Calling all Western Cape based Fintech and 4IR-Tech
Apply for the WC DEDAT Digital Innovation Matchmaking Challenge by 15 January 2020
Application to the Western Cape Department of Economic Development and Tourism’s (WC DEDAT’s) Fintech and 4IR-Tech challenge is open. This is a unique invitation to existing Western Cape-based Fintech and 4IR-tech firms to have their technology solutions noticed by potentially interested investors and new corporate clients.
The WC DEDAT has launched the Digital Innovation Matchmaking Challenge, powered by KPMG South Africa, as part of their mandate to deliver a world-class digital ecosystem and be recognised as Africa’s Tech Capital. This year DEDAT approved initiatives to support five technology sector verticals over the next few years, namely: Fintech, Safety-Tech, ScreenTech, TownshipTech and 4IR-Tech.
This challenge supports the 4IR-Tech and Fintech sectors and aims to (1) Give Western Cape fintech and 4IR-Tech firms the opportunity to showcase their solution to Investors, potential corporate clients and other ecosystem stakeholders. (2) Provide the opportunity for various ecosystem stakeholders to interact in a constructive manner to create new and enhance existing business value. (3) Publicly express Western Cape Province’s support for the Fintech and 4IR-tech ecosystems.
The technologies are defined as follows:
- Fintech: This category includes all financial service related technology solutions including Insuretech and financial service Regtech. Some examples of problems being solved by technologies in this category includes: Payments, trading, wealth management, lending, credit scoring, financial inclusion, tax, market conduct, regulatory reporting, micro insurance, claims handling, Know-your customer solutions among others.
- 4IRTech: The fourth industrial revolution technology solution category includes technologies that use Artificial Intelligence (including machine learning), Big Data Analytics, Blockchain/ distributed ledger, Drones, 3D Printing, IoT, Robotics and automation, among other. The solution could be relevant for more than one industry or tailormade for a specific industry.
Recognising that there might be overlap between Fintech and 4IR-Tech, where relevant and appropriate, firms may apply in both categories.
Who can apply: Fintech and 4IR-Tech providers that are registered companies based in the Western Cape. The firms should be not more than ten years old (i.e. founded from 2010) and have no more than 150 employees. Primarily the challenge is looking for technologies that already have traction in the market, however one finalist per category will be a company with a new solution that is not yet fully released in the market but does have a prototype.
Timelines: Applications are currently open for the Digital Innovation Matchmaking Challenge and close at midnight (SAST) on Friday 15 Jan 2021. Interested applicants are invited to complete an application form here. Or type https://matchi.biz/enter-challenge?challenge=WC_Digital_Challenge into your browser. All applications will be scored by a panel of specialists from the relevant industries and the finalists will be announced on 4 February 2021.
How will the finalists benefit: the ten finalist technologies (5 Fintech and 5 4IR-Tech) will have various publicity and showcase opportunities including a dedicated Challenge Showcase event, and a profile opportunity in Wesgro’s Pioneer Magazine. KPMG SA will support all finalists in shaping their pitch in preparation of the showcase event.
How will corporates/ business and investors benefit: Corporates and businesses will be exposed to the best new technology companies who can help them solve business problems or innovate in their own organisations. Similarly investors will get a view of the Western Cape’s best tech companies looking for investment.