Letter from Our CEO: Resilience, Reimagined
There are four values that bind us together at IIX: PREM (also meaning “love” in a number of Asian languages): Passionate, Resilient, Equitable, and Maverick. In 2025, it was our “R”, Resilience, that was up for review.
The year was marked as a global stress test for the sustainability project. Geopolitical turbulence unsettled multilateral commitments. Development funding tightened just as climate shocks intensified. However, this was not a moment to retreat. It was a moment to double down.
At IIX, that is exactly what we did. We remained committed to what we have always believed: that inclusion is not a concession to risk, but the very thing that reduces it. When financial systems are designed to work for more people, they hold up under pressure. 2025 proved that again, concretely and at scale. Our seventh issuance of the Women’s Livelihood Bond Series brought the total issuance of the Series to USD 320 million, reaching over 3 million women across India, Indonesia, the Philippines, and Sri Lanka. We supported the inaugural Orange Bond issuances in Indonesia, Japan, and Bangladesh, bringing total capital committed to the Orange Movement to USD 1.5 billion.
None of this emerged overnight. What we are seeing today is the result of years of unglamorous work. Building standards where none existed. Preparing ecosystems before capital arrived. Staying the course when inclusion was still viewed as a risk rather than a strength. It required partners from across policymaking, philanthropy, banking, private-sector leaders, and civil society who invested in systems, not shortcuts.
The clearest lesson of 2025: resilience is the product of inclusion. Whatever comes next, we are ready. We sincerely look forward to all of you embracing this work alongside us.
With heartfelt PREM,
Prof. Durreen Shahnaz
CEO and Founder
US$1.13B
Capital Mobilized
US$60M
Directly Invested
5 million
Lives Impacted
12
Countries Reached
through capital and advisory portfolios
300
SMEs Supported
across IIX digital ecosystems
900
Executives Trained
at the IIX Impact Institute
8,500
Risk-Return-Impact
Data Points
SDGs advanced:
Reading This Report: Impact Legend
Throughout this report, data points and callouts are color-coded to show their primary area of impact.
Where a result drives both dimensions at once, it carries both colors. This coding sits alongside, and is distinct from, IIX's broader Orange Movement branding referenced later in the report.
Transforming Global Markets with Inclusive Finance
IIX operates across the full capital value chain: from sourcing and strengthening early-stage enterprises through Impact Partners™, to structuring listed bonds in public markets through the Women’s Livelihood Bond™ Series. Every instrument we build is designed to do two things: generate returns and create verifiable impact.
The Women’s Livelihood Bond™ Series is a listed fixed-income instrument issued by IIX on the Singapore Exchange (SGX), backed by a diversified, multi-sector and multi-country portfolio of enterprises across Asia and Africa. Each bond in the series channels capital to businesses that measurably improve the economic resilience and livelihoods of underserved women — structured to institutional credit standards, with impact independently verified at issuance and monitored throughout the life of the bond. The WLB™ Series is also certified as an Orange Bond, reflecting its commitment to advancing climate action and gender equality.
In 2025, IIX launched the first tranche of the WLB7 (covering India, Indonesia, Philippines and Sri Lanka), the seventh issuance in the series. Despite heightened global market volatility and tariff uncertainty, WLB7’s first US$60 million tranche closed oversubscribed, underscoring continued institutional confidence in both IIX’s execution track record and the long-term viability of investing at the climate and gender nexus. The second tranche closed and listed in 2026, bringing the bond to full issuance size of US$92 million.
TOTAL BOND SIZE
US$92M
US$60M tranche 1 – US$32M tranche 2
WOMEN & GIRLS REACHED
773,000+
across 4 countries
Countries of Impact
India
South Asia
Indonesia
Southeast Asia
Philippines
Southeast Asia
Sri Lanka
South Asia
Bond Timeline
2025 – TRANCHE 1
US$60M
2026 – TRANCHE 2
US$32M
TOTAL BOND
US$92M
Portfolio Impact Dashboard powered by IIX Values
Across the WLB5, WLB6, and WLB7a portfolios, capital reached women at every stage of economic and environmental resilience, from first-time access to savings to climate-adaptive livelihoods. This reach translates into measurable progress across the portfolio’s core SDGs:
Hear From the Engines
of Resilience
These are the entrepreneurs who embody resilience, year after year. They did not wait for conditions to improve, they built anyway and became multipliers of economic growth for their communities
Linh, Vietnam (Clean Energy Access)
Linh installed rooftop solar for her family of five after previously struggling with high electricity costs and education expenses for her children. The system now saves her 2–3 million VND monthly, allowing her to fund her children's education without additional debt while improving daily living conditions. The shift has strengthened both her financial stability and household resilience.
Radha, India (Microenterprise Growth)
Radha expanded her handmade jewelry business after accessing working capital, enabling her to scale production and increase her monthly income. Beyond higher earnings, she now saves for her daughter's future and speaks of greater confidence and recognition within her community. The business has become a stable source of livelihood and long-term security for her family.
Sari, Indonesia (Essential Services & Livelihoods)
Sari grew her family-run water refill depot into a diversified small enterprise, adding new products and strengthening household income stability. Over multiple financing cycles, her business has expanded steadily, even enabling major household milestones. She manages the enterprise jointly with her husband, viewing it as a shared engine of financial progress and resilience.
Teresa, Philippines (Microenterprise Growth)
After a typhoon destroyed her home, Teresa struggled to rebuild while keeping her sari sari store running with limited inventory. With two loans totaling 150,000 PHP from our WLB Borrower, she expanded her business, doubled her daily earnings, and renovated her home. Today, she is saving for the future and has insurance to help protect her family against future risks.
Anusha, Sri Lanka (Microenterprise Growth)
Anusha transformed her garment business with two loans worth 130,000 LKR. The financing helped her pay off creditors, become a trusted subcontractor, and increase her income more than tenfold during peak seasons. She is now able to save for the future, support her children's education, and improve her family's quality of life.
IIX Impact Partners™
Capital needs across emerging markets far exceed what any single balance sheet can address. Impact Partners™ is IIX’s deal advisory FinTech platform and corresponding Advisory service designed to close that gap — connecting SMEs seeking growth capital with a global network of impact investors across 35 countries.
1,300+
investors in the network
2,300+
SMEs registered
35
countries
US$1.65M
in deals facilitated in 2025
In 2025, the platform supported 250 enterprises, with the strongest traction in Vietnam, Indonesia, the Philippines, Cambodia, Laos, Malaysia, and Nigeria — markets where active programmatic engagement and ecosystem partnerships created the conditions for deal origination. Vietnam, Indonesia, and the Philippines generated the highest volume of leads and investor interest, reflecting the greater maturity of their impact ecosystems, larger pipelines of scalable SMEs, and growing prominence among global impact investors and development finance institutions.
From a sector perspective, deal flow was led by:
Agriculture
Aligned with regional food system priorities and investor appetite for nature-based solutions
Circular
Economy
Driven by climate and sustainability mandates across key markets
Clean
Energy
Supported by policy momentum and measurable social and environmental outcomes
2025 Deal Spotlights
| ReservoirAir | Indonesia |
| WASH | US$350,000 deal |
Impact
12,000 lives
| Ekko | Vietnam |
| Financial Inclusion | US$250,000 deal |
Impact
6,000 lives
| InvestEd | Philippines |
| Education/Finance | US$100,000 deal |
Impact
1,800 lives
Building Market Readiness through Impact Advisory
IIX does not just structure deals, we shape the environments where inclusive capital moves. Through close collaborations with governments, multilaterals, and foundations, IIX helps design the policies, frameworks, and market infrastructure that make inclusive and climate-resilient capital markets possible.
Key results across the program period:
women-focused and climate-resilient social impact enterprises supported
of enterprises now assessed as investment-ready
enterprises developed green strategies, with 88% reporting positive environmental outcomes
people indirectly benefited
enterprises reached in underserved areas
The success of the Impact Investment Readiness Program pilot in Vietnam has set the precedent for replication across ASEAN, with Indonesia set to become the first replication market in 2026 through the Impact Investment Readiness in Indonesia program.
Ms. Ngoc-Anh Dao, Founder & Chairwoman of Detech Coffee
Detech Coffee is a women-owned and led enterprise and the fourth largest Arabica coffee producer in northern Vietnam, partnering with ethnic minority smallholder farmers to promote sustainable, climate resilient coffee cultivation and improve livelihoods. Through farmer training, premium pricing, and internationally certified production, the company strengthens resilient supply chains while advancing gender equality, with women making up 70–80% of its workforce. Its work benefits around 2,500 coffee farmers, while aiming to offset approximately 3,000 tons of CO₂ annually.
“Working with Incofin and IIX is a lesson in fundraising and affirmation of the shared love for nature and a commitment to our cause. Their conviction in guiding us through the intricacies of impact investing is a source of great inspiration. It’s a genuine boost to feel supported and understood. I’m grateful for the energy they bring to the table, which spurs me to push boundaries and continue making a difference”.
Ms. Van, Founder and CEO of Emmay
Emmay is a women-owned and led alternative protein company that transforms mushrooms into sustainable plant-based meat products while partnering with low-income farmers to strengthen sustainable supply chains. By replacing traditional livestock, its products significantly reduce emissions, water and energy use, with a goal to save 70 tons of CO₂, 93 million liters of water, 36 million kilowatts of electricity, and 17,000 animals by 2027. Through the IIRV project, Emmay also strengthened its operations through technical assistance and supply chain optimization, benefiting 1,300 people.
“Impact business models are often more challenging than traditional ones, and even more so when woman-owned and -led. Emmay’s journey is shared and facilitated by the support of connections like IIX. IIX is very professional at raising capital, connecting our supply chains with relevant stakeholders at a global level. This is especially important for startups like Emmay as it allows us to optimize time and cost with targeted efficiency. IIX’s advice and support goes beyond specific TA/CR tasks to also serve as a source of mental motivation as Emmay proceeds on its growth journey”
Building the Global
Orange Capital Market,
One Bond at a Time
As pioneers of the Orange Movement,
IIX also plays an instrumental role in building broader market readiness beyond its own issuances, supporting financial institutions, corporates, and other issuers in aligning their portfolios with the climate and gender nexus through Orange Bond Principles and supporting last-mile verification
Rewriting the Rules of Finance through Orange Bond Labels
In 2025, IIX continued working in tandem with governments, regulators and public sector partners to ensure that market innovation and regulatory evolution move together; helping integrate climate and gender-inclusive finance considerations into broader national frameworks.
IIX Values™ is a data-driven platform that helps businesses measure, manage, and improve their sustainability performance through impact and risk assessments, sector-specific insights, and actionable recommendations that strengthen resilience and long-term value.
Without a disability inclusion-centered approach to impact investment, 1.3 billion voices go unheard — and the cost is measurable.
Driving progress in this space is the Orange Seal certification, powered by IIX Values™ — a digital impact assessment and verification platform designed to measure disability inclusion in a way that is practical, credible, and aligned with global standards. The platform assesses themes such as hiring, governance, and accessibility, with verification conducted through inclusive surveys in 18 languages across email, SMS, and voice. Key features were developed in partnership with HearMe and the Viet Nam Blind Association, ensuring the tools themselves reflect the communities they serve.
The Orange Seal is IIX's impact certification for enterprises committed to gender equality, climate responsibility, and inclusive economic growth. Powered by IIX Values™, it provides businesses with a rigorous, independently verified stamp of impact credibility — one that is recognized by investors, development finance institutions, and capital market regulators.
For businesses, Orange Seal certification translates social and environmental performance into a standardized, investor-ready signal, enabling certified enterprises to access impact-linked capital, strengthen stakeholder trust, and benchmark their practices against global standards.
LEARN MOREglobally in 2025
2025 saw the launch of Orange Index cross market and sector impact benchmarking. The Orange Index is IIX's benchmarking tool for measuring how organizations and markets are progressing across gender equality, economic development, and climate responsibility.
By translating complex, multi-dimensional performance into a comparable index score, it gives policymakers, investors, and enterprises a shared reference point for tracking progress and identifying gaps. Beyond individual scores, the Orange Index functions as a systemic diagnostic — surfacing where enabling conditions for inclusive impact are strongest, and where investment in policy, practice, or capital infrastructure is most needed. Vietnam's ranking as the highest scorer across ASEAN reflects the cumulative effect of sustained engagement across IIX's programs in the market, and signals the region's growing capacity to lead on impact standards.
Bringing It All Together: The Orange Movement™
The Orange Movement™ is a global initiative transforming financial markets by embedding gender inclusion into sustainable finance. Through innovative Orange Capital instruments, it channels investment toward women, girls, and gender minorities, recognizing them as essential drivers of climate resilience, inclusive economic growth, and long-term sustainable development.
With a commitment to mobilizing US$15 billion and impacting 100 million lives, the Movement is building an ecosystem where gender equity and climate resilience are compounding priorities. What has unfolded over the past years is a quiet revolution: no single announcement, no singular moment, but a steady accumulation of issuances, regulations, verifiers, signatories, and institutional commitments that have together shifted the architecture of global capital.
Progress toward 2030 goal
US$2B of US$15B
as of 2026
In 2025, that momentum became impossible to ignore. The Orange Movement now spans 290,000 signatories, sovereign regulators across multiple countries, state-owned institutions, corporate issuers, and verifiers trained across six continents. The proof is in the scale: when underserved communities are centered in financial design, systems change and markets follow.
293,300
signatories
58
Orange Bond Approved Verifiers trained across 6 continents
Orange Forum Jakarta 2025
The largest to date, bringing together leaders across finance, government, and development.
Vietnam Impact Investment Forum 2025 in partnership with the Vietnam Chamber of Commerce and Industry
Showcasing Orange Capital
solutions at Climate Week NYC
The Orange Movement Steering Committee
Guiding the Orange Movement is a Steering Committee comprising leaders from across the financial, development, and public sectors, representing the diversity of stakeholders whose collaboration makes systemic change possible. The Steering Committee provides strategic direction to ensure the Movement remains grounded in rigorous standards, responsive to market realities, and ambitious in its reach.
PREM is the DNA of IIX. Inspired by the Sanskrit word for “love,” it reflects the values every team member embodies:
More than a set of principles, PREM is a shared commitment embraced across IIX to advance one mission: making finance more inclusive and sustainable
IIX’s PREMs operate across markets, bringing together local insight and global coordination to deliver impact at scale. At the core is the PREM spirit, embedded across the organization. A team that reflects the diversity, ambition, and reach of the movement itself, ensuring that how we work mirrors the change we aim to create.
10 countries
represented
80+
employees
52% women
in leadership
Antya Widita
Senior Vice President, Programs – IIRI (Indonesia)
My work spans Research, Government Relations, and leading an Impact Investment Readiness initiative in Indonesia. This combination allows us to drive engagement with ecosystem players to enable the impact investing environment in Indonesia while directly preparing high-impact enterprises to scale. What excites me most about IIX is seeing how unlocking this capital translates directly into improving real lives and creating lasting change in communities.
Debashis Roy
Research, Advisory and Government Relations (Bangladesh)
Our work in Bangladesh is dedicated to building a financial ecosystem where capital serves the many and creates a foundation for inclusive, long-term growth. Leading the launch of the country’s first domestic Orange Bond was a pivotal milestone, proving that innovative finance can directly empower women and marginalized communities at scale. I am inspired by the momentum we are building to transform financial markets into enduring engines for both climate and social justice.
Dipti Agarwal
Associate Vice President, Impact Partners (India)
There is something deeply moving about watching a woman entrepreneur secure the funding she needs to grow a business that not only sustains her family, but also protects the planet for the next generation. Every transaction I work on, every site visit I make across South and Southeast Asia, reminds me that impact investing isn’t just about numbers on a term sheet, it’s about rewriting who gets to hold power and build wealth. I feel genuinely privileged to be part of IIX’s mission, because I get to see, up close, how much stronger our communities and our climate future become when we invest in women.
Kathy-Thuy Nguyen
Country Director (Vietnam)
As IIX Vietnam Country Director, I feel incredibly privileged to champion our work in Vietnam — one of IIX’s most vibrant and strategic markets. Leading the Impact Investment Readiness Vietnam project, funded by Global Affairs Canada, has allowed me to witness firsthand how targeted technical assistance transforms passionate, women-led, and ethnic minority-focused social enterprises into confident, investment-ready leaders — while expanding IIX’s footprint into exciting new areas like trade and governance advisory. What continues to inspire me every day is seeing capital flow to where it matters most: rural communities, smallholder farmers, and climate solutions that uplift thousands of livelihoods. Being part of IIX’s mission to reshape finance for good fills me with hope and purpose — because here in Vietnam, we’re not just mobilizing funds; we’re co-creating a more inclusive, sustainable, and equitable future.
Sanjay Gowan
Sr. Director – Credit Portfolio Management (India)
As Senior Director of Credit and Investments at IIX, I work to redefine capital by ensuring every dollar catalyzes sustainable development, gender equality, and climate resilience. Our work is vital because we bridge global capital markets to underserved enterprises, proving that financial viability and deep social impact are not mutually exclusive. I am personally inspired by the tangible nature of this work and the opportunity to evolve finance to better serve humanity across diverse global cultures.
Shivani Gulati
Vice President, Sustainable Finance (Singapore)
Over the last 1 year as part of Sustainable Finance team, I’ve had the fortune of leading External Reviews for Bangladesh’s first Orange Bond, advising on Indonesia’s first Orange-Green debt instrument framework, interviewing last-mile women in the Philippines to inform impact due diligence and risk mitigation for WLB, driving fundraising efforts in Australia, and Japan and was a key speaker representing IIX at UN Global Compact, UN Women and the Philippines Stock Exchange. I greatly appreciate the incredible growth opportunities for a generalist like me to double down on my strengths to effectively drive IIX’s mission in emerging markets, pioneering inclusive green transition where its most needed.
