Colombian startup Aflore wins Fintech Innovation Challenge in Singapore

Want to know a scary fact? According to the non-profit Women’s World Banking, there are over one billion women around the world with no access to financial services.

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Identifying this issue, recently Aflore from Colombia took away top honors at the FinTech Innovation Challenge, sponsored by the NYC-based organization dedicated to ending economic gender disparities. Specifically, Women’s World Banking offers micro-loans to women-led economic initiatives from around the world.

Running from October 22 to 23 in Singapore, both Aflore and PULA Advisors from Kenya came out victorious after pitching to a panel of judges.

By taking first place, not only did these startups earn one-year membership at Women’s World Banking, but also valuable exposure to potential investors. All the while, they became finalists in another related event, the Global FinTech Hackcelerator Demo Day.

This competition will take place on November 11 as part of the Singapore FinTech Festival. Ultimately, the top three finalists of this upcoming event will receive a cash prize of SGD$50,000 (approximately US$37,000).

Another perk? Aflore is on-track to obtain a Proof-of-Concept grant worth SGD$200,000 (around US$147,000). The Monetary Authority of Singapore distributes these grants to groups developing innovative technology for the finance sector.

Facilitating credit access

Some of you may be wondering, what was Aflore’s proposal that gave them the win? Simply put, a consumer-friendly solution built around trust and transparency.

For many, receiving a loan can be tough, not to mention confusing. From “reading between the lines” to complex legal clauses, people often struggle to receive additional funds when they need them most. On top of that, some tend to be rather skeptical of traditional financial institutions, not trusting the terms and agreements.

Whether a loan is necessary for opening a business or covering an unexpected expense, it can be quite daunting. That’s where Aflore comes in.

In the promotion of financial inclusion, this fintech assesses and selects Consultants, also known as “consejeros” in Spanish, to create direct sales channels in Colombian communities. Essentially, these individuals are “model citizens of good financial behavior” who work as on-the-ground Aflore representatives.

If selected, the Consultants must first learn how to navigate the Aflore platform. From there, they utilize their own networks of both friends and family to start offering Aflore’s credit line.

A person interested in requesting credit from Aflore will submit their application through the Consultant’s app. In exchange for these services, Consultants benefit with an incentive-based plan. In other words, they earn digital coins, also known as “Florines,” that are exchangeable for money or other prizes.

Thanks to this informal network of credit loans, not only do consumers get the services they need, but trust towards formal financial institutions also grows.

Puntuación
Posición en Iberoamérica
1
Juan Esteban Saldarriaga
Vice President at Alianza FinTech Iberoamerica | Co-Founder Rapicredit | ColombiaFinTech.co
24.4
5
2
Edwin Zácipa
Executive Director at Colombia FinTech | Managing Partner MiBank.co | Founding Member FinTech IberoAmérica
20.4
17
3
Diego Molano
Consultor internacional en temas de TIC e innovación
19.4
18
4
David Velez
Founder and CEO at Nubank
17.0
27
5
Martin Schrimpff
Co-Founder of Zinobe | Founder of PayU | Founder Pagosonline.net
15.6
32
6
Ángel Sierra
Director Ejecutivo en Asociación FinTech e InsurTech de Chile | Member of Alianza FinTech Iberoamerica
14.8
39
7
Paula Cardenas
Business Manager at AEFI | Founder Member FinTech IberoAmérica
14.5
42
8
Clementina Giraldo
FinTech & AgTech in Latin America
11.8
60
9
Juan Francisco Schultze-Kraft
Board Member – Vicepresident at Colombia FinTech | PayU Legal
11.4
63
10
Daniel Rojas
CEO & Co-Founder at Rocket.la
10.1
69
11
Alan Colmenares
Digital Transformation Enablement – Latam at Microsoft
7.3
89
12
Laura Gaviria Halaby
Global Head FinTech Acceleration at Citi | Chief Acceleration Officer at TheVentureCity
6.3
101
13
Diego Alejandro Guzman Guevara
CEO and Co Founder at Bankity
6.2
104
14
Andres Ramirez Sierra
CEO at Banlinea LATAM
6.2
105
15
Daniel Navarro
CEO & CoFounder at NIMMÖK
6.1
109
16
Fernando Sucre
CEO at ComparaMejor
5.9
110
17
Andres Villaquiran
Founder & CEO Alkanza
5.3
119
18
Carlos Castañeda Olaya
Open innovation leader at Accenture | Country Manager at Wayra
5.2
123
19
Marisol Camacho
Director of Corporate Relations at Bancóldex | Director of Mindset at iNNpulsa Colombia
4.6
131
20
Felipe Valencia
Partner at Veronorte
3.7
143
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