The competition took place on 11th April 2017 at the Guildhall in London, UK, and saw 24 FinTech startups compete for one of the eight winning spots covering different areas of FinTech, including Artificial Intelligence, Global Financial Inclusion, Block Chain, Personal Finance, Cross Border Payments, P2P Funding, Cyber Security and RegTech.
Ian Dillon, Co-Founder of NOW, gave the six-minute pitch, where he explained how the company’s FinTech offering will bank the “unbanked” population of the UAE using mobile technology to solve the current problem in the Middle East. He also explained how the solution could be instrumental in increasing security and reducing money laundering.
Ian was selected as the winner of the Financial Inclusion category due to his clear and concise explanation of the situation, and by showing how NOW is using the latest technology to provide a solution for this large, 26 million-strong neglected population group, which helps not only those who are excluded but will indirectly benefit their families overseas, including through access to credit.
“It was a pleasure to introduce NOW to a whole new audience,” said Mr. Dillon. “We’ve had lots of exposure across the GCC and there’s currently a huge buzz around the FinTech sector. To be able to demonstrate NOW to industry experts in London and globally was so exciting for us. It’s hard to explain the situation to those who don’t live in the Middle East and experience the problem first hand, so to sum it up in six-minutes was a challenge to say the least! But we’re thrilled with the overwhelming positive response; the support we receive from a network of partners, particularly Innovate Finance, is phenomenal and so important in helping us to be part of solving the financial inclusion problem globally.”
NOW uses mobile banking technology to provide accounts, financial inclusion and a range of low-cost remittance options to low-income migrant workers in the Gulf Cooperation Council (GCC) countries, improving their lives and saving them and their families significant money, in a profitable and sustainable manner.