Make The World Financially Healthy. Join Us!

COVID - 19 Financial Health Challenge

#FinHealthChallenge
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The Story Behind The Challenge

Including people in the financial system is more than just letting them have a bank account. It is also about helping them build healthy financial lives and participate in today’s connected economy.

COVID - 19 is a pandemic of both historic public health and economic proportions. In addition to its health implications, it has exposed and exacerbated the instability of our financial and economic systems. Among the most affected segments are informal and daily wage workers, gig economy workers, and small business owners who are suffering from loss of work and income. The pandemic is, therefore, putting the financial health of individuals, communities and by implication, entire countries at stake.

While most governments are doing the best they can in terms of providing both health-care as well as financial support, times like these require swift global cooperation between both the public and private sector.

With support from MetLife Foundation, UNCDF is launching a COVID - 19 financial health challenge. We are looking for solutions that can help build and improve financial health and resilience of individuals and small businesses; as well as solutions that directly address the financial health needs of people who are most impacted by the pandemic, including women, youth and the elderly.

And thus, COVID - 19 Financial Health Challenge was launched by UNCDF and MetLife Foundation, in partnership with Singapore FinTech Festival to drive a more financially healthy society.

What is Financial Health?

Financial Health is a holistic concept that enables us to define, measure and create end-consumer impact more meaningfully and sustainably. With the COVID - 19 crisis upending societies and economies, financial health of all individuals is even more relevant. Financial Health is defined as: "The ability to meet one’s ongoing commitments, now and in the future, and under adverse circumstances, be in control of one's finances and have the ability to meet one's financial goals and enjoy things one values“

Financial Health = Financial Freedom + Financial Resilience

Financial Freedom

The ability to meet one’s financial goals and enjoy things one values

Financial Resilience

The ability to meet one’s commitments under adverse circumstances - think COVID - 19 - or the ability to cope with and recover from a financial shock​

Join us in our

COVID - 19 Financial Health Innovation Journey

Registration

Registration

Commences from 29 May 2020

Register to participate

Submit Proposals

Submit Proposals

Closing Date 5 Jul 2020

Participating teams submit expression of interest/proposals to one or more challenge statements

Shortlisting

Shortlisting

Proposals will be reviewed and shortlisted by an independent panel of experts appointed by UNCDF

Submit Solutions

Submit Solutions

Shortlisted participants would go through a two stage process before the top 2 winners are selected

Evaluation

Evaluation

Evaluation and selection of award winners by independent judging panel

COVID - 19 Financial Health Challenge Problem Statements

COIVD - 19 Financial Health Challenge aims to identify solutions and/or business models that go beyond the basic elements of financial inclusion with an aim to improve the financial health of end consumers (specifically low and moderate income) to gain more control of their financial lives, improve resilience, make informed decisions and achieve their financial goals.

problem card icon
Proposal submissions are closed.

Harnessing Digital Innovation to Improve Financial Resilience

For this problem statement, let's zoom in on the ability to meet one's ongoing commitments under adverse circumstances. We term this ability as financial resilience, or the ability to cope with and respond to a financial shock.

problem card icon
Proposal submissions are closed.

Utilizing Innovation in Helping People Find Financial Freedom

Here we ask for solutions that cater to three specific segments. The proposed solution could address financial freedom for one or more of the following segments and one or more of the outcome questions outlined above.

Prizes Up For Grab

Winning teams will get the chance to:

Gain Capability Development
Support

Access to mentors, wider network and support in launching pilot in UNCDF geographies.

Up To
S$110,000
Cash Prize Per Team

Winning teams will get S$20,000 in cash stipend from MAS and S$40,000 in grant support from UNCDF and a chance to win an additional S$50,000 cash prize from MAS.

Shine at
World’s Largest
FinTech Festival

Winning teams will get to demo at the MAS Global FinTech Hackcelerator as part of Singapore FinTech Festival, the world’s largest FinTech Festival that attracted over 60,000 global audience in 2019.

Eligibility Criteria

financial health challenge eligibility

Any Company registered in any country by 31st August 2020

financial health challenge eligibility

Companies having annual revenue less than USD 1,000,000

financial health challenge eligibility

Possess a minimum viable product (MVP) OR a product available in the market

financial health challenge eligibility

Female led business and teams would be encouraged

Frequently Asked Questions

Need help? Look here for answers to commonly asked questions.

We are looking at solutions or business models that are customer facing and that address specific use-cases/needs of the customer and address the financial health outcomes. We will also consider back-end solutions if there is a clear connection in driving customer usage of financial services.

No, the solution could be non-financial in nature but have financial applications, such as an application that strives to trigger a behavior change. The solution needs to demonstrate the value for end-users and it needs to contribute to improving their financial well-being.

Yes, we would consider applications submitted in partnership. We expect clear goals in this partnership and division of roles.

No, your solution can aim to address the needs of different personas or more than one problem statement of different segment. We are looking at the uniqueness of the proposition and clarity on business model alongside to achieve the desired goal of financial health.

Enablers are established players in the market such as banks and corporates. They play the role of a connector to facilitate early testing of ideas and could provide access to their infrastructure like customers, data, etc. This would vary based on each enabler.

Enablers are expected to be drawn immediately after the application process and they would remain part of the journey through-out.

On-boarding enablers is an ongoing process. We have already been joined by a couple of banks and non-bank actors and we would keep adding them in this process up to application closure. We will publish their names at time of application closure.

The innovation journey adopted by UNCDF will support the selected participants to deploy their solution and refine it through experience immediately after the first bootcamp. The participating team will be closely supported for their specific needs, and to do multiple rounds of iterative testing, before we take them further to pilot. A pilot means a near-commercial deployment and in fully live environment with all forms of go-to market support.

You may submit multiple entries as long as they relate to different projects. However, we will choose one (1) application per company/team.

If you fall under the “Eligible Criteria”, your application will be reviewed by the panel of judges.

Do you still have questions?

Ask the APIX Community or join any of our Webinar Info Sessions!
Click below to register.


4 June - Starts 11 AM*

18 June - Starts 4 PM*

25 June - Starts 11 AM*

*All times are GMT +8

COVID - 19 Financial Health Challenge Hosted By

metlife
III
uncdf

In Partnership With
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COVID - 19
Financial Health Challenge

Media Center
For COVID - 19 Financial Health Challenge related queries please reach out to
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