Applications Now Open in Pakistan for Visa Everywhere Initiative
The Visa Everywhere Initiative (VEI), a global open innovation competition where businesses pitch their creative ideas to address tomorrow’s payment and commerce concerns, is accepting applications for its 2023 edition in Pakistan right now.
Winners of the VEI get cash awards as well as access to and visibility from Visa’s extensive networks of partners in the banking, merchant, venture capital, and governmental sectors. The winners also gain from being recognized by one of the most prestigious and valued brands in the world.
On July 27, the Central and Eastern Europe, Middle East, and Africa (CEMEA) finals will be live-streamed on TechCrunch, a renowned website dedicated to the startup ecosystem and the technology sector. The startup that triumphs at the CEMEA Regionals will compete in the global finals on September 19 at TechCrunch Disrupt in San Francisco.
The Fintechs Innovating in Risk Excellence, or ‘FIIRE’, Award will be presented by Visa’s VEI CEMEA this year for the first time. Through this Special Edition, Visa and Emirates NBD are on the lookout for international Fintech leaders in a variety of fields, including credit risk, fraud management, and cybersecurity. The winning Fintech will receive a $25,000 reward and the chance to cooperate with Emirates NBD, a top bank group in the MENAT (Middle East, North Africa, and Turkey) area, after a joint evaluation by Visa and Emirates NBD executives.
According to Umar Khan, Visa’s Country Manager for Pakistan, “The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase the most innovative, significant solutions in the world of payments and commerce.” “Fintechs have the ability to provide significant social benefits to the markets they operate in through their technology-driven, innovative solutions, especially when it comes to delivering financial services to individuals who have historically been underserved. The Visa Enterprise Initiative (VEI) is a crucial tool for assisting the innovators taking the lead in this field since, in our opinion, having access to the digital economy promotes equitable and inclusive growth.
With a network of approximately 12,000 entrepreneurs from around the world, VEI has assisted startups from more than 100 countries in raising more than $16 billion USD in funding since its founding in 2015. Over 4,000 companies from five areas participated in the competition last year, in which VEI gave more than $530,000 USD in prizes. Nigeria’s ThriveAgric won the $100,000 USD VEI Global grand award in VEI 2022. Also winning was ThriveAgric for the $20,000 USD Visa Direct award.
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VEI is seeking innovative and ambitious entrepreneurs who are uplifting communities by solving payment and commerce challenges faced by businesses of all sizes and sectors, including:
Enablers of digital services and digital issuers
- Blockchain and cryptocurrency
- BIN sponsors
- Program managers
- Blockchain and cryptocurrency
- Alternative lending
- Personal financial management
- Money transfer and remittance
- Digital banking (aka neo banks)
- Digital wallets, peer-to-peer (P2P) and transfers
- Employee benefits
- Corporate cards (aka expense management)
Value-add for merchants and/or consumers in the finance space
- Data and analytics
- ID, authentication, and security
- Merchant services and tools
- Process and payment infrastructure
- Retail technology
Small- and medium-sized business recovery
- Money movement (disbursements, Intra-account, P2P vendor, and payments)
- Acceptance (e-commerce and mobile acceptance)
- Risk management (chargebacks, etc.)
- Brand management (Community building, etc.)
New categories for 2023:
- Sustainable fintechs
- Urban mobility
This year’s prizes for VEI CEMEA Regional Finales (July 27):
- 1st place: $20,000 USD
- Audience Favorites: $10,000 USD
- Risk Winner: $25,000 USD
The application deadline for VEI is May 14th.
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