Financial Crime Prevention in Fintech in Solomon Islands

Introduction

In an effort to boost financial inclusion and digital payments in the Pacific region, the United Nations Capital Development Fund (UNCDF) has launched the Pacific Islands FinTech Innovation Challenge. This initiative aims to attract local and global fintechs with market-ready solutions to address identified problem statements that represent the challenges faced by Pacific Island Countries in developing the digital payments ecosystem.

Challenges Identified

The following five challenges have been identified for fintechs to address:

• Improving access to financial products and services
• Digitizing customer service
• Increasing usage of financial products and services
• Streamlining foreign exchange
• Enabling e-commerce and in-person POS merchant payment services

Eligibility Criteria

To be eligible, applicants must meet the following criteria:

• Be a registered entity with at least 2 years of operations as a fintech company
• Have audited financial statements for at least one operating year
• Have relevant operation licenses when applicable

The challenge is open to fintechs globally, including those from Pacific Island Countries.

Support and Implementation

Winning fintechs will receive support to implement their solutions in the Pacific region. To apply, fintechs must submit their application through UNCDF’s dedicated online platform by [insert deadline].

Context

The Pacific Islands FinTech Innovation Challenge is part of the UNCDF’s Pacific Digital Economy Programme (PDEP), which aims to develop inclusive digital economies in the Pacific by applying digital solutions that meet the needs of vulnerable islanders, narrowing the digital divide. The programme is implemented in Fiji, Tonga, Samoa, Vanuatu, and Solomon Islands.

Impact

The challenge is a critical step towards preventing financial crime in fintech in Solomon Islands and promoting financial inclusion in the Pacific region.