Women MSME FinTech Innovation Fund 2019
UNCDF, in collaboration with UNESCAP, is launching Women MSME FinTech Innovation Fund which is an Innovation Fund on digital solutions for micro, small, and medium-sized enterprises in Asia-Pacific.
The Innovation Fund seeks to co-fund companies to pilot innovative digital and financial solutions that improve access to finance and/or enhance the operational efficiency of women-led MSMEs. Applicants will be invited to complete an online application form outlining how the project will improve access to finance and/or enhance operational efficiency for women-led MSMEs in one or more of the target countries, and presenting the full implementation and technical details of the proposed pilot testing. Shortlisted applicants will be invited to deliver a presentation to an Investment Committee.
The Investment Committee will score the proposals according to:
- The innovativeness of the proposed solution
- The additionality of the project (e.g. enabling new or innovative approaches to be piloted that would not normally be financed through commercial financing routes)
- The practicality of implementation
- The sustainability of the proposed solution
- The potential impact of the solution on MSMEs in general and women-owned, managed or led MSMEs in particular.
- The scalability potential of the proposed solution
- The experience of the applicant in the proposed field
The Investment Committee may also consider additional factors when scoring the proposals.
Successful applications will receive up to US$ 50,000 of co-funding, technical assistance (development and design), mentorship, connection with investors. If the pilot is successful, it may also be possible to gain additional grants or financing from UNCDF or partners for project scale-up.
The Innovation Fund is targeted at solutions that are ready for pilot testing and will provide the US $25,000 to US$ 50,000 of co-funding for selected projects. Selected applicants will be expected to fund at least 30% of the total project cost. UNCDF will provide successful applicants with:
- Technical assistance (development and design)
- Connection with investors
- Early-stage grant
- If the pilot is successful, it may also be possible to gain additional grants or financing from UNCDF or partners for project scale-up.
The grant fund will be based on agreed milestones and provided as reimbursement for project costs incurred. The payment schedule will be as follows:
- 80% subject to completion of interim milestones.
- 20% final payment subject to completion of final milestones
Eligible applicants who can apply for the Innovation Fund include:
- Regulated Financial Institutions (Banks, MFIs, Insurance Companies)
- Payment Service Providers
- Agent Banking Aggregators
- Mobile Network Operators
- Technology Providers
- FMCG/Agriculture/Other Companies
- FinTech Companies
The applicant can be based anywhere globally, but the project must target women-owned, managed or led MSMEs in one or more of the target countries.
The target countries include Bangladesh, Cambodia, Fiji, Myanmar, Nepal, Samoa, and Viet Nam.
Eligible Regions: Open for All
Apply through the given link
Application Deadline: April 30, 2019
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