True innovation doesn’t wait for an invitation—it creates the opportunity where none exists.
Finance has been around for centuries—but impact investing, as we know it today, is relatively new. The term itself was only coined in 2007, when the Rockefeller Foundation convened leaders at its Bellagio Center to define a field that could align capital with positive social and environmental outcomes.

When I started my career, the choice was binary: chase profits on Wall Street or pursue social impact through NGOs and charities. The idea that finance could serve both people and planet—especially by centering women and underserved communities—was seen as unrealistic, even unprofitable.

It didn’t occur to many, or perhaps was long stigmatized, that including women and marginalized groups in financial systems could actually drive meaningful returns. That’s why there was no space in the industry for a model that put them at the forefront of capital markets. So, when traditional finance ignored the underserved and dismissed impact investing as a niche, we didn’t wait for a seat—we built the table.

For the past 16 years, IIX hasn’t just participated in high finance—we’ve reshaped it. At the core of our journey is a maverick spirit: one that breaks barriers, redefines norms, and proves that financial and social returns can—and must—go hand in hand.

The Journey of a Maverick

My own path to IIX mirrors this maverick ethos (or at least it tries to!). After years in corporate finance, I left it all behind to join the United Nations Headquarters in New York—a move that baffled my very conservative Asian family and even my closest friends. But working in international development, I saw firsthand how foreign aid and philanthropy alone were inadequate to drive systemic change in the communities that needed it most.

I realized that my finance skillset could create greater impact outside traditional aid structures. Moving back home to Singapore, a financial hub run like a private-sector powerhouse, I never expected to find an organization like IIX. But one morning in 2012, I read about IIX and its founder Prof. Durreen Shahnaz in the local newspaper. Intrigued, I took a leap—I paid for a premium LinkedIn membership just to send her a message. We met that week, and the rest is history.

That leap of faith embodies what IIX stands for: bold action, reimagining the impossible, and proving that finance can work for the 99%, not just the 1%. And while I cannot say that I am a true maverick, I am certainly an aspiring one—continuously learning, challenging norms, and pushing the boundaries of what finance can achieve.

Building What the System Lacked

According to the Global Impact Investing Network (GIIN), 88% of impact investors reported that their investments met or exceeded their financial expectations in 2022. This proves what we’ve always known—doing good and doing well are not mutually exclusive.

But when we started, investor appetite for impact was minimal. They saw it as risky. Where others saw risk, we saw opportunity. We refused to be confined by outdated frameworks and instead embedded impact investing into the heart of capital markets.

We built tools to shift the narrative and increase investor confidence—like the RRI (Risk-Return-Impact) framework. We invested in having boots on the ground in the markets we serve (today, we have over 100 staff across 9 countries). We de-risked investments through country and sector diversification, giving investors the confidence that one instrument could create impact across geographies. We conducted feasibility studies and worked closely with enterprises to build a strong pipeline—ensuring they were investment-ready and impact-aligned.

From launching the world’s first gender-lens bond listed on a stock exchange to developing tools like IIX Values™, IIX Intelligence™, and the Orange Seal™, we created what the system lacked.

And we knew the work didn’t stop at building products—we had to educate, too. Many institutions stayed out of impact finance simply because they didn’t understand it. So we took on the responsibility of demystifying it—training policymakers, creating accessible products, and growing a global movement for sustainable finance.

16 Years and Beyond

There was no roadmap when we started—and in many ways, there still isn’t. But that’s never stopped us.
Today, we’re scaling innovation, influencing global policy, and shaping a future where finance is truly inclusive and regenerative. Because the world needs more financial mavericks—people bold enough to challenge norms, build what doesn’t exist, and create systems that serve all.

The biggest breakthroughs happen when we refuse to accept limitations. Being a maverick isn’t just about thinking differently—it’s about acting boldly and reshaping the very foundations of finance. At IIX, we don’t just talk about change—we make it happen.

 

Angela Ng

Chief Operating Officer