The Women MSME FinTech Innovation Fund is rewarding companies that can assist the digitalisation of women-led micro, small and medium enterprises (MSMEs) in countries such as Cambodia.
The fund, a joint collaboration by the UNESCAP and UNCDF, is looking for tech solutions that:
Reengineer credit operations (e.g. P2P lending, alternative credit scoring, automation of loan origination process, credit approval process, disbursement and repayments)
Use emerging technologies such as blockchain or distributed ledger technology, with a focus on Big Data analytics for credit assessments, smart contracts and/or trade financing
Overcome potential roadblocks in sales and delivery channels, marketplace lending, supply chain financing, credit assessment, and offer alternatives to collateral and risk management
Promote inclusive development such as women’s economic empowerment, increasing access to hard to reach or marginalised groups, and disability sensitive products/services
- Improve women MSMEs’ abilities to better manage business operations and funds by increasing access to finance with financial literacy, digital literacy and/or business management capacity development (e.g. improved cash-flow management or digital accounting tools)
Eligible applicants who can apply for the Innovation Fund include but are not limited to:
- Regulated Financial Institutions (Banks, MFIs, Insurance Companies)
- Payment Service Providers
- Agent Banking Aggregators
- Mobile Network Operators
- Technology Providers
- FMCG/Agriculture/Other Companies
- FinTech Companies
Applicants must have a year of operations and statutory accounts from either themselves or their financial service provider available and can be based anywhere, but the project must target women-owned, managed or led MSMEs in one or more of the target countries, such as Cambodia. Most importantly, they must be able to demonstrate a solution ready for pilot testing for 9 to 12 months.
Selected applicants will embark on a one year pilot testing journey from July 2019 to July 2020 and the winners will receive USD 25,000 to 50,000 in co-funding, technical assistance with development and design, mentorship, connections with investors, and an early-stage grant. If the pilot project is successful, the applicant may also receive additional grants or financing from UNCDF or partners for project scaling.
Deadline for applications is on 1 May 10:59am ICT. For more information and registration, visit this link.