Alternative Circle has been selected as one of the top 20 finalists for the 2017 Global FinTech Hackcelerator and FinTech Awards, making it the only finalist from Africa in the contest.
In May 2017, the Monetary Authority of Singapore (MAS) published a catalogue of 100 problem statements gathered from the financial industry and invited the global FinTech community to develop new and innovative solutions to any of the problems for the Global FinTech Hackcelerator. The problem statements fell under 4 categories, Customer-Facing, Financial Inclusion, RegTech, and General. MAS received 580 submissions from over 40 countries and from the submissions, 20 teams were shortlisted by a panel of industry judges.
Alternative Circle qualified under the Financial Inclusion category and will undergo a 12-week program led by KPMG Digital Village. The program will enable Alternative Circle to work and meet with corporates, investors, partners and regulators.
The winner stands a chance to win US $50,000, in additional to the US $15,000 awarded to the top 20 finalists. This year’s Singapore FinTech Festival will take place in Singapore from November 13 to 17, 2017.
Here’s the list of Global FinTech Hackcelerator finalists
SnapCheck, Inc. (USA)
|Financial Inclusion||AID:Tech (UK)
Alternative Circle (Kenya)
MyCash Online (Malaysia)
Dathena Science (Singapore)
Solus Connect (Malaysia)
Lingua Custodia (France)
Privé Services (Hong Kong)
Alternative Circle was founded in 2016 with a dream of revolutionizing financial technology industry. The firm closed a seed round of US $1.1 million from CreditInfo in 2017 and this enabled the expansion of the company. The strategic partnership with CreditInfo gave Alternative Circle access to over 200 developers and 25 data scientists, making it easier for Alternative Circle to become the leading Financial Technology Innovator in the country.
Alternative Circle’s first product, Shika is a Kenyan Built Mobile app made for individuals who want to access quick micro-loans, in an easy and fast way. The application is also built for Financial Institutions that can use the platform to reach potential borrowers. The app is currently available on android.
The Singapore FinTech Festival is a platform for key stakeholders of the global and regional FinTech community to connect, learn from one another and co-create new solutions to real problems. The inaugural Festival in 2016 attracted more than 13,000 participants from across 60 countries. The Festival is organised by the Monetary Authority of Singapore (MAS), in partnership with the Association of Banks in Singapore (ABS), and in collaboration with SingEx.