Peter Vanham, US Media Lead, Public Engagement, Tel.: +1 212 703 2330 ; Email: peter.vanham@weforum.org
· The World Economic Forum Global Future Council on Financial and Monetary Systems opens applications for its new Financial Literacy Innovations Challenge
· The challenge is being launched to recognize and support fintech firms helping to enhance financial literacy in innovative ways
· Companies can now apply to join the challenge and the winner will participate in the Annual Meeting of the Global Future Councils in Dubai in the autumn
· The deadline for application is 3 May 2019
New York, USA 4 April 2019 – The World Economic Forum’s Global Future Council (GFC) on Financial and Monetary Systems has launched its new Financial Literacy Innovation Challenge. The challenge has been developed to recognize and support fintech firms that are helping to enhance financial literacy in new and innovative ways. The selected firm will have the opportunity to meet and engage with leading financial experts from the private and public sectors and participate in the Annual Meeting of the Global Future Councils in Dubai in the autumn.
Although about 1.7 billion adults remain unbanked, the global community has made substantial progress improving access to the formal financial system and mobile payments. Since 2011, 1.2 billion adults have obtained financial accounts, according to the 2017 Global Findex database. As more people globally gain access to the financial system, it is important they also acquire the skills and knowledge that allow them to make informed decisions. As increased inclusion is usually facilitated by digital solutions, past GFC research has focused on the impact of digitization on financial services providers and general access to finance. The GFC is continuing its inclusion-focused work through the launch of the Financial Literacy Innovation Challenge.
"With this challenge, we will promote innovative solutions to improve financial literacy – an essential pre-condition to empower people financially in an increasingly complex and digital world," said GFC co-chair Axel Lehmann, President, Personal and Corporate Banking, UBS Group, and President, UBS Switzerland. The GFC invites fintechs that are actively developing solutions to enhance financial literacy to apply to the challenge here. The application deadline is 3 May 2019, midnight EST.
Selection
Firms applying will be evaluated on their focus on disadvantaged populations, novelty and distinctiveness of their offering, as well as their reach and scalability of their platforms, the sustainability of their business model, the cost-efficiency of their offering, and the diversity of management teams.
To be considered for the challenge, applying firms should meet the following requirements:
· Have not received more than $3 million in funding since inception
· Launched their product in the past two years
· Their founders must have an ownership stake in the company
The challenge will be judged by current GFC members, including financial systems experts representing both public and private sector institutions. The GFC’s decision will be made by 1 July 2019.
About the Global Future Councils
The World Economic Forum’s Global Future Councils are the world’s foremost interdisciplinary knowledge network dedicated to promoting innovative thinking to shape a sustainable and inclusive future for all. The network convenes more than 700 of the most relevant and knowledgeable thought leaders from academia, government, business and civil society, grouped in expertise-based, thematic councils. It is an invitation-only community and members are nominated for a one-year period. Members of the network meet each year at the Annual Meeting of the Global Future Councils in Dubai, United Arab Emirates, and virtually, several times a year. They also develop recommendations and integrate their findings into World Economic Forum activities such as the Annual Meeting in Davos-Klosters and regional and industry events, as well as global decision-making processes.
Notes to editors
Learn more about the challenge and apply https://wef.ch/flic
Learn more about the GFC here
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