SINGAPORE, 20 May 2020 – The United Nations Capital Development Fund (UNCDF) and MetLife Foundation through the i3 Program, in partnership with the Singapore FinTech Festival, today launched the COVID-19 Financial Health Challenge—a global initiative to help improve financial health and resilience during the current pandemic and beyond. The challenge was launched on API Exchange (APIX), a digital cloud-based innovation platform.
In the context of the COVID-19 pandemic, the critical importance of financial health has become that much more evident as the pandemic exposes and exacerbates the economic vulnerabilities of underserved communities in developing nations, and in particular the world’s least developed countries. Such communities include women, youth, smallholder farmers as well as small and medium-sized enterprises.
The COVID-19 Financial Health Challenge aims to identify solutions and business models that can help consumers (specifically low and middle income consumers) gain more control of their financial lives, improve resilience, make informed decisions and achieve their financial goals, which are key foundations to build back resilient economies in the post-COVID-19 period.
The challenge calls for the submission of innovative digital solutions to improve the financial health of people at a global scale.
Hosting the challenge on the APIX platform overcomes traditional hackathon limitations and expands the outreach in order to discover the best minds from any part of the world and elevate the strongest financial health solutions.
Financial health innovators from all over the world are invited to submit their applications starting today until 29 June 2020. Shortlisted applicants will be invited to participate in a six-week programme to further develop and refine their solutions with assistance from industry experts.
At the end of the programme, participants could receive financial support of up to $110,000 in the form of a grant and stipend. There is also capability development support in the form of technical assistance, mentorship and tools.
The winning applicants will have the chance to pilot their solutions in China and Malaysia working with UNCDF and MetLife Foundation, and to showcase their solutions at the MAS Global Fintech Hackcelerator during Singapore FinTech Festival in November 2020. Further information about the challenge can be found on the official website for the challenge at www.uncdf.org/finlab.