Heaptalk, Jakarta —Swiss Re Foundation, the social enterprise of global insurance provider Swiss Re, is introducing its flagship social entrepreneurship program, Shine, to Southeast Asia. This program targets early-stage social entrepreneurs in Indonesia, Malaysia, Singapore, and Thailand.
Shine Southeast Asia aims to drive innovation in areas with crucial impacts, such as the Net-Zero transition, health and nutrition, financial literacy, social and economic well-being, skill development, climate-adaptive agriculture, disaster risk reduction, and community empowerment to strengthen coastal resilience.
Swiss Re will collaborate with Impact Hub Kuala Lumpur as the implementing partner and Bookbridge as the learning partner for the Shine program in Southeast Asia. Since its inception in 2018 in India, this program has been expanded to Brazil, Slovakia, South Africa, Switzerland, the United Kingdom, and the United States.
Providing funds of up to S$40,000
Shine Southeast Asia is open for registration until June 19, 2024. Selected participants will undergo a six-month learning program starting in January 2025. This program allows participants to work with experts and Swiss Re leadership to develop strategic and financially sustainable businesses. The selected entrepreneurs will also have the opportunity to win funding of up to S$40,000, or approximately Rp476 million (based on the exchange rate on May 17, 2024), to support the growth of their businesses.
A recent report from the Swiss Re Institute, titled Changing Climates: The Heat is (still) on, states that countries in the Asia-Pacific region rank among the top 10 in terms of economic losses as a percentage of GDP due to increased risk hazards caused by climate change. Thailand is one of the countries showing the potential for the greatest impact due to its vulnerability to increasing disaster risks, particularly from flooding.
According to Swiss Re Asia CEO Victor Kuk, Southeast Asia is an important market for the insurance industry, characterized by a dynamic blend of rapid economic growth and vulnerability to urgent situations such as climate change and limited access to healthcare services. “This unique combination calls for greater support for innovators and change-makers to lead the creation of solutions for these social challenges,” Kuk said.
“Drawing from the success of the Shine program in other regions, coupled with the expertise of the Swiss Re team in this area, we are confident in their ability to guide a new generation of early-stage entrepreneurs and build resilient societies,” Kuk concluded.
