Applications are now open for the Global Fintech Hackcelerator @ Kenya
Do you have a game-changing sustainable solution that explores the complex financial challenges in the Afro-Asian market today? If you do, we want you!
The Central Bank of Kenya (CBK) and the Monetary Authority of Singapore (MAS) hosted the inaugural Afro-Asia Fintech Festival between the 15th and 16th of July 2019 in Nairobi, Kenya. The Festival was the first of its kind in the region, seeking to explore sustainable financial services innovations from emerging Afro-Asian markets.
As part of the Afro-Asia Fintech Festival, the Global Fintech Hackcelerator @ Kenya was officially launched on the 16th July 2019 as a platform for start-ups to showcase how they are able to address problem statements contributed by the UNSDG and local industry leaders. Fintechs from all over Africa are invited to submit responses to the problem statements.
Why you should apply for the Global Fintech Hackcelerator @ Kenya?
- Selected Fintechs will be given a chance to pitch their solutions on 9th August 2019 in Nairobi, Kenya. The Fintechs will present their solutions to the problem statements in front of an audience featuring visionary speakers, industry leaders and icons drawn from Africa, Asia and other parts of the globe. The Fintechs that will not be able to travel to Nairobi will be given a chance to present their solutions remotely.
- Receive first hand feedback from UN Task Force members, CBK and other industry leaders on your solution.
- Platform access for connections, collaborations and exchange of ideas between industry leaders and ecosystem partners form Africa and Asia.
- 2 winners from the Global Fintech Hackcelerator @ Kenya will be fast-tracked as finalists into the Global Fintech Hackcelerator 2019 programme where they will participate in the Demo Day at the Singapore Fintech Festival.
Additionally, finalists of the Global Fintech Hackcelerator 2019 can expect:
- Funding of up to S$200,000 to develop a contextualized proof of concept, to be deployed within a year from Demo Day at the Singapore Fintech Festival.
- The opportunity for market entry and/or expansion into Singapore and the Asia-Pacific region.
- The opportunity to work with high-value corporates to contextualize your solution to their needs.
- The opportunity to engage with industry experts and leverage on their expertise.
- The top 3 winners at the Singapore Fintech Festival Demo Day will receive S$50,000 each.
Applications for the Global Fintech Hackcelerator @ Kenya are now open till 31st July 2019.
So, don't wait. Visit the Matchi platform to view the problem statements to work on and get started on your application.
Apply Here today! .
Below is a list of problem statements the Global Fintech Hackcelerator plans to solve: Sustainable Farming
- How might we monitor and financially reward farmers who are farming sustainably?
- How might we help families save, borrow or receive family support to pay for school fees?
- How might we financially help or incentivize families to keep their girls in school?
Insurance for the under insured
- How might we meet the privacy needs of women so that they are more confident to have their own savings and credit?
- How might digitization allow tokenization of labor for women who have limited number of hours in a day beyond family responsibilities to financially sustain themselves? (For e.g. women networks can be used as cash pickup and delivery partners for financial services)
- How might digitization allow women to leverage digital commerce and platforms models to market and sell products without leaving home and capture new income-earning opportunities?
Education & Learning
- How might we help `gig` or informal workers access health and disability insurance?
- As informal economy constitutes significant portion of the GDP for many countries, how might we offer non-voluntary pension products or long-term savings products for informal economy workers? (private savings drive national savings)
- How can the smart use of big data be used to create new micro insurance products (e.g. pay as you live health insurance, pay as you drive motor insurance) to address new risks and insurance opportunities presented.
- As automation and reduction in cost of capital change the labor market landscape, how might digitization strengthen the distribution of vocational training and e-learning through digital modules over mobile apps for migrants and inner-city youth to access skills of the future?
Alternative Credit Scoring
- How might we enable a digital identity for displaced persons without a legal identity to access basic financial services?
- How might we develop a single mobile platform providing end-to-end real-time information to sellers and buyers, enabling commodity exchanges to grow?
Payments & Remittance
- How might we enable access to financial services to migrants in the host communities? (IE. can existing distribution networks and correspondent relationships of money transfer operators be used to offer financial services to migrants or their families in the home country and create credit profiles to extend formal financial services?)
- How might we link all national wallets to each other through a single global wallet (which allows for all migrants, travelers, businesses) to send limited small payments to each other?
- How might we link StableCoin to local accounts to allow people and Micro Small and Medium Enterprises (MSMEs) to convert and cash in or cash out cheaper international transfers?
- How can mobile money APIs be used to create products that will have a positive impact in the community?
Banking & Finance
- How might we crowdfund investment needed to invest in clean water and sanitation infrastructure for village schools?
- How might we enable local governments to transparently raise and spend revenue on needed local infrastructure projects?
- How might we help Micro Small and Medium Enterprises (MSMEs) raise equity and loan capital from investors and provide a market for investors to buy and trade these assets?
- How might we leverage Artificial Intelligence (AI) and Internet of Things (IoT) to create a single view of fraud (including mobile frauds) at a customer level?
- How might the process of screening clients (including foreigners) be optimized during onboarding across multiple applications using technology for Know Your Customer (KYC)?
- How might banks implement a paperless system for customer interactions with the bank, including account opening/onboarding, deposits, withdrawals, deposits and customer care, to improve customer experience?
- How might we enable the unbanked or underserved to build convenient, secure, and reliable access to safety nets, that is, source of funds for emergencies or other life events that address key barriers including trust, distance/mobility, lack of awareness, to help mitigate against economic shocks?
Selection criteria for Fintech submissions:
• Product Stage
• Product Relevance
• Product Advantage
• Revenue and Growth Strategy
• Team Experience