AFIF Innovation Challenge - the challenge is closed for applications
AFIF and Cardano Development are challenging impact investors, banks, startups and new entrepreneurs, non-bank financial institutions, microfinance Institutions, private sector companies, cooperatives or any active player in the financial service space to design and present innovative financial products, approaches and services which facilitate expansion of consumer and/or MSME financing, benefitting low-income consumers. During the Asia Financial Institutions Forum, January 22 and 23, three selected candidates will pitch their idea to a jury of experts and the winner will be awarded the prize.
The call for disruptive ideas is brought to you by:
CASH AWARD = UP TO 50,000 USD GRANT FUNDING FOR WINNER
OFFER TO DEPLOY THE WINNING IDEA WITH THE SUPPORT INDUSTRY EXPERTS
JURY IS COMPOSED BY THE AUDIENCE (50%) AND EXPERTS (50%)
AWARD CEREMONY FOR THE MOST DISPRUTIVE INNOVATION]
What are the objectives of the Innovation Challenge?
Application submitted should fall within the financial inclusion objectives of the Innovation Challenge, which are:
● Increasing financial services for underserved communities: Through end-user financing and/or enterprise financing to catalyze private sector innovation in the provision of basic financial services to underserved communities;
● Encourage the development and refinement of scalable revenue driven consumer and/or enterprise financing models for financial services to reach more low-income households, consumers and women;
● Promote new ideas for MSMEs that are key players to support local communities and improve standard of livings for low income population;
● Foster new partnerships for provision of financial services between investors, financial institutions, MSMEs, NGOs and service providers.
● 3 selected applicants will pitch in Bangkok to 400+ impact investors and FIs
● Grant size: Up to USD $50,000. 1/3 of the proceeds of the forum will fund the award
● The lead applicant should be a DFI, MIV, banks, startups and new entrepreneurs, non-bank financial institutions, microfinance Institutions, private sector companies, cooperatives or any active player in the financial service space;
● The geographical focus of the Innovation Challenge is Asia and Pacific region.
● The idea is formulated as a Project and has a consumer and/or enterprise financing element that can help foster financial inclusion;
● The applicants commit, on best-effort basis, to implement the project between 2019 – 2021;
● The Project idea should contain an innovation and/or should aim to reach an increasing number of low-income consumers and/or MSMEs
- Have at least one delegate registered and present at the AFIF
Criteria of evaluation
- Ability to implement successfully and within the timeframe
- Scalability of the project
Pre-selection phase (first 2 weeks of January)
· The Jury reviews and selects 3 finalists from applicants
Finals (23rd of January during the conference)
· Jury: 50% voting power
· AFIF participants: 50% voting power
● Complete the Innovation Challenge application form (Google Form)
● Up to 3 separate EoIs per applicant; 1 form per business idea
Deadline for Applications: December 31st, 2018
If you are preselected, you will be contacted in early January to invite you to prepare your 2-minute pitch. During this event the jury, composed of experts in the sector, will award the Prize to the best Innovative solution to boost financial inclusion in Asia.
- Amount of the award is unknown until the announcement of the winner given that this is part of the proceeds of AFIF Forum. Most likely the prize will be between USD 25,000 and 50,000.
- The selection and final decision are at full discretion of the jury and is irrevocable.