HFC Bank, Fiji’s only local commercial bank, has announced its sponsorship of the Fiji Innovation Hub, which recently launched on July 17. This groundbreaking initiative is a collaboration among several international and local partners, including the UN Capital Development Fund (UNCDF), UN Development Programme, the Reserve Bank of Fiji (RBF), Mastercard, Fiji Airways, and New Zealand’s Creative HQ. The Hub is dedicated to fostering entrepreneurship by supporting the development of inclusive, locally driven financial solutions.
“With our successful transformation of the core banking system, HFC Bank stands uniquely positioned to support this innovative Hub,” said the CEO of HFC Bank, Rakesh Ram. The bank’s recent digital transformation has offered them valuable insights into the landscape of financial technology, enabling them to more effectively assist entrepreneurs in overcoming financial challenges.
The unveiling of the Innovation Hub comes at a crucial time, as it sets the stage for its first-year activities, including an accelerator program and a national hackathon. These programs are designed to address significant financial inclusion challenges facing Fiji. RBF Governor Ariff Ali praised HFC Bank’s sponsorship, highlighting its pivotal role in enabling the country’s journey towards digital transformation and financial inclusion.
HFC Bank’s involvement goes beyond sponsorship; they are committed to mentoring Fijian startups, especially those led by youths with innovative business ideas. The bank’s support will ensure that entrepreneurial development flourishes within the country, allowing startups to test and integrate their products with HFC Bank’s upgraded banking platform. Additionally, HFC Bank will promote innovations that align with Fiji’s National Financial Inclusion Strategy 2022-2030, especially those enhancing digital payments for micro, small, and medium enterprises (MSMEs), improving access to credit and insurance, and supporting climate-resilient financing solutions.
This initiative symbolizes a hopeful future for entrepreneurship in Fiji. By empowering local talent and fostering innovation, the Fiji Innovation Hub stands to make a significant impact on economic growth and development across the islands, reinforcing the crucial role of financial technology in creating sustainable businesses.
The establishment of the Fiji Innovation Hub reflects a collective effort towards a more inclusive financial system and represents a promising step in building a robust entrepreneurial ecosystem in Fiji.
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