World’s Women Banking Initiates A Challenge To Empower Women In FinTech
A US-based gender inclusiveness investment firm, World’s Women Banking (WWB) in collaboration with Singapore Fintech Festival has opened applications for fintech startups focused on women in emerging markets.
According to WWB, onebillion women around the world do not have access to financial services and there is a nine per cent gender gap in financial access across emerging markets. It holds that, women are particularly vulnerable to global health and economic shocks, hence, increasing the need to support their resilience and recovery in these challenge times.
That is why World’s Women Banking is aimed at
“identifying with 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.”
The program which is tagged “Fintech Innovation Challenge 2020” is interested in women in startups. Applications are based on two categories: Solutions that 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; and Solutions that 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.
Eligibility also depends on startups’ ability to prove inclusiveness through the presence of women in their senior management team and Board of Directors.
The initiative suggests that startups that are not currently focused on unbanked women will also have to express their intentions to include the said segment in the future.
For women startups that are going to make the final stage, they will receive an invitation to present at the World’s Women Banking virtual ‘Making Finance Work for Women’ summit in October 2020. The summit convenes leaders from financial sector, investor, philanthropy, policy and technology communities.
Finalists will also receive connection to potential investors including WWB Asset Management. Again, they will gain a one-year complimentary membership into World’s Women Banking’s Global Network.
For the final two grand prize winners, they will compete as finalists in the Monetary Authority of Singapore’s (MAS) Global Tech Hackcelerator (powered by KPMG Digital Village) during the Singapore FinTech Festival in November 2020. During which they will be fast-tracked to receive MAS Proof-of-Concept Grant up to two hundred thousand dollars ($200,000). The top three winners of the MAS Global Tech Hackcelerator will also get fifty thousand dollars ($50,000) cash prize.
Winners of WWB’s Fintech Innovation Challenge 2020 will gain tuition cover for a pair of leaders from their companies, a senior executive and a high potential woman leader, to participate in the next Leadership and Diversity for Innovation Programme.
Applications are still opened till June 15, 2020.
WWB has a background of investing in financial solutions, institutions, and policy environments in emerging markets, usually in partnership with other global corporate institutions in Africa, Asia, MENA nations, Europe, and the Caribbean.