Wakaful Accepted into Financial Innovation Lab B40 Challenge
We are delighted to announce that Wakaful has been selected as one of the 18 applications into the United Nations Capital Development Fund (UNCDF) organised bootcamp Financial Innovation Lab B40 Challenge. Wakaful will participate in a 5 day boot-camp held at Orbit Fintech Hub and stands a chance to be awarded upto USD 100,000 as grant.
The teams will be assessed on four categories, namely the impact, practicality, interoperability, and lastly uniqueness and creativity.
The Financial Innovation Lab is an initiative of the UN Capital Development Fund (UNCDF) and the Metlife Foundation. The Lab was set up to find innovative solutions in Financial technology to make digital financial services accessible for low – middle income people in Africa, Asia, and the Pacific. UNCDF has partnered with Bank Negara Malaysia, The Malaysian Digital Economy Corporation (MDEC) and the Metlife Foundation
How Will Wakaful Benefit the Bottom 40%
Only 5% of low-income consumers in emerging economies are currently using micro-insurance products. This presents a problem as insurance and takaful coverage may not be so inclusive. Wakaful aims to make insurance accessible by working with takaful partners to use Wakf, (a perpetual charitable entity) to make insurance more affordable. The intended result is to be able to help make insurance for individuals at very low costs.