Manulife Unveils Initiative to Innovate for Asia's Future
Manulife and UpLink Launch Challenge for Asia
This challenge is the second of three in a multiyear partnership dedicated to shaping the future of longevity innovation.
Overview of the Initiative
Manulife, in partnership with UpLink, a World Economic Forum initiative, has initiated the 'Innovating for Asia's Demographic Future Challenge.' This venture aims to invite startups and innovators to contribute solutions that promote long-term financial resilience, well-being, and fulfillment throughout various life stages.
Purpose and Goals
According to Sarah Chapman, the Global Chief Sustainability Officer for Manulife, there is an urgent need to rethink traditional approaches to investments, insurance, healthcare, and workforce participation. The challenge aims to drive investments into pioneering innovations that address demographic trends in Asia, ultimately improving health, wealth, and quality of life for generations.
By the year 2050, it is estimated that one in four individuals in Asia will be over the age of 60. This demographic shift is influenced by increasing life expectancies coupled with lower fertility rates. As a result, traditional life pathways may evolve into more dynamic patterns of transition between learning, working, and leisure.
Recent findings from a survey about health and financial well-being across Asia indicate a strong link between physical health and financial stability. Rising healthcare costs are major concerns, leading to anxieties about savings and financial readiness for the future.
Focus Areas for Startups
To advance long-term financial resilience and quality of life, the challenge is centered on three key focus areas:
1. Multigenerational Financial Resilience
This area explores innovative solutions that improve financial planning for longer, more complex life paths.
2. Equitable Healthy Aging
This focuses on expanding access to comprehensive healthcare options that maintain individuals' physical and mental well-being in their later years.
3. Lifelong Fulfillment
This area highlights solutions that maximize personal and professional growth through skill development and community engagement at all life stages.
Winners of the challenge will gain opportunities for exclusive networking, partnerships, and increased visibility, with a total of $200,000 CAD in prizes for the top solutions.
Insights from UpLink
John Dutton, Head of UpLink at the World Economic Forum, expressed enthusiasm for this initiative, emphasizing that early-stage innovations can transform demographic challenges into opportunities. By collaborating with purpose-driven startups, this program aims to foster progress in multigenerational financial resilience and equitable healthcare.
A Multiyear Collaboration
The 'Innovating for Asia's Demographic Future Challenge' represents the second phase of a commitment between Manulife and UpLink. This effort follows a previous challenge aimed at promoting longevity innovation, with new themes expected to emerge for the final challenge in the upcoming years.
Details regarding the challenge, including eligibility criteria, are available on the challenge's official page. Interested parties should take note of the application deadline.
About This Initiative
This initiative is closely aligned with Manulife's broader Impact Agenda, which emphasizes interconnected pillars aimed at fostering social and environmental changes in the longevity sector. To explore more about Manulife's commitments, individuals can visit their extensive resources online.
About Manulife
Manulife Financial Corporation serves as a prominent international financial services provider, dedicated to enhancing customer experiences and financial decision-making. With its global headquarters situated in Toronto, Canada, Manulife operates across numerous regions, primarily as John Hancock in the United States, offering a range of financial advice and insurance solutions to various clientele.
About UpLink
UpLink operates under the World Economic Forum's umbrella, focusing on harnessing the power of entrepreneurship to meet urgent global challenges. The initiative fosters ecosystems that support early-stage entrepreneurs working toward sustainable solutions for critical global issues.
Frequently Asked Questions
What is the purpose of the 'Innovating for Asia's Demographic Future Challenge'?
The challenge seeks innovative solutions to promote financial resilience and well-being for people in Asia as the demographic landscape changes.
Who can participate in this challenge?
Startups, innovators, and changemakers with relevant solutions are encouraged to apply.
What are the focus areas for this challenge?
The challenge is centered on multigenerational financial resilience, equitable healthy aging, and lifelong fulfillment.
What benefits do winners receive?
Winners will have access to networking events, partnerships, increased visibility, and monetary rewards totaling $200,000 CAD.
How can I find more information about Manulife?
Visit Manulife's official website for insights into their offerings, including their Impact Agenda and other initiatives.
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