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Women's World Banking Brings Making Finance Work for Women Summit to Mumbai
Leading global nonprofit unlocks women’s financial power and announces the winners of the 2023 Fintech Innovation Challenge
Women’s World Banking, a global leader in advancing financial inclusion for low-income women across the world, is bringing the Making Finance Work for Women Summit to Mumbai, India on 24-25 May 2023. Convening for the first time in person since 2019, the Making Finance Work for Women Summit will provide a space for over 300 leaders in the financial services, investor, philanthropy, policy, and technology communities to come together and discuss innovative ways to economically empower all women through financial inclusion.
“From climate change to the ongoing effects of the COVID-19 pandemic, we continue to face an unprecedented number of events negatively impacting the global economy – often with particularly damaging consequences for women,” said Mary Ellen Iskenderian, President and CEO of Women’s World Banking. “Nearly one billion women across the world still lack access to the formal financial services that would allow them to be resilient in the face of these challenges. The Making Finance Work for Women Summit is one of the ways Women’s World Banking is trying to close the gender gap in financial services. We will showcase proven solutions that can be adapted by financial services providers and policymakers around the globe.”
At this year’s Making Finance Work for Women Summit, attendees will have the opportunity to hear from leaders such as Stephanie Copus Campbell, Australia’s Ambassador for Gender Equality; Soraya Hakuziyaremye, Deputy Governor, National Bank of Rwanda; and Rajesh Bansal, CEO, Reserve Bank Innovation Hub. Panel discussions will touch on everything from finance for displaced women, to gender lens investing, to the role of the ‘S’ in ESG, providing attendees with a space to both better understand why financial power is vital to economic resilience and see what they can do to unshackle women’s financial power.
“We are lucky to have so many thought leaders gathered with us in India, which is where Women’s World Banking’s story began more than 40 years ago and where we continue to do some of our most impactful work,” continued Iskenderian. “With India holding the Presidency for the G20 this year, we could think of no better location for creating innovative pathways to women’s financial inclusion.”
Women’s World Banking is excited to bring back the Fintech Innovation Challenge as a part of this year’s Making Finance Work for Women Summit programming. The Fintech Innovation Challenge is a global competition to showcase solutions that tackle the persistent challenges in serving low-income women. The Challenge will culminate on the final day of the Summit where the four finalists – GajiGesa, IndiaP2P, MeraBills, and Paycode, selected from a field of 98 applications from 34 countries – will deliver their pitches to a judging panel comprised of experts from financial services, technology, innovation, and regulatory bodies. The winner will receive a priority pitch slot at the Inclusive FinTech Forum in Rwanda, powered by Elevandi. The Challenge is sponsored by the Bill & Melinda Gates Foundation and Ernst & Young LLP (EY US).
“Fintechs have a unique advantage in addressing the digital financial services inclusion gap for women. This year’s applicant pool was full of innovative companies with exciting business models for addressing the biggest obstacles to women’s financial inclusion,” said Iskenderian. “All four of our finalists, three of which are led by female founders, hold enormous potential to promote women’s economic security and prosperity.”
Women’s World Banking is committed to promoting financial inclusion and bolstering economic empowerment for women. To date, the global organization has increased access and/or usage of financial products and services to more than thirteen million women in emerging markets. In the last year alone, Women’s World Banking invested eighty-eight million dollars in inclusive finance institutions, reaching over six million women.
The Making Finance Work for Women Summit is presented by Women’s World Banking with support from Leading Sponsor, the Bill & Melinda Gates Foundation and Scaling Sponsor Ernst & Young (EY US). The event is made possible with additional sponsorship from MetLife Foundation, European Investment Bank, The Sasakawa Peace Foundation, International Finance Corporation (IFC), and The United Nations Capital Development Fund. Women’s World Banking is grateful for the ongoing support of its core funders: Australia’s Department of Foreign Affairs and Trade (DFAT), the Swedish International Development Cooperation Agency (Sida), and Visa Foundation.
For more information, follow @womensworldbnkg at #MFWW2023.
About Women’s World Banking
Women’s World Banking designs and invests in financial solutions, institutions, and policy environments in emerging markets to create greater economic stability and prosperity for women, their families, and their communities. With a Global Network reach of 61 financial services providers in 34 countries serving more than 136 million women clients, Women’s World Banking drives impact through its scalable, market-driven solutions; gender lens private equity fund; and leadership and diversity programs.
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Venture Capital Fund Manager Token Bay Capital Granted In-Principle Approval To Invest In Tokens With First of Its Kind License in Abu Dhabi Global Market (ADGM)
- License will permit investment in both the equity and tokens of crypto start-ups
- Opening of Token Bay’s new offices in ADGM aligns with planned second fund
Token Bay Capital Limited (“Token Bay”) is expanding its venture capital footprint in the capital of the UAE and has been granted an in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) to carry out regulated activities in the ADGM. Subject to final regulatory approval for the grant of the Financial Services Permission (FSP), Token Bay brings niche capabilities to manage both token and equity investments in early-stage crypto start-ups under the FSRA’s Venture Capital Fund Manager (VCFM) framework.
Founded in 2021, Token Bay is a leading Crypto Venture Capital Fund that has adopted a regulatory-first approach from day one. Token Bay invests in start-ups building next-generation blockchain infrastructure and decentralized applications for Web3. Building on the success of its first fund, Token Bay is now launching its second fund and will continue to back outstanding entrepreneurs building infrastructure solutions for the new token economy. In addition to Abu Dhabi, Token Bay also has offices in Hong Kong, and is strategically positioned across digital assets hubs in both the Middle East and Asia.
Founder and Managing Partner of Token Bay, Lucy Gazmararian: “This marks the first phase of global expansion for Token Bay, and we’re excited to have been granted the IPA in ADGM for venture capital investment in tokens as well as in equity. Blockchain technology has the potential to drive innovation through tokenization, and as blockchain networks continue to evolve, it is important that as venture capitalists we are fully equipped to support talented founders building in Web3 by directly participating in these networks and taking an ownership stake through tokens. We extend our sincerest thanks to the regulator for their forward-thinking approach and open dialogue so that we were able to reach this important milestone and establish Token Bay in one of the world’s leading international financial centres and digital assets hub.”
ADGM’s progressive regulatory framework, English common law legal framework, status as a leading centre for financial innovation and vibrant blockchain and digital assets ecosystem have attracted Token Bay to set up offices in the capital of the UAE.
Arvind Ramamurthy, Chief of Market Development at ADGM said, “We extend a warm welcome to Token Bay Capital as they join ADGM’s international financial centre and commence their establishment in Abu Dhabi, marking the beginning of their global expansion journey. ADGM is dedicated to cultivating innovation and excellence in the financial sector, particularly within the virtual asset space. With progressive regulatory frameworks that facilitate companies like Token Bay Capital, ADGM’s vibrant ecosystem stands as the optimal platform for initiating their global growth trajectory.”
Token Bay’s Venture Funds offer institutions, multi-national companies, private banks, family offices and high-net-worth individuals the opportunity to invest in an emerging asset class right at the start of a multi-decade cycle.
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Walmart chooses Swisslog ASRS powered by SynQ software to enhance transparency and delivery of quality products in third milk processing facility
SportsEngine co-founder brings payments industry experience and understanding of consumer expectations as PayGround prepares for continued growth
Justin Kaufenberg, Managing Director of Rally Ventures, has accepted an invitation to join the Board of Directors of PayGround, a healthcare fintech payments platform. Kaufenberg, who is the co-founder and former CEO of SportsEngine, brings a unique entrepreneurial perspective as well as a deep understanding of payments and banking.
Rally Ventures participated in PayGround’s Series A fundraising in 2023.
“From our very first conversation, Justin and the Rally Ventures team have been enthusiastic about joining PayGround on our mission to empower individuals and families with a healthcare digital wallet,” says PayGround CEO Drew Mercer. “We are in a season of hyper-growth and innovation at PayGround, and we are looking forward to having Justin at the table as we look for ways to provide additional banking capabilities for both healthcare providers and consumers.”
A core investment focus for Rally Ventures is products that deliver mission-critical software with embedded payments and financial services.
“Fixing the payment process within the healthcare industry has proven difficult because of all of the disparate systems involved. This is an industry in dire need of innovation, and I believe PayGround is approaching the problem in a smart and strategic way,” Kaufenberg says. “I’m looking forward to offering any guidance I can to help PayGround move the healthcare payments industry forward as they develop a strategy that looks to integrate various billing systems into their platform. It’s an exciting time to be a part of this company.”
About PayGround
PayGround is a healthcare payments platform that streamlines the payment experience for providers and patients. For patients, it’s an easy-to-use mobile app to manage, track and pay all medical bills in one secure place. For medical providers, it’s a modernized payment platform that reduces costs, simplifies processes and boosts patient and employer satisfaction. PayGround — the meeting place for healthcare payments. Learn more at payground.com.
About Rally Ventures
Rally Ventures invests exclusively in early-stage business technology companies, focusing on entrepreneurs creating major new markets or bringing transformative approaches to existing ones. Since 1997, Rally Ventures’ partners and venture capital industry veterans have invested in or run early-stage enterprise business-to-business technology companies with a proven ability to deliver superior returns regardless of the overall market environment. For more information visit rallyventures.com.
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