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Press Launch
NEW YORK, September 24, 2020 – Girls’s World Banking is happy to announce the 4 finalists of its second annual Making Finance Work for Girls Fintech Innovation Problem. The finalists, chosen from a record-breaking pool of aggressive and numerous candidates, characterize an thrilling new wave of modern options designed to assist low-income ladies’s financial empowerment and monetary inclusion. This 12 months’s finalists are: Increase Capital, Mujer Financiera, myAgro, and Tyme.
The Making Finance Work for Girls Fintech Innovation Problem is sponsored by the Invoice & Melinda Gates Basis, Ernst & Younger LLP (EY), and Novi. The 4 finalists will obtain membership within the Girls’s World Banking’s Community of Companions and can current to a panel of judges and the viewers at Girls’s World Banking’s flagship Making Finance Work for Girls Summit, which is made doable by means of the assist of the Visa Basis, to be held nearly on October 20th and 21st, 2020. In attendance on the Summit will likely be over 300 leaders from the monetary providers, investor, and philanthropy sectors. The judges will vote to pick out two Grand Prize Winners, who will compete as finalists within the Financial Authority of Singapore’s (MAS) International FinTech Hackcelerator (powered by KPMG Digital Village) throughout the Singapore FinTech Pageant in December 2020. They may even be fast-tracked to obtain a MAS Proof-of-Idea Grant price as much as S$200,000 and compete for a S$50,000 money prize. These two Grand Prize Winners may even obtain tuition protection for 2 members in Girls’s World Banking’s subsequent Management and Variety for Innovation Program, which equips senior executives in rising markets with the talents to efficiently serve low-income ladies and advance ladies leaders inside their establishments.
“I used to be impressed by the standard and sheer variety of functions this 12 months,” famous Mary Ellen Iskenderian, President and CEO of Girls’s World Banking. “Low-income ladies have been disproportionately impacted by the COVID disaster, going through greater charges of unemployment, bearing an outsized burden of kid care and different family obligations, and even confronting unprecedented ranges of home violence. This 12 months’s candidates – of which 62% (74 options) had been co-founded and/or had ladies in a C-suite place – left me stuffed with hope for the way forward for the function that fintech can play in ladies’s monetary inclusion and, finally, their financial empowerment.”
For extra data on the problem and to buy tickets for the Making Finance Work for Girls Summit, please go to: womensworldbanking.org/making-finance-work-for-women-2020/
In regards to the Finalists
Increase Capital gives microfinance know-how that permits loans by means of smartphones in Southeast Asia. The corporate’s know-how interviews prospects by means of chatbot, credit score scores them, and gives loans – all digitally. Increase Capital’s imaginative and prescient is to make it cheaper and simpler for individuals globally to entry microfinance providers using know-how. The corporate has already reached over 50,000 prospects in its launch market of Cambodia and has built-in monetary literacy content material into the product and advertising and marketing to make sure that prospects can safely take cost of their monetary lives.
Mujer Financiera is a startup with the principle purpose of accelerating ladies’s monetary inclusion by means of training and know-how. After coaching over 20,000 ladies in numerous international locations of Latin America on monetary training points, Mujer Financiera developed a knowledge profiling mannequin that enables it to determine content material for ladies that can have the best influence on their funds.
By scaling this mannequin, Mujer Financiera developed Felicity, the primary finance social community for ladies, which blends know-how, training, group, and entry to monetary providers. Utilizing Felicity, ladies can entry customized monetary content material by means of machine studying and handle their private finance by means of Private Finance Administration (PFM). After coaching, ladies are in a position to join with banks and fintechs to accumulate monetary providers based on their particular wants.
myAgro offers a substitute for credit score to ladies who are usually not eligible for financial institution financing and helps them pay for fertilizer, seed, and technical coaching utilizing myAgro’s distinctive cell layaway monetary software. The exclusion of ladies from collaborating totally within the agricultural financial system implies that farm households face many constraints to breaking free from poverty. myAgro’s mannequin was created with empowering ladies in thoughts: 60-70% of the small farmers myAgro helps are ladies.
myAgro’s three-tiered strategy of cell layaway, enter supply, and tailor-made agricultural coaching has resulted in 50-100% will increase in yields and 50%+ will increase in farm incomes, reworking the lives of collaborating farmers in Mali, Senegal, and Tanzania.
Tyme is a digital banking group targeted on financially empowering underserved shoppers and small companies by means of digital banking in rising markets. The Tyme group of corporations consists of TymeBank South Africa presently headquartered in South Africa and TymeGlobal, with places of work in Hong Kong and Ho Chi Minh. TymeGlobal deploys its operational expertise and know-how to launch new digital banks in ASEAN, primarily based on its expertise in South Africa.
The primary full deployment, TymeBank South Africa, is a totally licensed greenfield digital financial institution, launched in February 2019. Since then, TymeBank has acquired 2 million financial institution prospects in 17 months of operation, making it the world’s quickest rising impartial digital financial institution. Greater than 50% of its buyer base are lively every month, and its deposits have been rising at roughly 10% per thirty days over the previous 12 months, with quickest progress amongst ladies purchasers.
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About Girls’s World Banking
Girls’s World Banking designs and invests within the monetary options, establishments, and coverage environments in rising markets to create larger financial stability and prosperity for ladies, their households, and their communities. With a world attain of 51 companions in 28 international locations serving greater than 67 million ladies purchasers, Girls’s World Banking drives influence by means of its scalable, market-driven options; gender-lens personal fairness fund; and management and variety applications. To study extra about Girls’s World Banking, go to womensworldbanking.org.
Media Contacts
Kate Stence ks@womensworldbanking.org
Andy Woolnough aw@womensworldbanking.org
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