Fintech News
Data Republic website
Published
Share
Share on facebook
Share on twitter
Share on linkedin
Share on email

Applications open for FinForward Financial Inclusion Platform

FMO, the Dutch development bank, is joining forces with above & beyond to offer FinForward, a platform for financial inclusion in Africa. FinForward matches fintech companies, Financial Institutions (FIs) and Mobile Money Providers (MMPs). The platform provides a testing environment in which participating banks and Fintechs can test and integrate new financial technology solutions in a safe and secure manner. The new platform aims to accelerate the digitization of the financial industry in Africa. The matching and integration tool will help fintech companies accessible and African financial institutions to them to reduce costs, innovate, add services, tap into new revenue streams and work towards open banking platforms. Andrew Shaw, FMO’s Senior FinTech Specialist, said:

“We feel that the FinTech conversation is less about who is the disruptor and who is the incumbent, and more about the ecosystem and new partnerships and alliances. We want to stimulate collaboration where it makes commercial sense, and where we can improve financial inclusion.”
Jorge Ruiz, Co-Founder & CEO, Above & Beyond Tech, added:
“FinForward is one of a kind initiative that facilitates collaboration between Financial Institutions, Mobile Money Providers and FinTech companies. We are building a thriving interconnected global ecosystem integrated through one single platform.”
FinForward was launched today at FMO’s headquarters in The Hague. It was attended by above & beyond’s CEO Jorge Ruiz, CTO Mauricio Lorenzetti, and a range of financial inclusion stakeholders from the Netherlands. Ruiz told the audience:
“When you’re a bank and dealing with multiple fintechs, you don’t want to deal with one in Brazil and another one in London… we want this to be like apps in a store… they just deal with our technology, and they don’t really mind where the fintech sits, what currency is used.. we try to take the friction out.”
Applications are now open for fintech companies to join the platform and participate in the nine-month program. The program works as follows:
  • Outreach: banks, mobile money providers and fintechs are invited to join
  • Fintech Opportunity Scan: participating banks and mobile money providers define their problems and needs
  • Matching: pairing of fintechs based on problem definition
  • Acceleration & Integration: testing of fintech solutions in a sandbox and integrating the technology into the bank’s operations
  • Showcase: demonstrate success during showcase days
In the first week of March, FMO and above & beyond will host a demonstration day in The Hague.   About FMO FMO is the Dutch development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development, and has a more than 45-year proven track record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.0 billion spanning over 92 countries, FMO is one of the larger bilateral private sector developments banks globally. For more information, please visit www.fmo.nl.]]>

Share this Article
Share on facebook
Share on twitter
Share on linkedin
Share on email
Related Insights
Featured
Amsterdam Fintech Week
Take a look at our yearly fintech festival, Amsterdam FinTech Week. Go on the dedicated website to check out the 2021 wrap up!
AMLD5 Guide
A source for consulting PSD2 legislation coupled with commentary, tips & tricks, applicability, in collaboration with our member law firms.