The UN Capital Development Fund (UNCDF) invites applications from qualified entities for the recently launched Pacific Islands Fintech Innovation Challenge which aims to address financial inclusion and adoption of digital payments solutions in Fiji, Solomon Islands, Vanuatu, Tonga and Samoa.
The Fintech challenge is an initiative of the Australian Government funded UNCDF Pacific Digital Economy Programme (PDEP) in collaboration with the Market Development Facility (MDF) and the Asian Development Bank (ADB).
Fintechs with proven expertise in developing market-ready, consumer-friendly digital solutions are encouraged to respond to at least one of the five problem statements:
- Improving access to financial products and service
- Digitizing customer service
- Increase usage of financial products and services
- Streamlining of foreign exchange
- Enabling E-Commerce and in-person POS merchant payment services
The application period is open for a month until 20th June and will be followed by a three-day bootcamp during which the Fintechs can pitch their respective solutions to a panel of judges comprising industry specialists, implementing partners and regulators from the region.
The shortlisted participants will receive mentoring and guidance during the bootcamp to ensure solutions are tailored to the needs of Pacific institutions and consumers.
In addition to technical assistance and the opportunity to collaborate with local partners, winning Fintechs can receive grants up to US$50,000 depending on the investment readiness level and outreach potential of the solution proposed.
Australian High Commissioner to Fiji, Mr John Feakes, said: “The Pacific Islands Fintech Innovation Challenge is a great initiative. Expanding the formal financial sector in the Pacific and getting more people to participate in the sector will contribute to growth, enhance financial inclusion and reduce inequality.”
UNCDF’s Regional Technical Specialist, Mr Ajay Jagannath, said: “In the Pacific, the challenges of limited infrastructure and geographic remoteness hampers financial sector development and inclusion. Traditional approaches to business and finance relies on physical infrastructure and scale. Fintech solutions have immense potential to complement existing efforts to promote financial inclusion and drive adoption of digital payments.”
Press Release-UN Capital Development Fund (UNCDF)
