Making Finance Work for Women: The FinTech Innovation Challenge

I am delighted to announce that Women’s World Banking, in partnership with the Monetary Authority of Singapore (MAS) and KPMG Digital Village, is hosting its first-ever FinTech Innovation Challenge.

We’re challenging FinTech companies to design a digital financial solution that allows low-income women customers to build their economic security and prosperity. For example, companies could establish a safety net (such as insurance or savings) to mitigate risks that women and their families face. Or, they could design a solution that enables a woman to expand her economic prosperity by improving access to credit or payment systems.

Over the last several years, FinTechs have justifiably earned the reputation as industry disrupters. But shouldn’t we measure true disruption to the financial services industry by how well FinTechs serve those clients who are currently excluded by the incumbent players? Instead of wrangling with the banks for a slice of dwindling market share, shouldn’t FinTechs expand the overall market by addressing the needs of the nearly 2 billion unbanked and underserved women who are routinely ignored?

Thanks to our partnership with MAS and KPMG Digital Village, Women’s World Banking is creating an opportunity to be truly disruptive. The three finalists of the Making Finance Work for Women FinTech Innovation Challenge will receive:

  • The opportunity to pitch at Women’s World Banking’s signature Making Finance Work for Women Summit in Singapore on October 23rd (all expenses paid). Audience members include investors, donors, and financial service providers, from around the globe.

  • A free 1-year membership in the Women’s World Banking Global Network of Partners

And the winner will receive:

  • Entry as a finalist to the Monetary Authority of Singapore’s Global FinTech Hackelerator Demo Day at the e Singapore FinTech Festival (powered by KPMG Digital Village) and be fast-tracked to receive an S$200,000 MAS Proof-of-Concept Grant. The top 3 winners of the MAS Global FinTech Hackcelerator will also get an additional S$50,000 cash prize.

  • The opportunity to join the 2020 class of Women’s World Banking’s flagship Leadership & Diversity for Innovation Program (LDIP) presented together with the Wharton School of Business. Acceptance to the LDIP is also contingent upon meeting specific program entry requirements.

All of us at Women’s World Banking are excited to see what will happen when the most creative and innovative minds in financial services address the challenge of women’s financial inclusion. We are also very grateful for the support of the Bill & Melinda Gates Foundation, the lead sponsor of our Making Finance Work for Women Fintech Innovation Challenge.

Applications are due no later than June 30, 2019.  For all other details on how to apply, go to https://www.womensworldbanking.org/making-finance-work-for-women/fintechinnovationchallenge/