Women’s World Banking Announces the Winners of the Fintech Innovation Challenge
Third Annual Global FinTech Competition Celebrates Pioneering Solutions for Women’s Financial Inclusion
Posted: October 12, 2021 at 12:30 p.m. EDT|Update: 2 hours ago
NEW YORK, 12 October 2021 / PRNewswire / – Women’s World Banking today announced that Boost Capital and People’s Pension Trust are the winners of its third annual Fintech Innovation Challenge, which is part of the program Putting finance at the service of women Thought leadership series. Each year, the Challenge provides a global stage for fintechs to showcase innovative solutions and business models that help build economic security and prosperity for unbanked and underserved women. This year’s competition culminated in a live virtual event to honor the two recipients and deepen their fintech solutions, as well as guest speakers to discuss the role of fintech in the future of women’s economic empowerment.
“We are delighted to recognize Boost Capital and People’s Pension Trust and their contribution to the financial inclusion of women. Both companies clearly demonstrate the revolutionary potential of fintechs to advance women’s economic empowerment on a larger scale, ”said Mary ellen iskenderian, President and CEO of Women’s World Banking. “Almost two years after the start of the pandemic, the aggravating economic effects of COVID-19 continue to take a disproportionate toll on women. Now more than ever, it is important to ensure equal access to the 1 billion women around the world who are still excluded from formal financial services. Fintechs such as Boost Capital and People’s Pension Trust are creating value in areas where traditional financial service providers have not entered, especially at the local market level. -women income is a unique and profitable opportunity. “
Boost Capital and People’s Pension Trust were selected from a pool of four finalists, chosen from a pool of applicants representing 34 countries. They presented their winning solutions to a diverse panel of judges and a virtual audience alongside other finalists hiveonline and Mosabi. Boost Capital and People’s Pension Trust aim to enable greater economic security and prosperity for low-income women in emerging markets, each addressing a specific issue:
- Increase capital enables end-to-end digital microcredit technology based on innovative chat-like applications, enabling MSMEs to Cambodia to receive secured and unsecured loans more easily and cheaply using smartphones.
- People’s pension trust offers voluntary, flexible and digitally-focused retirement products, especially for informal workers in Ghana, to promote financial inclusion by guaranteeing them a better future.
“The Fintech Innovation Challenge has established itself globally as a key platform to attract equity-minded innovators and encourage bold solutions to the financial exclusion of women. This year’s incredibly talented pool of applicants has once again exceeded expectations, and they all deserve to be recognized for their vision and entrepreneurial efforts, ”said Sara elinson, EY Americas Strategy and Transactions FinTech Leader and one of the expert judges of the competition. “We are especially excited to see how our finalists continue to evolve their unique fintech solutions for social equity and inspire future entrepreneurs to follow this path to financial inclusion.”
The full panel of expert judges, representing the global development, business and technology sectors, also included Catherine budd, co-founder and CEO of NOW Money; Dave kim, Financial Services for the Poor Program Officer at the Bill & Melinda Gates Foundation; Pat patel, Director General of the Monetary Authority of Singapore; Otto Williams, Senior Vice President, Head of Partnerships, Innovation and Digital Solutions at Visa CEMEA; and Mary ellen iskenderian, CEO and President of Women’s World Banking.
Previously, Alexa Varsavsky, CEO and Isabelle Oriol, COO of ADA Impacto, were named recipients of the Women’s World Banking’s Female Founder Award, launched this year as part of the global competition to honor one or more female founders who have demonstrated exemplary leadership in the creation of an inclusive workplace while working for the funding of women inclusion. Considering that only 7% of global fintech founders are women, this is an important recognition. The two winners took part in a fireside chat with Angélica Fuentes, founder of Muvop, to share their experiences and perspectives as women entrepreneurs in a male-dominated industry.
The virtual event also featured a panel discussion titled “Two Sides of a Coin: How FinTech Innovation and Regulation Impact Financial Inclusion,” moderated by Spiros Margaris, founder of Margaris Ventures, and with speakers Andi Taufan Garuda Putra, CEO and founder of Amartha; Gerelt Telmen, CEO of Ard Credit JSC; Karen miller, Global Head, Leadership & Diversity Programs at Women’s World Banking; Pratin Vallabhaneni, DC’s financial services regulatory partner at White and Case; and Jo ann barefoot, CEO and co-founder of the Alliance for Innovative Regulation. Dr. Martin Ihrig, associate dean and clinical professor at New York University was the master of ceremonies.
As winners of the Fintech Innovation Challenge, Boost Capital and People’s Pension Trust each receive a custom UX design orientation session provided by Visa Inc., an exclusive introductory meeting and feedback session with the management team of ” assets of Women’s World Banking, four leaders 1: 1 coaching and feedback sessions with one of the Executive Coaches of Women’s World Banking, and up to $ 4000 to be applied to the cost of everything NYU School of Professional Studies continuing education courses or certificates. The four finalists are also members of the global membership network of Women’s World Banking, a collaborative opportunity to connect with other financial service providers and share best practices in promoting women’s financial inclusion. Female Founder Award winners will receive a 1: 1 marketing and PR strategy consultation with Anthemis, a leading fintech investment platform.
The Putting finance at the service of women Fintech Innovation Challenge is sponsored by the Bill & Melinda Gates Foundation (main sponsor), Ernst & Young LLP (EY US and advanced sponsor) and Novi (supporting sponsor). The main funders of Women’s World Banking are australia Ministry of Foreign Affairs and Trade (DFAT), the Swedish International Development Cooperation Agency (SIDA) and the Visa Foundation.
About the World Bank of Women
Women’s World Banking designs and invests in financial solutions, institutions and political environments in emerging markets to create greater economic stability and greater prosperity for women, their families and their communities. With a global reach of 57 partners in 32 countries serving more than 69 million customers, Women’s World Banking is making an impact through its scalable, market-driven solutions; gender-focused private equity fund; and leadership and diversity programs. Visit womensworldbanking.org.
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