Empowering Women Through Fintech: The World’s Women Banking Initiative
In a significant move to bolster gender inclusiveness in finance, World’s Women Banking (WWB), a US-based investment firm, has partnered with the Singapore Fintech Festival to launch the “Fintech Innovation Challenge 2020.” This initiative is designed to spotlight fintech startups that are dedicated to serving women in emerging markets, particularly those who are unbanked or underserved.
The Challenge: Addressing Financial Exclusion
The Fintech Innovation Challenge 2020 aims to identify innovative financial technologies that can provide essential services to women who lack access to traditional banking systems. The program is particularly timely, as it seeks to empower women to build security and prosperity amid global economic uncertainties. By focusing on fintech solutions, WWB hopes to bridge the gap in financial inclusion, ensuring that women can access the resources they need to thrive.
Categories of Application
Startups interested in participating can apply under two specific categories:
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Safety Nets for Resilience: This category focuses on solutions that enable unbanked and underserved women to build resilience through secure and reliable access to emergency funds. These safety nets are crucial for mitigating the impacts of global shocks, such as economic downturns or health crises.
- Income Generation and Economic Recovery: The second category encourages solutions that help women expand their income-generating activities. By supporting business growth and household income, these innovations play a vital role in economic recovery, particularly in the aftermath of global challenges.
Inclusiveness as a Criterion
A unique aspect of the application process is the emphasis on inclusiveness. Startups must demonstrate that women are represented in their senior management teams and Board of Directors. This requirement underscores WWB’s commitment to fostering gender diversity within the fintech sector. Additionally, startups that are not currently focused on unbanked women must express their intentions to include this demographic in their future plans.
Opportunities for Finalists
Similar to the inaugural challenge held in 2019, two finalists from this year’s competition will have the opportunity to present their solutions on global stages during events scheduled for October and November 2020. This exposure not only enhances their visibility but also opens doors to potential investors and grants. Furthermore, finalists will receive a complimentary one-year membership badge in the World’s Women Banking Global Network, providing them with valuable resources and connections.
WWB’s Commitment to Financial Solutions
World’s Women Banking has a rich history of investing in financial solutions, institutions, and policy environments across emerging markets. Their partnerships with global corporate institutions span regions including Africa, Asia, the Middle East and North Africa (MENA), Europe, and the Caribbean. This extensive network enables WWB to leverage diverse insights and resources, ultimately driving impactful change in the financial landscape for women.
Application Details
For those interested in applying, the deadline is set for June 15. This initiative represents a significant opportunity for fintech startups to contribute to a more inclusive financial ecosystem while gaining access to essential resources and networks.
By focusing on innovative solutions that cater to the unique needs of women in emerging markets, the Fintech Innovation Challenge 2020 is poised to make a meaningful impact. As the world navigates through economic uncertainties, empowering women through financial inclusion is not just a goal; it’s a necessity for sustainable growth and development.