The Alliance Hack supports fintechs with the potential to scale business solutions to unlock the full power of the female economy. The Hackathon is hosted in partnership with the Monetary Authority of Singapore (MAS) and Mastercard Start Path on the APIX platform.
The Alliance Hack aims to support innovative and inclusive business solutions to unlock the full value of the female economy, in any of the following sectors: banking, wealth and asset management, insurance, and payments.
Women represent a huge market opportunity and growing purchasing power, led by trends toward gender parity in education, entrepreneurship, and wealth. 40% of global wealth is held by women. By 2030, American women are expected to control much of the $30 trillion in financial assets that baby boomers will possess – a potential wealth transfer of such magnitude that it approaches the annual GDP of the United States. In the US, women make 80% of household buying decisions about where to bank; and yet they are greatly underserved by and highly dissatisfied with the financial services sector. They need propositions that they can trust to solve their needs at all stages of life. Brands that can meet this unmet need will have a strong competitive advantage moving forward.
While overall financial inclusion has increased markedly over the past decades, the global gender gap in account ownership has stayed at roughly 7% since the early 2000s. Digitizing payments, lowering eKY, increasing digital adoption, making products more compelling with gamification, connecting women to their communities, expanding their networks, and building in financial education are all potential solutions with the promise to finally close this stubborn gap. Driving that change is both a financial and ethical imperative.