Applications are now open in UAE for the 2023 edition of the Visa Everywhere Initiative (VEI), a global open innovation competition that sees startups pitch their innovative solutions to address payment and commerce challenges.
In addition to monetary prizes, VEI winners gain access and exposure to Visa’s vast networks of partners in the banking, merchant, VC, and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands.
The Central and Eastern Europe, Middle East and Africa (CEMEA) regional finals will be livestreamed on July 27 on TechCrunch – a leading online publisher focused on the tech industry and the startup ecosystem. The startup that wins at the CEMEA Regionals will participate in the global finale, which will be held on September 19 at TechCrunch Disrupt in San Francisco.
This year, Visa's VEI CEMEA is set to introduce for the first time an award in the Risk and Security domain - Fintechs Innovating in Risk Excellence, or ‘FIIRE’, Award. Through this Special Edition, Visa in partnership with Emirates NBD are scouting for global Fintech players across fraud management, cybersecurity, and credit risk, among others. Following a joint review by Visa and Emirates NBD representatives, the winning Fintech will receive a $25,000 prize and an opportunity to work with Emirates NBD, a leading banking Group in the MENAT (Middle East, North Africa and Turkey) region.
“The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce,” said Salima Gutieva, Visa’s VP and Country Manager for UAE.
“Through their technology-driven, innovative solutions, fintechs have the potential to offer broad social benefits to the markets they operate in – particularly when it comes to providing financial services to those who have traditionally been underserved. At Visa, we believe access to the digital economy drives equitable, inclusive growth, and VEI is an important means of supporting the innovators playing a leading role in this space.”
Since its launch in 2015, VEI has helped startups representing more than 100 countries collectively raise more than $16 billion in funding, with a network that includes nearly 12,000 startups from across the globe. Last year, VEI awarded more than $530,000 in prize money over the course of the competition, which saw over 4,000 startups participate from five regions. VEI 2022 saw Nigeria’s ThriveAgric take home the VEI Global grand prize of $100,000. ThriveAgric also won the $20,000 Visa Direct prize.
VEI is seeking innovative and ambitious entrepreneurs who are uplifting communities by solving payment and commerce challenges faced by businesses of all sizes and sectors, including:
• Enablers of digital services and digital issuers
• Digital issuance
• Value-add for merchants and/or consumers in the finance space
• Small- and medium-sized business recovery
New categories for 2023:
• Sustainable fintechs
• Risk
• Urban mobility
This year’s prizes for VEI CEMEA Regional Finales (July 27):
• 1st place: $20,000
• Audience Favourites: $10,000
• Risk Winner: $25,000
The application deadline for VEI is May 14. – TradeArabia News Service
VEI calls applications in UAE for innovation contest
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