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New York September 7 – We are delighted to announce the launch of the Alliance’s first Hackathon, the winners of which will be revealed on the second day of our Annual Summit. The Alliance Hack was born out of our latest research into fintech and the female economy. The research is a temperature check into the current focus on the female economy by fintechs, whom we know can solve many of the remaining pain points for full financial inclusion of all women. We found that while the business case for targeting women is strong—similar or higher usage patterns and similar or lower cost of customer acquisition for women—very few fintechs disaggregate data by sex when calculating their market potential. Still fewer look at life-time value of customers, a metric where our research shows women fair well. Similarly, venture capital, for the most part, does not enquire about women’s markets.
The Alliance Hack is supported by our host—the Singapore Fintech Festival and APIX – our partners include Amazon Web Services (AWS), Mastercard Start Path, Swift, AXA and We-fi and our contributors from our wide network of financial institution members.
The Alliance Hack: Driving the Female Economy calls for innovative tech-base solutions in four challenge tracks—banking, wealth, insurance, and payments. We’ve designed these challenges to tackle some of the knottier problems in supporting women with both financial and non-financial services.
The Hackathon offers business and technical workshops and mentoring; access to the APIX sandbox for participating teams to validate their solutions and support to develop pitches for the judges panel. Excellent prizes for winners, include a US$25,000 USD cash prize and up to US$ 25,000 credits from AWS for the winning team, and top three winners will benefit from an automatic entry into the finals for Mastercard’s award-winning Start Path program and complimentary year-long membership to the Financial Alliance for Women.
Winners will be selected by an independent judges’ panel, made up of experts in fintech, financial services and the female economy, during a live pitch session taking place on October 5, 2020.
This is one of the first initiatives globally encouraging Fintechs to focus on the women’s market. We believe Fintechs are a game changer in delivering financial services to women worldwide, who are largely underserved and unsatisfied with the financial services on offer.