As mentioned in Chapter 2, the FSMP proposed the creation of APEX
institutions to perform functions that indigenous savings groups need and lacked.
However, due to strong financial and political support from the government, the
evolution and transformation of grass-root financial services has picked up speed in
recent years. There are ongoing discussions to potentially allow capable village funds
to either upgrade themselves or merge with other village funds to become village
financial institution with expanded scopes of business (e.g. payment services) and
customer base.1