In recent years, the fintech industry has become of great interest to Moldovan entrepreneurs. Several Moldovan startups or financial and IT companies have focused their attention on what fintech means and the potential benefits for the society. For this purpose, powered by Moldova Agroindbank and MasterCard, Startup Moldova with the support of USAID and Sweden within the TEKWILL Project launches the “FinTech Vertical 2021” – an extensive program dedicated to tech startups that develop solutions in the field of financial services. It is a platform that connects all actors in the industry (financial/banking and IT companies, etc.) and creates collaboration bridges for the development of innovations and startups in the most promising tech field.
“Digitalization and innovation are part of Moldova Agroindbank’s agenda, which is why we decided to join forces with FinTech Vertical 2021 partners to accelerate the identification of digital solutions in the field of financial services, stimulate innovative thinking and approach, support young people in IT and tech startups. The trend of digitalization of the banking system is fulminant and we are confident that through the program we will be able to further increase the speed of implementing digital solutions within MAIB, capitalizing on the talents in our country and supporting interesting projects that will be developed”, stated Aliona Stratan, First Deputy Chairwoman of Moldova Agroindbank
„Fintechs have evolved as a new force that is changing the landscape of the financial industry, contributing to rapid digital transformation and giving consumers more choice. Worldwide Mastercard was the chosen partner for the top fintech brands. Through our dedicated programs, we help startups to develop their business, offering them the knowledge of a global Mastercard network, access to our customers and partners, but also to increase the capacity for innovation. Our mission is to contribute to the development of the ecosystem and the creation of new opportunities for collaboration, for the benefit of industry and the consumer. We are pleased to support „Vertical Fintech 2021” together with our partner Moldova Agroindbank, and I believe that this will bring new opportunities for Moldovan startups and stimulate the latest fintech solutions on the market, with a special focus on convenience, safety, and security „, has declared Yuriy Batkhin, Vice President, Market and Business Development, Mastercard Ukraine and Moldova.
In the long-term, the ecosystem will benefit from a number of advantages: enhanced international competitiveness for Moldovan companies and enterprises, a better developed local market for B2B startups, accelerating entrepreneurship within the country, more foreign investments on the Moldovan market, financial resources in the startup ecosystem, including the growth of the country’s Gross Domestic Product.
“One of the areas with great development potential in the Republic of Moldova is financial technology. Given that IT accelerates processes and changes paradigms, startups and IT specialists can become more involved and contribute to the process of technologicalization of services in the banking and financial field. That is why FinTech Vertical 2021 will help them collaborate and find a connection: on one hand – in detecting the problems faced by banking companies in the country, and on the other – in offering relevant IT solutions in order to change the way these services are provided to society”, said Ana Chirița, Director of strategic projects, ATIC.
What actions will we take?
FinTech Hackathon. On April 23-25, a hackathon that will bring together future IT engineers, information technology enthusiasts and specialized programmers interested in this industry will be organized, in order to develop practical solutions in the field of finance. For 3 days, the participants will acquire knowledge and experience on the pressing problems in the banking and financial field, will find out about the current challenges and will look for technological solutions for the development of the fintech ecosystem in the country. The partner companies will discuss good practices in the field, but also innovative approaches to industry development. Divided into teams, the participants will learn to determine the scalability of some problems faced by the banking and financial field and to propose further IT solutions. FinTech Hackathon will host over 30 teams, becoming a starting point in selecting the participating teams for the next stage – the Accelerator.
Fintech Accelerator. In the second stage, the accelerator will support the 10-12 teams of start-ups selected in the initial stage to access the resources they need to develop fintech products and to move to the next level – the piloting. The accelerator aims to create connections between participating B2B startups and financial/banking enterprises. Participating companies have the opportunity to present and test their products at the end of the acceleration program. The target for acceleration and investment are innovative young companies with high potential for international development and expansion.
Conference. “FinTech Vertical 2021” will culminate in a conference attended by experts, startups, and all those connected to the financial industry. Here, the problems, fintech solutions, and needs of the field will be discussed, in order to build new business models through which the banks, companies in the field of financial services, and other market players could offer the best services to customers and business partners. The event is expected to bring together about 400 participants.
Do you have an innovative idea? Do you represent a startup or a financial company? Sign up for the FinTech Hackathon and participate in the technologicalization of financial services.