Ladies’s World Banking Pronounces 2023 Fintech Innovation Problem to Elevate Fintechs with New Options to Shut the Gender Hole in Monetary Companies

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Competitors invitations later stage fintechs pioneering revolutionary monetary options for the low-income ladies’s market to use; finalists and winner to entry premier fintech networks and sources

NEW YORKAug. 3, 2022 – Ladies’s World Banking introduced right now the 2023 Fintech Innovation Problem, a world competitors to spotlight and advance options to shut the gender hole via digital monetary companies. Now in its fourth 12 months and the one women-centered fintechs competitors, the Problem will present a platform for later stage fintechs working to deal with the persistent challenges in serving the low-income ladies’s market.

In accordance with the newest International Findex Report, the variety of ladies adopting digital monetary companies has risen dramatically since 2017, with the gender hole dropping from 9% to six% in key rising markets. However regardless of these advances, 742 million ladies are nonetheless excluded from the formal monetary sector, and girls are 31% extra seemingly than males to have an inactive checking account.

Digital monetary companies can function an on-ramp for low-income ladies to undertake and use a big suite of formal monetary services and products, increasing ladies’s selections and their monetary and financial resilience and empowerment. Low-income ladies characterize a big, untapped market alternative for digital monetary companies suppliers, notably fintechs leveraging expertise to shut the gender hole in monetary companies.

“To realize the promise of inclusive development for the worldwide economic system, ladies want equal entry to monetary merchandise, companies, abilities and expertise,” stated Mary Ellen Iskenderian, President and CEO of Ladies’s World Banking. “Fintechs are uniquely positioned to assist shut the digital monetary companies hole as a result of they’ve the power to supply services and products in a different way and may effectively meet the wants of low-income ladies in ways in which conventional monetary companies suppliers can’t or gained’t.”

Purposes for the Problem shall be open from August 3 to September 15. Entry classes embrace, however are usually not restricted to:

  • Sending and receiving cash
  • Credit score for women-led micro, small, and medium enterprises (MSMEs)
  • Security web merchandise (insurance coverage, financial savings and pensions)
  • Past cash (monetary and digital capabilities, and different enterprise help companies)

The highest 4 finalists of the Problem will take part in an in-person pitch competitors subsequent February in Dubai, and be fast-tracked for participation within the Ladies’s Financial Empowerment Accelerator, powered by the Miller Heart for Social Entrepreneurship at Santa Clara College. They may also obtain pitch recommendation and a UX design session. The Grand Prize winner will obtain entry to key 2023 fintech occasions like Level Zero, Elevandi Connects, and the Singapore Fintech Competition, in addition to a speaker invitation at a Ladies’s World Banking Making Finance Work for Ladies occasion.

All female-founded fintechs that make it to the highest 12 of the competitors shall be chosen for the first-ever Feminine Founders Circle, an unique community of like-minded female-founded fintechs, and shall be promoted via a strong built-in communications, advertising and marketing and media marketing campaign.

“Taking part within the Ladies’s World Banking Fintech Innovation Problem drove us to study extra deeply how we are able to higher serve our ladies prospects,” stated Rachel Freeman, Chief Progress Officer at Tyme, a 2020 Fintech Innovation Problem Winner. “It gave us world recognition at an important time in our enlargement into the Asian market and through our current capital elevate, and we acquired helpful suggestions from the judges that helped us refine our proposition.”

The highest twelve finalists and Feminine Founders Circle members shall be introduced on October 26, with the highest 4 finalists introduced on January 9, 2023. The Grand Prize winner of the Fintech Innovation Problem shall be introduced in Dubai, on February 16, 2023 following the pitch competitors.

The Fintech Innovation Problem is sponsored by the Invoice & Melinda Gates Basis (Main Sponsor) and Ernst & Younger LLP (EY US and Advancing Sponsor). Ladies’s World Banking’s core funders are Australia’s Division of International Affairs and Commerce (DFAT), the Swedish Worldwide Growth Cooperation Company (SIDA), and Visa Basis.

About Ladies’s World Banking

Ladies’s World Banking designs and invests in monetary options, establishments, and coverage environments in rising markets to create better financial stability and prosperity for ladies, their households, and their communities. With a International Community attain of 62 monetary companies suppliers in 35 international locations serving greater than 138 million ladies shoppers, Ladies’s World Banking drives impression via its scalable, market-driven options; gender lens personal fairness fund; and management and variety applications. To study extra go to womensworldbanking.org.

Media Contact: Kelsey Thompson[email protected]

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