Fintech Innovation Challenge 2020
STAY TUNED FOR OUR FINALISTS
Are you ready to take on the challenge for a more gender inclusive world?
STAY TUNED FOR OUR FINALISTS
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.
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*
*Acceptance into Women’s World Banking’s Leadership and Diversity Program is contingent upon meeting the program’s entry requirements. Travel costs not covered.
“Thank you for the amazing platform to share our work, and engage partners to innovate and scale in the future! It was the perfect theme, perfect audience, perfect ways to showcase, and perfect outcomes – thanks to you, we have possible long-term partnerships with several stakeholders, and I am so happy to become a Network Member, and definitely plan to optimize the value as much as possible.”
– 2019 Fintech Challenge Finalist
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.
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- 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.
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- Applicants can be pre-revenue but must demonstrate a viable value proposition to reach unbanked and underserved women.
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- Solutions should focus on building women’s security or prosperity, particularly in supporting resilience and recovery from global economic shocks.
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- Fintechs should also demonstrate a commitment to developing women leaders through the presence of women in their senior management team and Board of Directors.
STAY TUNED FOR OUR FINALISTS
Judges
A panel of diverse industry experts will judge the finalists at the virtual Making Finance Work for Women Summit.
Otto Williams
Head of Strategic Partnerships, FinTechs and Ventures for Central and Eastern Europe, Middle East and Africa (CEMEA)
VISA
Check back for updates!
Advisory Committee
Advisory Committee will evaluate applications and select finalists.
Women’s World Banking will support innovations in digital financial solutions that are designed to increase unbanked and underserved women’s access to and usage of financial solutions so that they may achieve security and prosperity.
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
- Can 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.
STAY TUNED FOR OUR FINALISTS
We are currently seeking sponsors for the Making Finance Work for Women Fintech Innovation Challenge. This is a unique opportunity to promote financial inclusion by fostering innovative technology that will empower unbanked and underserved women with the financial tools they need to achieve security and prosperity.
Reach out to Molly Burns at mb@womensworldbanking.org today to secure your spot.
In partnership with
Have questions? Please contact Nithyasri Sharma at