FinTech 2017 Problem Statement coming soon, here is the problem statement from 2016:
Over the past 5 years, access to bank accounts in Mexico has grown to 39%, an increase of 10% since 2010. While the progress is promising, 75 million Mexicans still lack the access to financial services needed to support their families and small and medium businesses (SMBs), as well as to protect them from financial shocks. Although many national and international financial institutions are exploring ways to serve this unbanked segment, they’re stifled by the cost of service, poor infrastructure, inability to validate user identity, outdated regulations and credit scoring methods, low competition, and lack of incentives to change.
To address these challenges, Village Capital, sponsored by PayPal and BlackRock, is hosting a 3-month business training program for innovative early stage FinTech ventures from throughout Mexico. The program will be held in Mexico City, but will bring together prominent stakeholders, leading investors and industry experts from across the country in efforts to collectively tackle these issues around financial inclusion.
Village Capital and its partners seek financial technology entrepreneurs with market-based solutions that:
Develop user-friendly products and services that align with needs of the underbanked and SMBs in the Mexican context;
Innovate in credit scoring to enable affordable access to credit;
Reliably authenticate user identity, such as through blockchain, biometrics, behavioral data, and open networks;
Increase financial literacy and provide incentives for cash-centric consumers to adopt traditional and digital financial services;
Improve distribution channel infrastructure, enabling financial institutions to affordably and efficiently serve rural and urban unbanked populations.
Furthermore, eligible enterprises must
Have at least 1 full-time employee based in Mexico, Colombia, Argentina, or Chile
Have meaningful customer validation (this is not limited to revenue, can also include betas, pilots, strategic partnerships, etc.)
Address the financial inclusion problems identified above
Workshop 1: Sept 6-9 – Location TBD
Workshop 2: October 11-14 – Location TBD
Workshop 3: November 14-17 – Mexico City
Applications Open May 29