Mastercard and The Ministry of Sustainable Development in Bahrain announce the winner of “The Mastercard Challenge on Financial Inclusion for the SDGs”
October 7, 2024 | Manama, Bahrain
Manama, Bahrain – The winning solution, “Hayat,” emerged victorious in the final pitch of the Mastercard Challenge on Financial Inclusion for the SDGs: Solving for the Future, which was held on the sidelines of Bahrain’s flagship fintech event, ‘Bahrain Fintech Forward 2024,’ at Exhibition World Bahrain.
Developed by Ahmed Alawadhi and Marya Alabbasi, both students at the Bahrain Institute of Banking and Finance (BIBF), along with Matia Ahmed, a student at Bahrain Polytechnic, “Hayat” is a carbon offsetting platform designed to enhance climate mitigation efforts in Bahrain by fostering partnerships and encouraging community involvement. The final pitch showcased the innovative ideas of five finalist solutions, all competing to tackle pressing financial inclusion challenges that contribute to the Sustainable Development Goals (SDGs).
The final pitch event, was attended by H.E. Noor bint Ali AlKhulaif, Minister of Sustainable Development CE of EDB, H.E. Rawan bint Najeeb Tawfiqi, Minister of Youth, and a number of experts in the financial technology sector, and witnessed the five teams present their solutions to a distinguished judging panel comprising of Shamina Singh, Founder & President of Mastercard’s Center for Inclusive Growth & Executive Vice President for Sustainability at Mastercard; and Shaikh Mohamed bin Khalifa Al Khalifa, CEO of Beyon Digital. The judges evaluated the solutions based on their innovation, disruptive potential, feasibility, impact, and alignment with the SDGs.
The winning solution “Hayat” was awarded with a visit to Mastercard’s EEMEA Headquarters in Dubai and a complimentary enrollment in an NFT decoded course offered by the Mastercard Academy, which unlocks exclusive access to on-demand and instructor-led training from Mastercard experts, helping the winning team to build the skills needed to succeed in the world of fintech and payments. The winner also received a three-months paid internship at the BENEFIT Company. The winner was also given access to supportive tools from Tamkeen through Startup Bahrain from partners like Reboot, Zoho, Freshworks, Ordable, and HyperGrowth, providing essential support to scale their solutions and enhance their business growth potential.
On this occasion, Her Excellency, Noor bint Ali Alkhulaif, the Minister of Sustainable Development Chief Executive of the Bahrain Economic Development Board said: "Through initiatives like the Mastercard Challenge on Financial Inclusion for the SDGs, we are providing opportunities for Bahrain's youth to develop practical solutions using financial inclusion as a key enabler to a achieve a more sustainable future. The focus of the challenge is particularly important given Bahrain's position as a regional financial hub and by equipping youth with the skills and tools like data analytics and artificial intelligence, we are investing in the future of our financial sector and strengthening Bahrain's role as a champion and leader in this field. Our partnership with Mastercard is a prime example of how collaborations between the public and private sectors can empower young talent and drive innovation. This collaboration aligns with the Ministry of Sustainable Development's commitment to fostering a culture of innovation and sustainability.”
Shamina Singh, founder and president of the Mastercard Center for Inclusive Growth said: "We are incredibly proud to have witnessed the passion demonstrated by the students today. Their creativity and commitment to addressing and solving for tomorrow through homegrown innovation is truly remarkable. Through our partnership with the Ministry of Sustainable Development in Bahrain, Benefit, Tamkeen, and Startup Bahrain, we have created this platform to provide young leaders with the opportunity to showcase their potential and contribute to a more sustainable future. This challenge aligns perfectly with Mastercard's commitment to digital inclusion and fostering inclusive growth. We are excited to follow the students’ journeys as they continue to thrive and drive positive change in Bahrain and beyond.”
The Mastercard challenge, a collaboration between Mastercard, the Ministry of Sustainable Development, BENEFIT, the Labour Fund (Tamkeen), and StartUp Bahrain, brought together some of Bahrain's brightest university students. The finalists, selected from an initial pool of participants, underwent an intensive three-week summer bootcamp and one on one mentorship sessions where they honed their ideas and developed prototypes under the guidance of industry experts.
The challenge highlighted the innovative potential of Bahrain’s youth, showcasing their ability to tackle complex global challenges through creativity and cutting-edge solutions. It demonstrated the nation’s commitment to nurturing young talent, empowering them with the tools, resources, and mentorship needed to develop impactful solutions. By providing these emerging innovators with opportunities to showcase their capabilities on a global stage, Bahrain is fostering a culture of innovation, inspiring its youth to drive forward a more inclusive and sustainable future for the country and beyond.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
