Empowering Women Through FinTech: The 2020 Innovation Challenge
The Financial Landscape for Women
In a world where financial services are often taken for granted, a staggering 1 billion women globally remain unbanked. This lack of access is not just a statistic; it represents a significant barrier to economic empowerment and security for women, particularly in emerging markets. The gender gap in financial access stands at 9%, highlighting the urgent need for innovative solutions that cater specifically to women. As global health and economic shocks continue to unfold, the resilience and recovery of women become increasingly critical.
Women’s World Banking: A Catalyst for Change
Women’s World Banking (WWB) is at the forefront of addressing this issue. Their mission is to identify and support FinTech innovations that provide unbanked and underserved women with access to essential financial services. By focusing on building security and prosperity, WWB aims to empower women to navigate the uncertainties of the global economy.
The FinTech Innovation Challenge
In 2020, WWB launched the Making Finance Work for Women FinTech Innovation Challenge, inviting startups from around the globe to present their solutions. The challenge seeks to harness technology to create financial services that are inclusive of women, particularly those who are unbanked or underserved.
Who Can Apply?
The challenge is open to startup FinTechs worldwide that are leveraging technology to provide financial services. While solutions do not need to be exclusively for women, they must demonstrate a clear intent to reach this underserved segment. Applicants can be pre-revenue but must showcase a viable value proposition aimed at empowering women.
Focus Areas
The challenge encourages solutions in two primary categories:
Build Security and Resiliency: Innovations that help women safeguard their financial futures and recover from economic shocks.
Build Economic Prosperity: Solutions that enhance women’s economic opportunities and overall prosperity.
Commitment to Women Leadership
A unique aspect of this challenge is the emphasis on leadership. FinTechs are encouraged to demonstrate a commitment to developing women leaders within their organizations. This includes having women in senior management roles and on the Board of Directors, ensuring that the voices of women are represented in decision-making processes.
Benefits for Finalists
Finalists of the challenge receive a host of benefits designed to amplify their impact:
Invitation to Present: Finalists are invited to showcase their solutions at WWB’s virtual summit, Making Finance Work for Women, which convenes leaders from various sectors, including finance, technology, and philanthropy.
Investor Connections: Participants gain access to potential investors, including WWB Asset Management, facilitating opportunities for funding and growth.
Membership in WWB’s Global Network: Finalists receive a complimentary one-year membership, providing access to a wealth of resources and connections.
Grand Prize Opportunities
The challenge also features two grand prize winners who receive additional accolades:
Participation in the MAS Global FinTech Hackcelerator: Winners compete in this prestigious event during the Singapore FinTech Festival, gaining exposure and networking opportunities.
Fast-Tracked Grant Eligibility: Winners are fast-tracked for the Monetary Authority of Singapore’s Proof-of-Concept Grant, which can provide up to S$200,000 in funding.
Leadership Program Tuition Coverage: A pair of leaders from the winning teams—one senior executive and one high-potential woman leader—receive tuition coverage for WWB’s Leadership and Diversity for Innovation Program, fostering the next generation of women leaders.
A Call to Action
The Making Finance Work for Women FinTech Innovation Challenge is more than just a competition; it is a call to action for innovators to create meaningful change in the financial landscape for women. By leveraging technology and focusing on inclusivity, we can pave the way for a more equitable future where women have the financial tools they need to thrive.
For more information about the challenge and how to participate, visit the official webpage.
