Making Finance Work for Women - FinTech Innovation Challenge 2020

About this Challenge

The FinTech Innovation Challenge was launched in 2019, during the Making Finance Work for Women Summit in Singapore. We were thrilled that our two Grand Prize winners, Aflore and Pula, went on to compete at the Global FinTech Hackcelerator at the Singapore FinTech Festival, where Pula was one of the top three winners! See highlights from last year’s challenge.

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 financial services in order to build their security and prosperity in the face of these global economic uncertainties.

Solutions

FinTechs must submit solutions in either of one of two categories:

Build Security and Resiliency

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?

OR

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?

Prize

Finalists 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 Prize Winners 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*

Who Should Apply?

• • 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 Board of Directors..

Selection Criteria

Reach

• How many unbanked and underserved women do you reach through your solution?
• What strategies are you deploying to reach unbanked and underserved women?

Innovation

• What systemic barriers for unbanked and underserved women does the solution address?

Sustainability

you demonstrate a path to financial sustainability?

Scalability

• Can you clearly demonstrate how this solution will scale across markets?

Empowerment

• “How might your solution empower your unbanked and underserved woman customer?

Responsibility

• Are you employing best practices in consumer protection and transparency?

Timeline

MAY 2

Applications Open

Applications are submitted through online form.

JUNE 15

Application Deadline

Applications must be submitted no later than June 15th.

EARLY AUGUST

Shortlist Candidates
 Selected

The Advisory Panel will review applications and select a shortlist of applicants for second round interviews.  

EARLY SEPTEMBER

Finalists Announced

Finalists will have the opportunity to receive mentoring to refine their solution and pitch.

OCTOBER

Winners Announced

Finalists will pitch to a panel of judges at the virtual Making Finance Work for Women.

NOVEMBER 9 - 13

Global FinTech Hackcelerator

Winners of Making Finance Work for Women FinTech Innovation Challenge will move on as finalists at the Monetary Authority of Singapore’s Global Fintech Hackelerator at the Singapore FinTech Festival.

Find More Details about this Challenge via  https://www.womensworldbanking.org/fintech-innovation-challenge-2020/#the-challenge

Application Link  https://womensworldbanking.tfaforms.net/279003

Staff Writer

This article was written and edited by a staff writer.