📋 Tender Overview
In Mexico important gaps in financial inclusion mean only 68 of adults use at least one financial product even though internet access is at 75.6. The UKs Financial Services Programme sponsored the Sandbox Challenge SC which helped increase financial inclusion in Mexico. It did this by helping Fintech entrepreneurs develop their offerings of digital and innovative financial solutions. The second edition of the SC initiative attracted 200 participants from the United States Taiwan Peru Colombia and Ecuador.To help SC winners develop their business models they obtained bespoke support covering legal advice business-consulting mentoring financial modelling cyber security advisory and programming services among others.MoneyWays a Venezuelan firm provides a digital alternative to the high costs associated with cross-border fund transfers which disproportionately affect migrant workers sending money to their families back home. MoneyWays solution consists of a platform providing money transfers remittances prepaid cards services and payments through a real-time wallet system. According to MoneyWays the support they received allowed them to accelerate the development of their services and have a presence in the Mexican market which in turn helped them reduce the financial burden on remittance beneficiaries.Plataforma 9.9 devised an innovative solution to help women and informal workers access home ownership through a collective circular form of financing. Plataforma 9.9 recognised that participating in the Financial Services Programme gave them an opportunity to build their methodology whilst at the same accessing professional advice that guided them in structuring their services to comply with official regulations. Sagrario Gutirrez member of Plataforma 9.9 sharedWe were provided with skills tools guidance structure transparency and certainty it has been an outstanding experience to help build our solution.Escrivan helps consumers regularise their real estate assets which is critical given that over 50 of homeowners in Mexico currently have irregular property status. By resolving this issue more consumers are able to access equity on their property increase their purchasing power and credit opportunities and thus contribute to a more financially inclusive market.Another seven winners of the SC initiative received similar benefits and were able to advance their offerings of digital and innovative financial solutions. With support from the UKs Financial Services Programme they too are contributing to the expansion of Mexicos Fintech sector and to the financial inclusion of some of the countrys most vulnerable populations.
