MICROCAPITAL BRIEF: WWB, Gates Foundation Issue FinTech Innovation Challenge to Promote Financial Inclusion for Unbanked, Underserved Women via Technology

Women’s World Banking (WWB), a US-based charitable organization, has called on organizations to partake in its FinTech Innovation Challenge, which seeks to identify financial technology (fintech) solutions that address the needs of women, 1 billion of whom do not have access to financial services. The competition is co-sponsored by the US-based Bill & Melinda Gates Foundation.

Solutions put forward to the challenge, which must be submitted by June 30, should seek to achieve one of the following: 1) “Build security: provide unbanked or underserved women with convenient, secure and reliable access to safety nets (ie, funds for emergencies) to help them mitigate against economic shocks…”; and/or 2) “Build economic prosperity: support unbanked or underserved women to expand income-generating activities and help build their business and household income…”.

Challenge finalists may present their solutions at WWB’s Making Finance Work for Women Summit in Singapore in October 2019; connect with WWB’s network of investors and other partners; and potentially gain entry to the Monetary Authority of Singapore’s Global FinTech Hackcelerator Demo Day at the Singapore FinTech Festival, which also will be held in October 2019. Access to the Hackcelerator Demo Day gives the entrant the chance to receive the proof-of-concept grant in the amount of SGD 200,000 (USD 148,000), which is to be awarded by Monetary Authority of Singapore.

WWB seeks to help low-income women and their households via financial services. Among its strategies is conducting client and market research to help financial institutions formulate commercially viable tools that meet women’s needs. WWB has 53 partners in 32 countries, reaching 30 million women. During 2018, its gross revenue was approximately USD 15.1 million.

By Jolene Khor, Research Associate

Sources and Additional Resources

WWB article: “Making Finance Work For Women: FinTech Innovation Challenge”
https://www.womensworldbanking.org/making-finance-work-for-women/fintechinnovationchallenge/

WWB homepage
https://www.womensworldbanking.org

Bill & Melinda Gates Foundation homepage
https://www.gatesfoundation.org

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