Australian businesses with proven expertise in developing market-ready, consumer-friendly digital payments solutions are invited to apply to the Pacific Islands Fintech Innovation Challenge. 

The Challenge aims to address barriers faced by Pacific Island countries (with a focus on Fiji, Samoa, Solomon Islands, Tonga and Vanuatu) in adopting digital payments services and transforming the region's digital payment infrastructure. It is an initiative of the UNCDF-led Pacific Digital Economy Programme in collaboration with the Australian Government's Market Development Facility.

Applications are open for fintechs to submit proposals in May with 10-12 teams shortlisted by a panel of industry leaders in June. Finalists will participate in a two-day bootcamp either in Singapore or Sydney. Shortlisted teams will be assigned a mentor to strengthen their value proposition and refine solutions, with the added option of integrating their solutions with an assigned technology partner. 

All solutions will be assessed by a panel of judges and a winner for each of the five countries will be announced at an event held in July. The winning teams will be provided with prize money of up to US$50,000 to deploy the solutions in the competitive marketplace. Winners will also gain access to support including mentorship, introductions to investor networks, solution testing and regulatory guidance to continue developing and refining solutions.

For further details on how to apply

Applications open: The Pacific Islands FinTech Innovation Challenge - UN Capital Development Fund (UNCDF)

Deadline: 20 June 2022

Contact: UNCDF's Regional Technical Specialist, Ajay Jagannath.