Applications Invited for FinTech Innovation Challenge 2020

About the Organization:

Women's World Banking (WWB) is a non-profit organization that provides strategic support, technical assistance and information to a global network of 40 independent microfinance institutions (MFIs) and banks that offer credit and other financial services to low-income entrepreneurs in the developing world, with a particular focus on women.

FinTech Innovation Challenge 2020

1 billion women around the world do not have access to financial services, and there is a 9% gender gap in financial access across emerging markets. Furthermore, women are particularly vulnerable to global health and economic shocks, increasing the need to support their resilience and recovery in these challenge times.

Women’s World Banking wants to identify FinTech innovations providing unbanked and underserved women with access to financial services in order to build their security and prosperity in the face of these global economic uncertainties.

Categories

Candidates need to submit solutions in either one of the two categories:

• Build Security & Resilience: How might we enable unbanked and underserved women to build resilience through convenient, secure, and reliable access to safety nets (i.e. funds for emergencies) to help mitigate against global shocks?
• Build Economic Prosperity: How might we enable unbanked and underserved women to expand their income-generating activities to build their business and household income and support economic recovery after global shocks?

Benefits

The Finalists will receive:

• Invitation to present at Women’s World Banking’s virtual Making Finance Work for Women Summit in October 2020, which convenes leaders from the financial services, investor, philanthropy, policy, and technology communities.
• Connection to potential investors (including WWB Asset Management).
• One year complimentary membership into Women’s World Banking’s Global Network.

2 Grand Winners will receive:

• Compete as a finalist in the Monetary Authority of Singapore’s (MAS) Global FinTech Hackcelerator (powered by KPMG Digital Village) during the Singapore FinTech Festival in November 2020, and be fast-tracked to receive a MAS Proof-of-Concept Grant up to $S200,000. The top three winners of the MAS Global FinTech Hackcelerator will also get an additional S$50,000 Cash Prize.
• Tuition coverage for a pair of leaders (senior executive (male or female) and high potential woman leader) to participate in the next Leadership and Diversity for Innovation Program.

Eligibility Criteria

• Startup FinTechs based anywhere that are leveraging technology to provide financial services for unbanked and underserved women in emerging markets. Solutions do not need to be exclusively for unbanked and underserved women but must show deliberate intent to be inclusive of reaching the segment.
• Applicants can be pre-revenue but must demonstrate a viable value proposition to reach unbanked and underserved women.
• Solutions should focus on building women’s security or prosperity, particularly in supporting resilience and recovery from global economic shocks.
• FinTechs should also demonstrate a commitment to developing women leaders through the presence of women in their senior management team and the Board of Directors.

Have questions? Please contact Nithyasri Sharma at fintechchallenge@womensworldbanking.org

Deadline: June 15, 2020.

For more information please check the Link

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