Fintech Compliance Challenges in Fiji: Pacific Islands FinTech Innovation Challenge Aims to Boost Financial Inclusion
Introduction
In a bid to address financial inclusion challenges in the Pacific Island Countries (PICs), the United Nations Capital Development Fund (UNCDF) has launched the Pacific Islands FinTech Innovation Challenge. This initiative aims to attract local and global fintech companies with market-ready solutions to address identified problem statements.
The Challenge
The challenge, funded by UNCDF, Market Development Facility (MDF), and the Asian Development Bank (ADB), will bring together financial institutions in PICs to support innovation and financial inclusion. Five challenges have been identified:
- Improving access to financial products and services
- Digitizing customer service
- Increasing usage of financial products
- Streamlining foreign exchange
- Enabling e-commerce and in-person POS merchant payment services
To participate, fintech companies must be registered entities with at least two years of operations and audited financial statements.
Winning Fintechs
The winning fintechs will receive support to scale their solutions, including:
- Access to funding
- Mentorship
- Regulatory guidance
The Pacific Digital Economy Programme (PDEP)
The challenge is part of the PDEP, which aims to develop inclusive digital economies in Fiji, Tonga, Samoa, Vanuatu, and Solomon Islands. PDEP is jointly administered by UNCDF, UN Development Programme (UNDP), and UN Conference for Trade and Development (UNCTAD) and funded by the Australian government.
Fintech Compliance Challenges
According to experts, fintech compliance challenges are a significant hurdle to adoption in Fiji:
- “Fintech companies must navigate complex regulatory frameworks, ensure data privacy, and comply with anti-money laundering regulations,” said an industry expert.
- “The Pacific Islands FinTech Innovation Challenge will provide much-needed support to fintech companies looking to expand their services in the region.”
How to Apply
Interested fintech companies can submit their proposals through the UNCDF Plug-and-Play e-investment platform. The deadline for applications is [insert date].
Contact Information
For more information, please contact: ajay.jagannath@uncdf.org, cc uncdf.rfa@uncdf.org Subject: “The Pacific Islands FinTech Innovation Challenge”