Financial Innovation Lab (FinLab BD) has awarded three organisations with around Tk 1.76 crore for innovative ideas to develop women-friendly solutions to increase institutional participation of women in the country’s financial transactions and to protect micro, small, cottage and medium (CMSME) entrepreneurs.
The winners of the “Women’s Financial Inclusion Challenge 2022” and the “CMSME Innovation Challenge 2022” were awarded in a ceremony organised at the auditorium of the Bangabandhu Military Museum in the capital on Monday, read a press release.
Dana Fintech, Mutual Trust Bank (MTB), and Apon Wellbeing were recognized as the top innovators with outstanding digital solutions for promoting financial inclusion. In appreciation of their innovative ideas, Dana Fintech received a demo check of Tk 75 lakh, while MTB was awarded Tk 50.75 lakh, and Apon Wellbeing received Tk 50 lakh.
As the chief guest Executive Director and Spokesperson of Bangladesh Bank Md Mezbaul Haque handed over the prizes. Ideas will be tested and implemented under the supervision of the Bangladesh Bank.
MetLife Bangladesh Chief Executive Officer (CEO) Ala Uddin Ahmed and Managing Director of BRAC Bank Ltd Selim RF Hussain were present as special guests. Project Director (Joint Secretary) of a2i Md Mamunur Rashid Bhuiyan presided over the event.
Dana Fintech will develop a credit scoring system through their innovation that will create financial accessibility for small and medium enterprises to get loans digitally. Mutual Trust Bank, through their innovative idea of “Daylight Loan” will create a financial loan model through which small businessmen will get the opportunity to take loans every day.
They can take a loan in the morning and repay it before sunset. As a result, small and medium traders can expand their businesses. Meanwhile, Apon Wellbeing will create an omnichannel platform through which garment workers, especially women, will come under financial inclusion. They will be able to purchase and store daily products through this platform in their garment factories. At the same time, they will have the facility of saving and taking loans through it.
Out of 123 innovative ideas from across the country, three were shortlisted for the award by an esteemed panel of judges through several stages, including initial screening, bootcamp, grooming, and a technical evaluation panel.
“In order to accelerate financial inclusion, it is very important to take innovative initiatives in the financial services sector and develop new fintech products. a2i projects always have a culture of innovation and aim to provide opportunities for young entrepreneurs to take up innovative ventures. Innovation needs to be linked to the country’s ecosystem for financial inclusion. If we can make the payment system cashless, then it will be possible to take citizen services to a more marginal level and bring financial inclusion. If these are implemented, it is possible to fulfill the goal of a smart Bangladesh that the government is dreaming of. Bangladesh Bank is committed to building a non-discriminatory society with the cooperation of all,” Mezbaul Haque said.
“MetLife is committed to contributing to the economic development of Bangladesh through insurance services, manpower, and investment. Access to financial services plays an important role in improving people’s standard of living. That’s why MetLife makes working to expand financial inclusion a priority. Through the FinLab platform, we are delighted to support organizations working on innovative ideas to increase financial inclusion in the country,” Ala Uddin said.
“FinLab BD is a great initiative, which will accelerate financial inclusion through innovation and piloting of new FinTech products, and I believe that the selected innovators through FinTech Innovation Challenge-22 will develop new financial innovative products that will have opportunities, which will play a special role in financial inclusion of women and financial accessibility of small and medium enterprises,“ Bhuiyan said.
a2i, the United Nations Capital Development Fund (UNCDF), and Microsave Consulting (MSC) jointly developed the FinLab BD platform to support startups and entrepreneurs in creating sustainable business models to contribute to the achievement of SDG targets in Bangladesh.
Minister of State for Information and Communication Technology (ICT) Zunaid Ahmed Palak inaugurated it in October 2021. At present, FinLab BD is operating with the support of the Bangladesh Government, the Bill & Melinda Gates Foundation, and the MetLife Foundation.
The Digital Financial Service Specialist of a2i Md Tahurul Hasan and the Director of the Financial Inclusion Department of Bangladesh Bank Md Nazrul Islam besides senior officials of all ministries/departments related to a2i and financial services, the central bank, the regulatory fintech facilitation office, government and private financial service providers, fintech companies, small and medium industries, and start-up companies also were present at the programme.
