75
countries represented
75
countries represented
6,000+
startups participated to date
96
winners globally
24
innovation programs created
257
finalists
$2.5 billion
in funding raised
How might start-ups help expand financial services for the unbanked and underserved consumers and merchants in Indonesia?
Challenge 1: How might start-ups help expand financial services for the unbanked and underserved consumers and merchants in Indonesia?
Indonesia is the 16th largest economy in the world today, and it is predicted to be the fourth largest economy by 2030. A major driver of economic growth is personal consumption expenditure (PCE), and this remains dominated by cash payment. Persistent low e-PCE penetration is a function of low or poor access to formal financial services for consumers and merchants.
Additionally, there are gaps in assessing credit-worthiness currently, leading to very low penetration of credit card ownership in Indonesia. As a result, many credit-eligible consumers are unable to access loans, resulting in the emergence of a number of alternative credit facilities. Merchants also encounter barriers to accepting electronic payments, including a complex onboarding process.
To expand access to financial services for unbanked consumers and underserved merchants segments to accelerate the growth of electronic payments.
How might start-ups reimagine cross-border remittance services to enable Indonesians to send and receive funds?
Challenge 2: How might start-ups reimagine cross-border remittance services to enable Indonesians to send and receive funds?
More than nine million Indonesians working/living abroad send approximately IDR 118 Trillion annually back to Indonesia using traditional money transfer platforms. In addition, more than 36,000 Indonesian students are studying abroad, and most of them are financially supported by their families back in Indonesia for both living costs and tuition fees. Current platforms for moving money are slow, delayed by processing hold ups and incurring fees for inconvenienced consumers, many of whom do not have access to the formal financial system.
To provide faster and more cost effective remittance services that enhance the user experience by bringing speed and transparency to the process of sending money around the world.
How might start-ups improve how businesses manage their operating processes for both domestic and international business trade / payment flows?
Challenge 3: How might start-ups improve how businesses manage their operating processes for both domestic and international business trade / payment flows?
Business owners are increasingly recognizing the importance of the role of local and cross-regional trade flows and associated supply chain operating processes to manage, plan, control and reconcile trade / payment flows.
Today, business supply chain, logistics, payment operating processes are done manually starting from the negotiation process between buyer and supplier, commercial agreement, send/receive POs, invoicing, shipping documents, delivery of goods/services, and the payment process itself. Some of the payment challenges in the B2B ecosystems include a lengthy collection-to-payment period that often causes companies to source external financing, lack of cash flow visibility and low adoption of automation for payables and receivables.
To simplify and digitize end-to-end B2B processes for optimal trade / payment flows
For any questions, comments or feedback please email [email protected]
Winner
IDR 350,000,000
IDR 75,000,000
Application Period
3 July 2019 – 9 August 2019
Finalists announced*
30 August 2019
Finals
12 September 2019
*Date subject to changes
For Terms & Conditions please click here
David Lee, CEO - Mobidoo
Winner
Vihang Patel, Co-founder - Finaxar
2019 Singapore Winner
Bruno Abrioux, Japan Business Development - Pikcio AG (Japan)
2018 Japan Winner
Tung Le, CEO - EyeQ (Vietnam)
2018 Vietnam Winner
Lertad Supadhiloke, CEO - Sellsuki (Thailand)
2018 Thailand Winner
APIs and documentation for Visa’s most popular digital payment technologies.