The Milken Institute and Motsepe Foundation have revealed the 10 teams advancing to the Semifinalist Round of the Milken-Motsepe Prize in FinTech. Each team will receive $100,000 in funding to develop innovative financial solutions.
These teams responded to a global call for applications, aiming to expand financial inclusion in emerging and frontier markets.
They will showcase their innovations at the Milken Institute’s Middle East and Africa Summit in Abu Dhabi, UAE, on December 5-6, 2024.
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Innovation Showcase to Narrow Down Finalists
During the event, the 10 teams will pitch their ideas to a panel of expert judges and investors. Three finalists will be selected based on the potential of their solutions to improve financial inclusion for underserved communities. The final evaluation will focus on impact, scalability, and sustainability.
The competition will award a total of $2 million in prizes, including a $1 million Grand Prize. The Milken Institute will announce the Grand Prize winner at its Global Conference in Los Angeles in May 2025.
Emily Musil, Senior Director at the Milken Institute, stated, “By supporting these pioneering teams, we aim to foster financial inclusion. Moreover, we will empower entrepreneurs who drive economic growth and opportunities in their communities.”
The semifinalist teams are operating across nearly 30 countries in three continents. Over the next four months, they will test and scale their solutions, potentially creating significant breakthroughs in financial inclusion globally.
“These teams’ innovations hold the potential for significant breakthroughs in financial inclusion for underserved communities on a global scale,” Musil added.