25 Mar 2022 The Shaping Inclusive Finance Transformations (SHIFT) Annual Report 2021 describes the results of the SHIFT programme in 2021. The report focuses on the achievements of the two challenge funds - Women MSME Fintech Innovation Fund and Women Enterprise Recovery Fund, - data and analytics project in Myanmar, and policy and advocacy work in South and Southeast Asia. The report also presents challenges the SHIFT partners faced in 2021, their solutions to these challenges and lessons learned. Communications updates and budget utilization in 2021 and the budget plan for 2022 follow, closing with an annex of ongoing investments. Background on SHIFT The SHIFT programme was launched in 2014, aiming to advance financial markets by changing the behaviour of market actors to stimulate investment, business innovations and regulatory reform in growing inclusive enterprises. It has applied a regional, thematic and market systemic approach that focused on support activities in ASEAN and SAARC developing economies. Over the years, SHIFT has reached 2.95 million direct beneficiaries, delivering financial services to 74,223 MSMEs and 2.876 million individuals. SHIFT adopts a market facilitation approach in its implementation. This involves looking at the whole eco-system around the delivery and use of financial services and what drives behaviour of market actors - low-income people, businesses and excluded segments within these markets such as women and young people, financial institutions, business development service providers and regulators.