Leading MENA bank launches mobile wallet innovation challenge

May 11, 2020 | Payments

Written by FinTech Alliance

Leading MENA bank launches mobile wallet innovation challenge

A leading bank in the Middle East has launched its latest innovation challenge and invites the FinTech Alliance community to take part.

Entitled “Increasing the impact of the mobile wallet”, the challenge aims to find the most relevant, innovative mobile wallet solutions for the world we live in today.

Covid-19 is driving shifts including the wider adoption of digital across many industries – not least financial services, and this is set to continue after the crisis as we embrace ‘the new normal’.

The bank’s subsidiaries already have mobile wallets in several countries, and it plans to expand this reach even further across the MENA region. Currently the wallets provide services such as QR payments to merchants and peer to peer payment options.

The bank is now looking for “innovative solutions that we can add as services to our wallet solutions to make life easier for businesses and people” and to help “manage day to day activities”.

The challenge is looking for:

  • Any innovation service that will solve any of the pain points that have arisen from, or been highlighted by, the Covid19 crisis
  • Solutions that will drive significant adoption and make a positive impact to economies and societies in the MENA region
  • Solutions that introduce improvements to health, financial and economic aspects across MENA

Acceptable proposals must:  

  • Be either business plan or a complete proposition with a software solution that can be integrated with existing wallet solutions, by APIs or other means.
  • Propose a solution that is easy to implement and use.
  • Highlight how it is relevant to specific markets in MENA – particularly Bahrain, Jordan and Egypt.
  • Define the pain point they are solving in these countries and the wider region.

Does this sound like a solution you have to offer? To take part, email info@fintech-alliance.com to receive further information and an application form.

The deadline to take part is 25 May 2020.

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