.

, 61

Rodrik, D.

, 9

Rooks, G.

, 63

Ross, L.

, 103–104

Ruglinger, M.

, 35–37

RugMark certification program

, 79

Rural entrepreneurship

, 63–64

Ruuskanen, O. P.

, 62

Sacerdote, B.

, 63

Said Business School

, xi

Sandberg, W. R.

, 39

Sanyal, P.

, 62

Sapienza, P.

, 61, 63

Sarma, M.

, 14, 15

Schmid, A. A.

, 61

Schollnian, T.

, 7

School of Social Sciences (SUSS)

, 109

Schwab Social Entrepreneur Award

, 97

Schwartz, S.

, 62

SCVD Cambodian Water Project

, 67–69

Second-generation phase

, 30

Seelos, C.

, 83

Self-sustaining business model

, 84

Sen, P.

, 63

Shafir, E.

, 52

Short, J. C.

, 76, 83–84

Shuen, A.

, 37

Silber, G.

, 96–97

Siles, M. E.

, 61

Singapore Management University (SMU)

, 24, 28, 111

MasterCard program

, 90

Singer, D.

, 17–18, 50

Singer, M.

, 17, 19, 27

Sirmon, D. G.

, 61–62

Skiing

, 6

Skoll Foundation

, 76

Small and Medium-sized Enterprises (SMEs)

, 89–90

Smartcard project

, 44–45

Social activism

, 79

Social bond

, 59–60

Social capital

, 51, 57–61

bonding

, 59–60

bridging

, 60, 63

C.F. Lim’s study of purposely developing social capital in rural Philippines

, 64–66

deployment of

, 57–58

and entrepreneurship

, 61–62

exploratory study

, 64–66

lessons learned from Philippines study

, 66–67

relational dimension of

, 59

and rural entrepreneurship

, 63–64

social impact investing

, 67–69

structural, relational, cognitive elements

, 59

Social capital entrepreneurship model (SC-E)

, 64–65

Social Capital Ventures Development (SCVD)

, 67

Cambodia Water Project by

, 67–69

Social Enterprises (SE)

, 80, 94

AFROES

, 97–98

Bad Boys Bakery

, 86

citizens and citizen groups

, 76

current state of research into social enterprises

, 83

Eighteen Chefs

, 86

Fairtrade

, 79

iCare Benefits

, 85–87

Myanmar’s Yangon Bakehouse

, 84–85

new approaches to funding social enterprise

, 79–83

theoretical frameworks to key characteristics

, 83–84

Social entrepreneur

, 76–79, 93

organizations

, 105

pure forms of social engagement

, 78

See also Women entrepreneurs

Social entrepreneurship (SE)

, 69

definition of

, 78

entrepreneurs

, 76

funding models for SE organisations

, 79–83

research on SEs

, 75

Social impact investing

, 67–69

Social inclusion

, 44, 47–48, 89, 101

barriers to

, 52–53

BPI Globe BanKo’s attempts to shape Philippines rural banking system

, 54–55

enabling eco-system India

, 46

examining success of FFH in

, 53–54

financial empowerment affecting financial inclusion

, 49–50

financial literacy to catalyze financial inclusion

, 48–49

GSMA

, 44

identity and financial inclusion

, 44–47

knowledge and trust

, 47–48

linked as parts of financial/economic ecosystem

, 50–52

See also Financial inclusion

Social networks

, 57, 62

cohesion

, 59

theory

, 83

Socio-economic development

, 84

Solow, R. M.

, 61, 63

Soriano, M.

, 28, 35–40

Sserwanga

, 63

Stakeholders

, 79

Stam, W.

, 60–61

State Bank of India (SBI)

, 32

Stone, W.

, 60

Strategic development goals (SDGs)

, 22

Strategic partnerships

, 38

Structural characteristics of social capital

, 59

Substitution effect

, 91

Sunstein, C. R.

, 51

SureCash (mobile banking service)

, 32–35, 111

Sustainable capitalism

, 103

Sustainable livelihood framework (SLA)

, 57

Sweetser, A. T.

, 59–60

Tacit knowledge dimension

, 4

Tambunan, T.

, 92

TaskRabbit

, 47–48

Tasselli, S.

, 58–59

Technology

and pathways to creation of trust

, 50–52

technology-enabled innovative payment systems

, 51

Teece, D.

, 37

Teo, E. G. S.

, 38, 39

Thaler, R. H.

, 51

The Economist

, 66–67

Third-generation phase

, 30–31

Thomas, H.

, 46, 55, 89, 96

Thomas, L.

, 89, 96

Tihanyi, L.

, 61–62

Trier, M.

, 59

Tufano, P.

, 47

Tundui, C.

, 62

Tundui, H.

, 62

Tung, R.

, 60–61

Uber

, 47–48

UK business school community

, 106

UK Institute of Public Policy Research

, 103

Unique Identification Authority of India (UIDAI)

, 45

United Nations Development Program (UNDP)

, 62

van Oudheusden, P.

, 50

Veriown Global

, 24–25

Vietnam synopsis

, 85–87

Villasenor, J.

, 27

Visionary game

, 97–98

Voluntary exclusion

, 14

Voorhies, R.

, 33, 34

Vosta, L. N.

, 62

Wanasira, I.

, 62

Wang, S.

, 60–61

Wave Money

, 37

Wealth account

, 2

Wealth per capita

, 2

Webb, J. W.

, 61–62

Welsch, H.

, 59

West, D. H.

, 27

Westlund, H.

, 60–61

White, O.

, 17, 19, 27

Wilson, A.

, 89, 96

Wladawsky-Berger, I.

, xi

Wodon, Q.

, 2

Woller, G. M.

, 62

Women entrepreneurs

, 86–87

from Asian and African case studies

, 93–98

in Asian and developing countries

, 91–93

women, workforce participation, and economic empowerment

, 90–91

See also Social entrepreneur

Woolcock, M.

, 57, 59–60, 65

Workforce participation

, 90–91

World Bank

, 57, 62

Global Findex database

, 15

SC-Q protocol

, 65

study (2012)

, 90

Wright, M.

, 58, 63

Xin, K.

, 60–61

Xu, D. Y.

, 7

Yangon Bakehouse (YBH)

, 69, 77, 84–85, 94, 111

Yeung, I.

, 60–61

Yunus, M.

, 17

Zahra, S. A.

, 39

Zheng, Y.

, 38

Zhou, M.

, 63

Zingales, L.

, 61, 63