FinTech Innovation Challenge aims to help address the challenge of financial inclusion in Pacific Island Countries

Two Fijian companies have taken part in the Pacific Islands FinTech Innovation Challenge which aims to help address the challenge of financial inclusion in Pacific Island Countries.

The companies are Infinity PlusOne (Fiji) and ITGalax Solutions (Fiji) Pte Limited (Fiji).

The United Nations Capital Development Fund launched the challenge with the aim to attract local and global FinTechs with market-ready solutions to address identified problem statements which represent the challenges faced by Pacific Islands Countries in developing the digital payments ecosystem.

Reserve Bank of Fiji Governor, Ariff Ali, who was a judge at the 2022 Pacific Islands Fintech Innovation Challenge says in terms of challenges, Fiji like the rest of the world is prone to cybercrime therefore building solutions is crucial to considering data protection.

Ali says the RBF introduced the FinTech Regulatory Sandbox in 2019 aimed at fostering the development of innovative financial solutions in a controlled environment, which is expected to encourage experimentation in FinTech so that innovations can be tested in the market which will promote wider adoption in Fiji, foster increased efficiency and improve the ability to manage risks and the creation of new opportunities and improved standards of living.

He adds in terms of connectivity, infrastructure, and mobile penetration rates – Fiji is one of the best in the Pacific.

Ali says Vodafone’s M-Paisa is a success story for the Pacific – made possible with buy in and assistance from the Fijian government during the COVID-19 pandemic where COVID assistance pay out were directly deposited into the mobile wallets of beneficiaries.