Congratulations to the 2021 Fintech Innovation Challenge Winners!
Boost Capital enables end-to-end digital microlending technology based on innovative chat-style applications, allowing MSMEs in Cambodia to receive loans more conveniently and cheaply using smartphones for both uncollateralized and collateralized loans.
People’s Pension Trust offers voluntary, flexible and digitally driven retirement products, particularly for informal workers in Ghana, to promote financial inclusion by ensuring they have a better tomorrow.
Find the event recordings on YouTube!
The Third Annual Fintech Innovation Challenge
Unlocking Inclusive Fintech
Date: October 12th, 2021
Time: 9:00AM – 12:35PM EDT
In its third year, Women’s World Banking’s Fintech Innovation Challenge provides a global stage to highlight Fintech innovations serving unbanked and underserved women in order to build their security and prosperity in the face of global inequalities.
Despite years of progress in advancing financial inclusion, nearly 1 billion women around the world still remain excluded from formal financial services, and there is a persistent 9% gender gap across emerging markets. Moreover, the economic toll of COVID-19 has fallen disproportionately on women, exposing their particular vulnerability to global shocks. While the pandemic has accelerated the digitization of financial services, low-income women remain at risk of being left behind given the unique barriers they face to adoption and usage of digital financial services. Combined with broader inequalities for women such as rising unemployment, disparities in access to healthcare, and the effects of climate change, it is more imperative than ever that gender equality is at the center of recovery and growth.
Now more than ever, Fintechs are a crucial driver of women’s financial inclusion.
Our past Fintech Innovation Challenge winners – Aflore, Pula Advisors, Tyme, and myAgro – were given the exciting opportunity to compete in the Monetary Authority of Singapore’s Global FinTech Hackcelerator during the Singapore FinTech Festival. Our 2019 Challenge winner, Pula Advisors, was one of their three winners!
Meet the Finalists:
Boost Capital enables end-to-end digital microlending technology based on innovative chat-style applications, allowing MSMEs in Cambodia to receive loans more conveniently and cheaply using smartphones for both uncollateralized and collateralized loans.
hiveonline uses blockchain technology to build sustainable digital economies for communities of farmers in five countries across sub-Saharan Africa.
Mosabi features AI-driven digital learning that helps grassroots entrepreneurs and MSMEs in sub-Saharan Africa to improve financial and business decisions and behaviors.
People’s Pension Trust offers voluntary, flexible and digitally driven retirement products, particularly for informal workers in Ghana, to promote financial inclusion by ensuring they have a better tomorrow.
Is your Fintech building towards a more equal world?
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 to ensure greater equality in a post-COVID-19 world?
OR
Build Economic Prosperity
How might we enable unbanked and underserved women to build their business and household income and drive economic growth to ensure greater equality in a post-COVID-19 world?
Prizes
Finalists Receive
- Invitation to present at Women’s World Banking’s virtual Fintech Innovation Challenge in October 2021, part of the new Making Finance Work for Women Thought Leadership Series.
- A virtual experience of Visa Inc’s Dubai Innovation Center, where you will be able to be part of an immersive experience in the future of payments furnished by Visa Inc.
- One-year complimentary membership into Women’s World Banking’s Global Network.
- Receive priority access to our Gender Assessment Methodology, Women’s World Banking’s proprietary approach to helping institutions become a brand and employer of choice for women. The approach involves your institution completing an online questionnaire followed by a consultation call with our team to discuss opportunity areas to advance women talent in your organization and better serve women customers.
- Complimentary tickets to the Making Finance Work for Women 2022 Summit.
Winners Receive
- The Fintech Fueler Package:
- Customized UX design guidance session furnished by Visa Inc.
- Exclusive pitch meeting and feedback session with Women’s World Banking Asset Management Team.
- Four 1:1 leadership coaching and feedback sessions with one of Women’s World Banking’s executive coaches.
- Up to $4,000 to be applied towards the cost of any NYU School of Professional Studies non-credit courses or certificates.
- A guaranteed spot as a featured speaker at a Making Finance Work for Women 2022 event.
Announcing the Female Founder Award
Women’s World Banking will honor a female founder whose fintech qualifies for the Fintech Innovation Challenge, and who demonstrates exemplary leadership in building an inclusive workplace while working as a crucial driver for women’s financial inclusion. As fintechs continue to innovate financial services and work towards financial inclusion, it’s important to also recognize gender equality within those fintechs. According to Deloitte, the number of global fintech founders is still dominated by men, with women founders making up just 7% of the total. It’s time to pave the way for more female representation in fintech.
The winner will receive a 1:1 Marketing Strategy consult with Anthemis’ Head of Marketing. During the conversation, the head of marketing will speak with you about your current Marketing and PR Strategy and determine ways to improve your strategy and platform on a budget.
Our past Fintech Innovation Challenge winners
“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
“Tyme is thrilled to be a winner of the 2020 Fintech Innovation Challenge. First and most importantly, participating in Women’s World Banking’s Fintech Innovation Challenge drove Tyme to learn more deeply how we can better survive our women’s customers. Secondly, the Challenge gave us global recognition right at a crucial time in our expansion into the Asean market and during our recent capital raise. Third, we got valuable feedback from the judges that helped us refine our proposition.”
– Rachel Freeman
Chief Growth Officer, Tyme (2020 Challenge Winner)
Have questions? Please contact us at
fintechchallenge@womensworldbanking.org
The Third Annual Fintech Innovation Challenge
Unlocking Inclusive Fintech
TUESDAY, OCTOBER 12TH
9:00AM – 12:35PM EDT
9:00AM – 9:05AM EDT
Opening remarks
EVENT MC
Dr. Martin Ihrig, Associate Dean & Clinical Professor, New York University
SPEAKER
Anjali Kumar, Founder, Slightly Reserved
9:05AM – 9:35AM EDT
Fireside Chat:
Advancing Women’s Leadership in Fintech
(with the Female Founder Award Winner)
SPEAKERS
Angélica Fuentes, Founder, Muvop & Female Founder Award Jury Member
Female Founder Award Winners:
Alexa Varsavsky, CEO & Head of Product, ADA Impacto
Isabel Oriol, COO & Head of Business Development, ADA Impacto
9:35AM – 9:40AM EDT
Break
9:40AM – 11:10AM EDT
Fintech Innovation Challenge Finalists’ Presentations
FINALISTS
Boost Capital
hiveonline
Mosabi
People’s Pension Trust
JUDGES
Katharine Budd, Co-founder & CEO, NOW Money
Sara Elinson, Americas Strategy & Transactions FinTech Leader, EY
Mary Ellen Iskenderian, President & CEO, Women’s World Banking
Dave Kim, Program Officer, Financial Services for the Poor, Bill & Melinda Gates Foundation
Pat Patel, Principle Executive Officer, Monetary Authority of Singapore
Otto Williams, Senior Vice President, Head of Partnerships, Innovation and Digital Solutions, Visa CEMEA
CHALLENGE MC
Nithyasri Sharma, Manager, Strategy, Women’s World Banking & Fintech Innovation Challenge Advisory Committee Member
11:10AM – 12:10PM EDT
Panel Discussion:
Two Sides of a Coin: How Fintech Innovation and Regulation Can Impact Financial Inclusion
MODERATOR
Spiros Margaris, Founder, Margaris Ventures
PANELISTS
Jo Ann Barefoot, CEO & Co-Founder, the Alliance for Innovative Regulation
Telmen Gerelt, CEO, Ard Credit JSC
Karen Miller, Global Head, Leadership & Diversity Programs, Women’s World Banking
Andi Taufan Garuda Putra, CEO & Founder, Amartha
Pratin Vallabhaneni, DC Financial Services Regulatory Partner, White & Case
12:10PM – 12:20PM EDT
Break
12:20PM – 12:35PM EDT
Fintech Innovation Challenge Recipient Announcement & Closing
SPEAKER
Mary Ellen Iskenderian, President & CEO, Women’s World Banking
Judges
A panel of diverse industry experts will judge the finalists at the virtual Fintech Innovation Challenge Event.
Otto Williams
Senior Vice President, Head of Partnerships, Innovation and Digital Solutions
Visa CEMEA
Advisory Committee
Advisory Committee will evaluate applications and select finalists.
The Female Founder Award Jury
Have questions? Please contact us at
fintechchallenge@womensworldbanking.org
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
Relevance & Reach
- How many unbanked and underserved women does the solution reach?
- What strategies are being deploying to reach unbanked and underserved women?
Innovation
- How does the solution address systemic barriers for unbanked and underserved women in a unique and differentiated way from your competitors?
Empowerment
- What is the desired long-term impact of this solution? Is there a vision to drive towards women’s economic empowerment?
- How will the long-term impact be measured?
Sustainability
- Does the business model demonstrate a path to financial sustainability?
Scalability
- What is the strategy for growth, and how this solution will scale across markets?
Gender Diversity
- How is the institution promoting gender diversity and inclusive leadership within the organization?
Responsibility
- Does the solution focus on employing best practices in consumer protection and transparency?
Timeline
MAY 6
Applications Open
Applications are submitted through online form.
JUNE 20
Application Deadline
Applications and all supporting materials must be submitted no later than June 20th, 11:59 EDT.
MID-JULY
Shortlist Candidates
Selected for
Interviews
The Advisory Committee will review applications and select a shortlist of applicants for 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 Fintech Innovation Challenge.
Have questions? Please contact us at
fintechchallenge@womensworldbanking.org
We are currently seeking sponsors for the 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.
Sponsors Receive
Priority registration for Making Finance Work for Women 2021 Fintech Innovation Challenge Event.
Social media coverage reaching Women’s World Banking’s 81K+ audience
Opportunity to be part of the Challenge press release
Opportunity for staff to mentor Challenge finalist
Speaking role or Judging role
Recognition and logo on Fintech Innovation Challenge and Series marketing materials
Featured video on Women’s World Banking’s YouTube channel and website
Brown bag at company office with presentation from Women’s World Banking leadership team member
Reach out to Molly Burns at mb@womensworldbanking.org today to secure your spot.
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