An upcoming innovation hub in Fiji is geared towards delivering financial technology (FinTech) solutions to meet developmental challenges, backed by the Reserve Bank of Fiji (RBF) and the United Nations Capital Development Fund (UNCDF) through the Pacific Digital Economy Program (PDEP). This initiative emerges from a joint scoping mission and validation workshop conducted with Creative HQ, New Zealand’s leading startup hub.
The hub aims to serve as a center for nurturing innovative solutions developed by local tech startups. Its primary purpose is to enhance local capacities and support a robust entrepreneurial ecosystem centered around technology, building on existing accelerator and incubation programs from both government and private sectors.
RBF Governor Ariff Ali stated that the hub is designed to encourage collaboration among startups, regulators, private sector stakeholders, and potential investors. This integrated effort is expected to produce tech-driven solutions that address Fiji’s significant development needs and promote economic growth. Ali pointed out that this initiative aligns with the RBF’s mission of being a resilient and forward-thinking financial institution that contributes positively to the economy.
Aneth Kasebele, UNCDF’s regional technical specialist, referred to the hub as a valuable asset complementing RBF’s financial inclusion initiatives. She believes it will expand Fiji’s financial services landscape by offering a broader array of digital financial services, including credit, insurance, and wealth management for all citizens.
Furthermore, Catherine Jones, CEO of Creative HQ, highlighted the hub’s potential to facilitate economic transformation in Fiji, particularly in empowering rural communities, women, and youth while fostering FinTech innovation. She expressed enthusiasm about the opportunity to cultivate the next generation of entrepreneurs within this framework.
The initial phase of this initiative will focus on strengthening the entrepreneurial ecosystem to support emerging FinTech startup founders. Plans to diversify into other technology sectors, such as female entrepreneurship and Agri-tech, are on the horizon for the second year. Set to commence in May 2025, the hub’s foundational activities will include collaborating with various partners to establish a physical location, organizing events, offering capacity-building programs, and creating funding pathways tailored to the needs of micro, small, and medium enterprises (MSMEs).
This initiative, which also receives backing from the European Union and the governments of Australia and New Zealand, reflects a significant commitment to promoting technology-led economic development in Fiji. Such efforts are vital not only for local economic growth but also for developing a vibrant entrepreneurial future within the region, reinforcing the government’s ongoing support for MSMEs, as highlighted in previous studies. This collaborative approach could provide a robust framework for innovation and resilience in Fiji’s economy.
Leave a comment