In celebration of International MSME (Micro, Small and Medium Enterprises) Day in June 2025, this article highlights ASEAN's enduring commitment to advancing micro, small, and medium enterprises (MSMEs), particularly those led by women. These enterprises are key contributors to inclusive and sustainable development. The ASEAN-WISE Project's evolution from its 2021 launch, supported by Norway through the Norway-ASEAN. Regional Integration Programme (NARIP), to its continued implementation today illustrates the powerful impact of regional collaboration and targeted support, and its clear articulation and contribution to the ASEAN regional frameworks, including the ASEAN Gender Mainstreaming Strategic Framework (AGMSF).

Laying the Foundation: How the ASEAN-WISE Project's Journey Started

When the pandemic brought unprecedented challenges, shuttering businesses and casting uncertainty across industries, women social entrepreneurs in ASEAN faced a critical moment on sustaining their enterprises while continuing to support the many MSMEs they partnered with.

The 2021 implementation of the ASEAN Women Impacting Social Enterprise (WISE) Fellowship as an ASEAN-Norway cooperation project marked a turning point, reinforcing what would become a sustained movement for women's economic empowerment across the region.
Although often seen as a new beginning, the 2021 cohort was actually the second under the WISE initiative. The first cohort was launched in 2018 by Angels of Impact funded by the National Youth Council of Singapore, as an early initiative, prior to the involvement of ASEAN and Norway in the subsequent phase.

Building on the experience and momentum from that initial effort, the 2021 cohort received support through a collaboration between the ASEAN Committee on Women (ACW), the Norwegian Ministry of Foreign Affairs, the ASEAN Secretariat, ASEAN Foundation and Angels of Impact. The project also engaged SAP Southeast Asia, a global corporation, to provide skill-based volunteers for capacity building to the fellows of this project.

Seventeen women social entrepreneurs from nine ASEAN Member States directly benefited from the joint support. Through their strengthened social enterprises, other MSMEs they partnered with also experienced indirect benefits of this project.

The project also strongly resonates with the objectives of the ASEAN Declaration on Building a more Sustainable, Inclusive and Resilient Future: Unlocking Women's Entrepreneurship in ASEAN (2022), particularly in enhancing women's access to capacity building, financial resources, and market opportunities as outlined in Operative Paragraphs 5 and 7. Furthermore, the WISE Fellowship directly supports key priorities under the ASEAN Action Agenda on Mainstreaming Women's Economic Empowerment (WEE) in ASEAN (2017), including Priority Areas 1 (Access to Finance), 2 (Access to Markets), and 3 (Skills, Capacity Building and Technology).

How did this wonderful project support the women social entrepreneurs at that time? How did it benefit the participating social enterprises? Read below.

Addressing the Missing Middle: Digital Transformation as a Catalyst

Many ASEAN WISE Fellows found themselves in a challenging position, straddling the boundary between microfinance and institutional capital. They were "too big for microfinance and too small for institutional capital¹." The fellowship, including the 2021 series supported by Norway and in cooperation with ASEAN Foundation, addressed this challenge by offering tailored mentoring, peer learning and support in digital transformation, equipping entrepreneurs with practical tools to navigate an uncertain economic environment, as well as access to grants and low-cost loans to get funding ready and to build their credit worthiness to funding sources.

During the pandemic, this "middle" position became even more troubling, as traditional financing sources tightened and market access shrank. However, leveraging digital platforms emerged as a crucial lifeline by helping entrepreneurs reach customers, streamline operations, and tap into new markets despite physical restrictions.

The shift to digital platforms was daunting for many, especially those without the resources to adapt quickly. One fellow from the 2021 cohort, as reported in the Impact Analysis study ², shared the significant impact the programme made:

"This was extremely helpful, as we were able to use it to move into the digital space. We previously did not have the resources to rephotograph and improve our ecommerce site. This was probably our biggest benefit from the programme."

A notable example is Kesuma Indonesia, a social enterprise that dedicates its efforts to empowering women and individuals with disabilities through the production and marketing of embroidered crafts and naturally-dyed traditional Indonesian textiles. The enterprise is led by Ibu Febrina Bayurini. Building on the lessons of ASEAN WISE 2021 and further customisation of WISE project in 2023 for ASEAN, Kesuma received digital marketing training, product design workshops, COVID-19 relief funding in the 2021 cycle and financial literacy and financial management assistance in the 2023 cycle, as part of continuous learning of the fellows, ensuring sustainability of the project. Ibu Febrina³ noted:

"I was very passionate after joining the WISE program in 2021 that I had to join again in 2023. It's been very beneficial for me to learn digital marketing... I'm very grateful for the opportunity... It's also helped me to learn how to approach a pitch deck and how to make a pitch deck and to look for investors and volunteers and so on."

Sustaining Operations Amid Crisis

In addition to market contraction and challenges caused by physical restrictions, the pandemic also brought serious operational difficulties that threatened the survival of many businesses. One of the most critical issues was retaining staff. This became a major concern as businesses faced declining revenues and had limited financial resources to cover salaries. The fellowship's COVID Relief Fund, sponsored by Ms. Anthonia Hui, a member of the Asia Philanthropy Circle, provided USD 6,000 each for all 17 ASEAN WISE Fellows, supporting business continuity. This demonstrates the project's success in engaging other stakeholders within the Angels of Impact network, strengthening social enterprises through the additional fund. One fellow noted:

"With the funding that we received, we were able to hire our staff full time instead of the part time staffing we had due to COVID. We were able to support our staff as well as keep our business running because of the grant."

A Growing Regional Network

Despite challenges, the project aimed to grow women-led businesses. It also seeks to cultivate a regional network for social entrepreneurs to connect with funders, partners, and each other. The Impact Analysis study reported that most fellows interacted and built networks with weekly skill-based expert volunteers across business (93%), finance (84%), and digital marketing (71%). 79% rated their time with volunteers as very valuable.

A fellow expressed a strong desire for more opportunities to connect across borders:

"We plan to visit some of the participating businesses next year to learn from their experiences."

Another fellow noted:

"I wish to visit their places someday and immerse myself and bring home what I can learn from these wonderful and strong women leaders and entrepreneurs."

Another participant, Vanntha Ngorn, the founder of Color Silk in Cambodia, echoed the importance of building networks to grow social enterprises, while also highlighting the value of capacity-building opportunities⁴ :

"The program not only allows you to network with potential partners, but also provides capacity building which gives you the opportunity to grow your business. I think this is a good program for social enterprises"

In line with those, the Impact Analysis found that 84 percent of respondents identified with the Angels of Impact community, and many wished for more time to engage with peers. This highlights both the project's success in building a strong network and the desire to deepen connections for mutual growth.

Preparing for Funding Readiness: An Exercise in the "Impactful Women: Sustainable Movement to End Poverty" Event

The WISE Fellowship also aimed to prepare participants for engagement with investors by strengthening their financial management and building credit worthiness through low-cost loans offered by Angels of Impact as their first investors. The programme supported entrepreneurs in organising financial documents and developing pitch decks for the "Impactful Women:

Sustainable movement to end poverty" event. It was the culmination event for the fellowship, a year-long incubator building capacity for women-led enterprises addressing poverty in ASEAN region, which was graced by H.E. Vivian Balakrishnan Minister for Foreign Affairs of Singapore, H.E. Kjell Tormod Pettersen, Ambassador of Norway to ASEAN, Ms. Lenny Rosalin, Chair of ACW (2021), and Dr. Yang Mee Eng, Executive Director of ASEAN Foundation (2021).

However, survey results reported in the Impact Analysis study indicated that participants had varied understandings of what it meant to be funding ready. Many sought greater clarity and guidance on longer-term financial planning, alignment with funder expectations, and impact projections.

Nonetheless, the project successfully encouraged participants to enhance their preparedness to seek and manage funding, while also fostering a sense of accountability in the use of financial support.

The effort proved beneficial, as noted by one of the project participants, Salika B Maguindanao, founder of Maranao Collectibles, Philippines:

"Through direct marketing and product improvement support, we were able to grow from 20 weavers of up to almost 80, and from a zero asset to now of more 3 million in pesos value of equipment, materials, and inventories of langkit and other handwoven products of the community partners. The social enterprise has become the bridge and the mentor of these women when it comes to marketing, product development and improvement through co-creation, and learning how to become an entrepreneur and hoping someday they learn how to do business on their own."

From Initiative to Enduring Movement

Building on these achievements, Angels of Impact has carried the initiative forward through 2025. New cohorts have since joined the programme, drawing from lessons learned and enhancing the model of support. This continuity has enabled the programme to evolve while remaining true to its core mission: equipping women entrepreneurs with tools for resilience and growth. Those ready for deeper work joined the WISE program in 2022, 2023, and 2024, receiving technical assistance and funding from Angels of Impact, with all financial support being responsibly managed throughout.

Furthermore, to ensure sustainability of the effort, for years, Angels of Impact has built a strong support ecosystem of conscious investors, experts, corporate buyers and alumni, while partnering with stakeholders from regional networks and institutions that accelerate the growth of the social enterprises. Through low-cost capital, it has strengthened creditworthiness and fosters collaboration with ASEAN and national governments.

What grew as a crisis response, the ASEAN WISE Project and subsequent WISE initiatives have become a sustained effort supporting women-led change through collaboration, committed partners, and the determination of women entrepreneurs creating lasting impact in their communities.

As eloquently articulated by Laina Raveendran Greene, the founder of Angels of Impact:

"Our Women Impacting Social Enterprise (WISE) program echoes the ethos of the ASEAN Committee on Women's objective to increase access of women entrepreneurs, including young women, to finance, credit, markets, technology, and social protection. We hope to build a lasting partnership with ASEAN to grow this impact."

In line with that, complementing these efforts, the ASEAN Women Entrepreneurs Network (AWEN) continues to serve as a vital platform for advancing women's entrepreneurship across the region, helping amplify the impact of initiatives similar to WISE by strengthening regional networks, promoting policy advocacy, and fostering peer learning among women-led enterprises.