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Driving the Female Economy

SOLUTION CLOSING DATE: September 30th, 2020

DAY 00
HR 00
MIN 00
SEC 00
Register

#2020AllianceHack

Hosted By
Financial alliance for women
Supported By
Singapore Fintech Festival APIX AWS mc startpath we-fi
Track Sponsors
Swift AXA

About E-Hackathon

Challenge the Norms

Join us. Because you have a leading role to play in transforming financial experiences for 51% of the global population: women.

You see the persistent gap in access to financial services. You aim to fill it.

You are aware that women customers represent a largely untapped market. You can tap into it.

You see that women are the Chief Purchasing Officer in their households for financial services (making 80% of banking choices in the US), and yet they are dissatisfied with the financial services sector. You want to change that.

You can use financial technology to change the lives of women all over the world. To digitize payments. To lower barriers to adoption. To add value to women customers by expanding their networks, providing guidance, and meeting their needs at every stage.

In this moment of flux, you have the opportunity to make lasting change. Are you ready?

The Alliance Hack was launched by the Financial Alliance for Women in partnership with MAS to drive women's financial inclusion.

Problem Statements

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.

Prizes

Prizes Up For Grabs

Winning teams will receive:

prize
Up to US$ 25,000
Cash Prizes Per Team

First place prize is US$ 25,000 in addition to a 6-months free subscription to APIX and AWS credits up to US$ 25,000

prize
Participate in Mastercard Start Path program

Three winners will automatically enter the finals for Mastercard’s award winning Start Path program, plus the opportunity to connect with Mastercard experts for a dedicated mentoring session.

prize
Capacity Building Support

Top three winning teams will become a member of the Financial Alliance for Women for a full year, enabling access to a network of global financial services providers, mentoring and peer learning opportunities, and to the Alliance's proprietary tools and knowledge products to develop their women's market proposition.

Eligibility

  • Formally registered technology-based start-up firms that primarily serve the financial services industry (fintechs).
  • FinTechs, InsureTech, RegTech, etc., with experience and willing to develop solutions to serve the Female Economy.
  • Possess a minimum viable product (MVP) or a product available on the market or ready to be rolled out in the market.
  • Open to all fintechs. Female founders and gender diverse teams encouraged to apply.

FAQ

What stage should my fintech be at if I want to apply?

This hackathon is open to fintechs in early to mid-stage development, including seed stage, raising/raised funds, or in the process of scaling.

Why should I participate in this hackathon? How will it benefit my organization?

Women represent a huge business opportunity worth trillions of dollars--that has been largely underserved or unserved by the traditional financial sector. Through this e-hackathon, you can chart a path to becoming a chosen brand for female customers. Additionally, you'll have the opportunity to pitch to high-level executives at established brands including Mastercard and other major finserv institutions, network with industry leaders.
Winning team will get US$ 25,000 cash prize, 6-months Free subscription in APIX platform and up to USD 25,000 credits on AWS.
Three winners will automatically enter the finals for Mastercard’s award winning Start Path program, plus the opportunity to connect with Mastercard experts for a dedicated mentoring session. Mastercard helps fintechs rise to the next level by connecting them to future technology partners, end-to-end solutions and countless ways to innovate anywhere. Part of Mastercard Accelerate, Start Path invites later stage startups to participate in a 6-month program, providing unprecedented opportunities to scale. More than 230 companies have participated in the program; these companies have gone on to raise $2.7B in capital after the program.
Top three winning teams will become a member of the Financial Alliance for Women for a full year, enabling access to a network of global financial services providers, mentoring and peer learning opportunities, and to the Alliance's proprietary tools and knowledge products to develop their women's market proposition.

Why should fintechs target the female economy?

A Wealth of Opportunities. Women represent a huge market opportunity and growing purchasing power, led by trends toward gender parity in education, entrepreneurship, and wealth. 40% of global health 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 decision 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 this will have a strong competitive advantage moving forward.

A Lingering Gap. 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 eKYC, increasing digital adoption, make 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.

Can I apply to more than one problem statement?

Yes, your team can submit one proposal per subcategory of the problem statement and can submit up to 3 proposals per company. The Alliance will allocate the selected team one subcategory of a problem statement from the team’s [three] preferred choices. Incomplete Entries may be disqualified.

What is the selection process? And how the winners are selected.

Teams Selection:
An independent selection committee will assess fintech proposals based on the following criteria: registration status, growth potential, minimum viable product (MVP) or product on the market, and the ability to impact women's access to financial services. Selected fintechs will be invited to take part in the Hackathon from september 26 till september 30.

What kind of solutions are you looking at?

Fintechs will develop tech solutions through their integration, testing and coding at the APIX sand box. Solutions can be targeted to women-only, or they can be women-friendly--displaying an understanding of women/s unique needs while still catering to a wider market.

How are the winners chosen?
A panel of experts with relevant experience will be responsible for judging entries. The final decisions of the judges are to be based on the following parameters :
  • Idea Validation (Weight %15)
  • Innovation & Prototype (Weight %15)
  • Impact on Women's Market (Weight %20)
  • Business Model (Weight %15)
  • Customer Segment (Weight %10)
  • Competitiveness and scalability (Weight %15)
  • Team (Weight %5)

Bonus +5% for female founders.

The panel will assign a score to each parameter, which will then determine the ranking of each team. The hackathon winner will be the team with the highest total score.

Project evaluation and selection of winners:
  • Step 1: Each team will be invited to submit the solution on the APIX platform before September 30, 2020, midnight EST.
  • Step 2: Each Jury will review the solution on the Apix platform between 1 am New York time on October 1, 2020 and continue until the live pitches and jury deliberation at 9 am New York time on October 5, 2020.
  • Step 3: Each team must be available on October 5 to present their solution live of no more than 3 minutes in front of the jury panel. At the conclusion of the presentation, each judge will assign a score, not shown to the other judges on the APIX platform, and the sum of the scores of the entire panel will determine the final rankings. The Entry that earns the highest overall score will win.
  • Step 4: Once the final rankings have been determined, the top 5 positions will be announced.
What kind of support will be provided for participants?

Selected teams will take part in dedicated workshops to better understand the women's market proposition and the opportunity behind the female economy. In addition, to business and technical workshops. Participating teams will receive as well guidance, expert advice, and full sandbox access on the APIX platform.

Who owns the code developed during the hackathon ?

Teams have full ownership of everything they build at the hackathon and are free to do with it what they wish.

What will the pitch include?

As part of the pitch, Shortlisted teams will demo your hack in front of the jury panel. Then you will deliver a brief (3 minutes) presentation followed by Q&A. Your presentation must state the problem and research behind it, the proposed solution, the go to market strategy and the relevance to the female economy covering the judging criteria.

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For Alliance Hack related queries, please reach out to

For technical queries during registration or proposal submission process, please reach out to