As a Nation, we’re progressing to be better and smoother in terms of our daily financial transactions and investments. Some innovative solutions have been created in the industry, but as a developing country, technology innovation needs a lot of catch up to fix problems in society. One simple problem that yet to be solved is about the ease of sending and receiving money from abroad. Right now, it’s still expensive, difficult and mostly need manual process to do that. More products and innovations needed to make this process easier.
Last week, VISA Indonesia has launched the inaugural Visa Everywhere Initiative in Indonesia, a competition which challenges the country’s fintech startups to share their products or ideas to solve commerce challenges of the future.
VISA is looking for a solution for one of the following three challenges:
• Expand access – How might start-ups help expand financial services for the unbanked and underserved consumers and merchants in Indonesia?
• Remittance – How might start-ups reimagine cross-border remittance services to enable Indonesians to send and receive funds?
• B2B – How might start-ups improve how businesses manage their operating processes for both domestic and international business trade / payment flows?
The competition is open for entries from July 3 to 2nd of August 2019. Pak Riko Abdurrahman, President Director VISA Indonesia said, VISA is looking for startups/products/ideas who are innovative and especially relevant to VISA’s assets.
Finalists of this competition will pitch their idea to a panel of judges in Bali on September 12, 2019. The grand prize would be IDR 350,000,000 and IDR 75,000,000 for Audience favorite prize. Not only cash money, winners of VISA Everywhere Initiative will also get mentoring session to strengthen their products and, the most exciting part, exposure to VISA’s merchants and partners.