HONG KONG — Manulife and the World Economic Forum have officially launched the ‘Innovating for Asia’s Demographic Future Challenge’ via UpLink, the Forum’s open innovation platform.

The initiative invites start-ups, innovators and changemakers to submit solutions focused on enhancing long-term financial resilience, well-being, and fulfillment throughout multi-stage lives in Asia. This collaboration aims to address the region's evolving demographic challenges.

The Global Chief Sustainability Officer for Manulife, Sarah Chapman, said: “To help people live better for longer, we must fundamentally rethink traditional approaches to savings, insurance, health care and workforce participation.

“This challenge is an opportunity to drive investment in innovations that will make a real impact on addressing the demographic trends shaping the future of Asia, aiming to improve health, wealth, and overall quality of life for generations to come.” 

By 2050, one in four people in Asia will be over the age of 60, marking a significant demographic shift, driven by longer life expectancies and declining fertility rates. As countries across the region adapt to these changes, the traditional 'school, work, retirement' model may no longer apply. Instead, individuals are expected to transition more frequently between learning, working, caregiving and recreation.

Additionally, recent findings from Manulife's Asia Care Survey reveal that physical well-being is crucial to both financial stability and overall well-being for people in Asia. The survey also highlights rising healthcare costs as a major concern, which are eroding financial security and contributing to anxiety over inadequate savings.

The challenge aims to promote long-term financial resilience, well-being and fulfilment across populations in Asia by seeking start-ups focused on driving progress in three key areas: 

Multigenerational Financial Resilience: Solutions that improve financial planning throughout longer lives

Equitable Healthy Aging: Solutions that enhance access to preventative and holistic healthcare, helping individuals maintain both physical and mental well-being as they age.

Lifelong Fulfilment: Solutions that empower people at all stages of life, by maximising personal and professional potential through skill-building and community engagement.

Challenge winners will gain access to exclusive networking events, strategic partnerships and enhanced visibility, along with funding opportunities. Ten winners will be selected, with Manulife awarding a total of US$200,000 in prize money, distributed among the top three innovators.

The Head of UpLink at the World Economic Forum, John Dutton, said: “Early-stage innovation is key to transforming the challenges of Asia’s profound demographic shifts into opportunities for people across the region.”

He said: "UpLink, in collaboration with the Forum’s Centre for Financial and Monetary Systems, is proud to advance its longevity-focused work with Manulife through the launch of the ‘Innovating for Asia’s Demographic Future Challenge.’ Through its unique engagement programme, UpLink aims to empower purpose-driven start-ups promoting multigenerational financial resilience, equitable healthy aging, and lifelong fulfillment, helping them scale their ventures.”

As part of a multi-year partnership between Manulife and UpLink announced last year, this marks the second of three innovation challenges aimed at shaping the future of and driving investment in longevity innovation.

The ten winners of Manulife’s 2024 ‘Prospering in Longevity Challenge’ were revealed in October. The thematic focus areas for the third challenge, set for 2026, will be announced at a later date. — VNS