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!
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.
- 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.
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
Who should apply?
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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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- Fintechs should also demonstrate a commitment to developing women leaders through the presence of women in their senior management team and Board of Directors.
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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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- Applicants can be pre-revenue but must demonstrate a viable value proposition to reach unbanked and underserved women.
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.
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 11
Application Deadline
Applications and all supporting materials must be submitted no later than June 11th, 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
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