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Applications are now open in the UAE for the 2023 edition of the Visa Everywhere Initiative (VEI), a global open innovation competition where startups will showcase their innovative solutions to payment and commerce challenges.
In addition to monetary awards, VEI recipients gain access and exposure to Visa’s extensive network of partners in banking, merchant, venture capital and government. Winners also benefit from being recognized by one of the world’s most trusted and valuable brands.
The Central and Eastern Europe, Middle East and Africa (CEMEA) regional finals will be live on July 27 on TechCrunch – a leading online publisher focused on the tech industry and startup ecosystem. The winning startups in the CEMEA region will compete in the global finals, which will be held at TechCrunch Disrupt in San Francisco on September 19th.
This year, Visa’s VEI CEMEA will set up an award in the field of risk and security for the first time – Fintechs Innovating in Risk Excellence, or “FIIRE” award. Through this special edition, Visa has partnered with Emirates NBD to identify global fintech companies in areas such as fraud management, cybersecurity and credit risk. After a joint judging by representatives of Visa and Emirates NBD, the winning fintech company will receive a prize of US$25,000 and the opportunity to partner with Emirates NBD, the leading banking group in the MENAT (Middle East, North Africa and Turkey) region.
“The Visa Everywhere Initiative is a platform that enables fintech companies and entrepreneurs to showcase the most groundbreaking and impactful solutions in payments and commerce,” said Salima Gutieva, Vice President and UAE Country Manager, Visa.
“Through innovative solutions driven by technology, fintech companies have the potential to bring broad societal benefits to the markets in which they operate – especially in providing financial services to those traditionally underserved. At Visa, we believe in accessing digital The economy drives equitable and inclusive growth, and the VEI is an important means of supporting innovators to play 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, and its network includes nearly 12,000 startups from around the world. Last year, the VEI awarded more than $530,000 in prize money over the course of the competition, which saw the participation of more than 4,000 startups from five regions. VEI 2022 saw Nigeria’s ThriveAgric win the $100,000 VEI Global Grand Prize. ThriveAgric also won a $20,000 Visa Direct prize.
VEI is looking for innovative and ambitious entrepreneurs who advance the community by solving payments and commerce challenges faced by businesses of all sizes and industries, including:
• Enabler and digital publisher of digital services
• Digital distribution
• Add value to merchants and/or consumers in the financial sector
• SME recovery
New categories for 2023:
• Sustainable Fintech
• risk
• city traffic
Awards for this year’s VEI CEMEA Regional Finals (July 27):
• First place: US$20,000
• Audience Favorite: $10,000
• Risk Winner: $25,000
The VEI application deadline is May 14th. – trade arab news agency
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