Annual fintech competition aims to bridge the gender gap through innovation

A competition focused on leveraging technology to address inequalities in financial services calls for the next game-changing innovation.

Entries for the Women’s World Banking 2023 Fintech Innovation Challenge are now open. This is a global competition created to highlight and advance technology solutions that bridge the gender gap through digital financial services.

Now in its fourth year, the 2023 Innovation Challenge has been billed as the only female-centric fintech competition, with late-stage fintechs committed to solving problems related to serving low-income women around the world. provide a platform for

And according to the latest Global Findex Report, now is the time for such a solution. According to the report, the number of women adopting digital financial services has increased dramatically since her 2017, with the gender gap narrowing from her 9% to 6% in major emerging markets. But worldwide, she found that 742 million women are still excluded from the formal financial sector, and women are 31% more likely than men to have inactive bank accounts. I already know.

According to Women’s World Banking, low-income women represent a large untapped market opportunity for digital financial service providers, especially fintech companies looking to technology to increase access. Digital financial services provide a conduit for low-income women to adopt and use a large suite of formal financial products and services, expanding women’s choice and their economic and resilience.

Mary Ellen Iskenderian, President and CEO of Women’s World Banking, said: “Fintech is uniquely positioned to help fill the gap in digital financial services because it offers products and services differently and in ways that traditional financial service providers cannot or do not. Because we can efficiently meet the needs of low-income women.”

Research shows that women-led fintech companies are much more difficult to raise. According to Rep. Maxine Waters, chairman of the House Financial Services Committee, only 2% of venture capital funds are female founders, only 1% are Black founders, and only a few are Latinx. 1.8%.

Marina Dimova, Global Head of Financial Industry and Network Advocacy at Women’s World Banking, said the challenge attracts more than 100 applicants from around the world each year, offering new approaches and strategies for underserved women. You said you are developing a product.

The goal is to pave the way for entrepreneurs to rapidly advance innovations that support the economic prosperity and empowerment of women.

“The sooner we bring these products to market, the sooner we can close the gender gap and connect women to the formal financial sector,” Dimova said in an email to Financial Planning.

She added that fintech was created because founders see unmet needs and underserved communities, and that women entrepreneurs are a completely underserved community. I got

“By one estimate, there is a $700 billion revenue opportunity for fintech companies each year by designing products and services for women and engaging women as customers. By inviting them to present, we can promote women’s financial inclusion—and at scale,” said Dimova. “This work is essential and ongoing, and we look forward to finding solutions that bring us closer to achieving an inclusive economy.

“Women-owned and women-focused fintech is not a ‘nice to have’. These are urgent and important to achieve gender equality across the board. “

Rachel Freeman, Chief Growth Officer, 2020 Fintech Innovation Challenge Winner Tyme, said participating in the Women’s World Banking Fintech Innovation Challenge has inspired her organization to learn more about how to better serve women. I was.

Headquartered in Singapore with offices in Hong Kong and Ho Chi Minh City, Tyme is a digital banking company focused on economically empowering underserved consumers and SMEs through digital banking in emerging markets. Group.

Tyme’s flagship business is TymeBank, which has grown to over 5 million customers in South Africa since its launch in February 2019. In his first 17 months of operation, he has 2 million customers and has become the fastest growing independent digital bank in the world.

Of the competition, Freeman said, “We have been able to gain global recognition at a critical time for our expansion into Asian markets and recent capital raisings.” could be improved.”

Challenge submissions will be accepted until September 15th. For more information, visit her website at Women’s World Banking. The link for applying is here.

The top four finalists of the Innovation Challenge will participate in the in-person pitch competition i in Dubai in February 2023. They will rush to join the Women’s Economic Empowerment Accelerator run by Santa Clara University’s Miller Center for Social Entrepreneurship. We also receive pitch advice and UX design consultations.

Grand Prize winners will receive access to 2023 fintech events such as Point Zero, Elevandi Connects and Singapore Fintech Festival, as well as an invitation to speak at the Women’s World Banking Making Finance Work for Women event.

In addition, every female-founded fintech company in the top 12 will be part of the first-ever female founder circle. The Circle is described as an “exclusive network of fintechs founded by like-minded women” and promoted through an integrated communications, marketing and media campaign.

“Anyone who has worked with startups or technology companies knows that a network of capital and funding is essential to growth,” said Dimova. “We’re building a new one here. It’s just for women.”

The top 12 finalists and participants in the Female Founders Circle will be announced on October 26, 2022. The top four finalists will be announced on January 9, 2023. The grand prize winners will be announced in Dubai on February 16, 2023. Following a face-to-face pitch competition.

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