The board of AUXFIN FOUNDATION will manage the assets of the foundation, the objective is to make the obtained funds available per calendar year for the execution of Financial and Social Inclusion projects by means of the systems UMVA, AUX-EL, the digital coaches and building of IT infrastructure.
AUXFIN FOUNDATION will control the expenditure of the projects by means of required reports and external audits.
Plans are made every year with a focus on specific countries, target groups and technology.
Various methods are provided:
- Innovation calls, with 50% co-financing for smaller studies
- Tender process for start up projects (<50,000 members)
- Tender projects for scaling up projects (>50,000 members),
including the tenders in 2 and 3 have co-financing in principle of 50%, but the 50% can be deviated from depending on the project's objectives.
The board does not receive any compensation for its activities.