Manama, 13 February 2023 — Brankas, a Singapore-based fintech, today announced that it has been appointed by Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, to provide new and improved open finance infrastructure in the region.
- Out of 30 teams and startups which applied for the Challenge, 11 were selected for their problem identification, product relevance, innovation, and team dynamism.
- Brankas and Kaya Founders, along with local partners, provided mentorship, support, and product development.
- The representatives from the 3 finalists Mochi, Dyipay & Cropital went on to present at the Singapore Fintech Festival between 2nd and 4th November 2022, fully sponsored.
- Cropital emerged as the winner of the inaugural Open Phinance Challenge 2022 and would be eligible for USD 100K in investment and much more!
Brankas joined hands with Kaya Founders to launch Open PHinance Challenge for early-stage startups in the Philippines. The Open PHinance Challenge was an 8-week accelerator programme to generate innovative, high-value Open Finance products for early-stage startups in the Philippines to creatively solve the needs for consumers to have more financial inclusion and accessibility.
During those eight weeks, participating teams underwent week-long intensive discussions centered around product ideation, business development, user validation, regulatory compliance, pitching and fundraising.
Under the guidance of subject matter experts, participants developed a unique product and pitch. The teams were evaluated based on their product and pitch on the Demo Day in Manila on October 14, 2022. They were judged by a panel of investors, leading startup founders, and open finance experts on various metrics, including product and business viability, investability and pitch quality.
Finalists of the inaugural Open PHinance Challenge 2022
The Demo day was a roaring success with 80 people attending in support. Brankas would like to specially thank all our judges who volunteered their valuable time to provide feedback and encouragement to the participants. The event had really engaging presentations and the judges had a rather difficult time choosing the winners.
After much deliberation, the judges awarded the top prize to Cropital, an agriculture crowdfunding platform that provides farmers access to scalable and sustainable financing. Cropital took home USD 100,000 in equity capital and an offer to onboard as a venture with Kaya Founders.
First runner-up went to Mochi, a B2B “Buy Now, Pay Later” startup that aims to help MSME merchants purchase supplies without worrying about cash on hand. Second-runner-up was awarded to DyipPay, a fintech startup servicing the public utility vehicle sector that has developed an app for automated fare collection systems for cashless and cardless transactions.
The top three teams each received USD 15,000 worth of AWS credits, and got a chance to present their innovative ideas at the Singapore Fintech Festival 2022, which was held from November 2-4 in Singapore.
Cropital emerged as a winners of the inaugural Open PHinance Challenge 2022
Singapore Fintech Festival
The 3 finalists were given the opportunity to showcase their technology at both Singapore Fintech Festival and Philippine Fintech Festival. In Brankas, we believe in enabling Startups, MSMEs, and institutions to provide high-value services centered toward financial inclusion. The top 3 winners of Open Phinance Challenge 2022 ring true in this endeavor and deserve all the support they need to build a more financially inclusive future for everyone. We couldn’t be more honored to be one of their early supporters in their pursuit of success. Congratulations again on a wonderful presentation at Singapore Fintech Festival 2022!
OPC Finallists presenting at Singapore Fintech Festival 2022
This growing wave of new Philippine startups involved in Open Finance is sparking the future of financial inclusion across the world. Brankas is incredibly excited about the new opportunities and we look forward to taking our accelerator program to other cities in 2023.
Special Mention to Participants, Speakers, Mentors, Judges, and Partners
This would not have been possible without the support of our partners, speakers and mentors and on behalf of Brankas and Kaya Founders, we would like to thank all of you for making this a huge success!
Finalists for Open PHinance Challenge 2022
Partners of Open PHinance Challenge 2022
Panel of Judges for Open PHinance Challenge 2022
Speakers and Mentors for Open PHinance Challenge 2022