Manama, Five groundbreaking solutions developed by university students in Bahrain have advanced to the final stage of the Mastercard Challenge on Financial Inclusion for the SDGs: Solving for the Future, a collaboration between Mastercard, the Ministry of Sustainable Development, BENEFIT, the Labour Fund (Tamkeen) and StartUp Bahrain. The finalist solutions were selected in a Semi-Final Pitch Event following the completion of an intensive three-week summer bootcamp from August 11-29. The Semi-Final Pitch took place on September 11, at Diwan Hub where ten solutions, consisting of sixteen students from six universities in Bahrain, presented their ideas to an expert panel of judges comprised of Dana Hamzah, Assistant Undersecretary for Sustainable Development at the Ministry of Sustainable Development; Reem Tannir, Account Management Director at Mastercard; Mr. Nezar Maaroof, Assistant General Manager of Marketing at Benefit and Mr. Ahmed Al Sharaf, Director of Business Development at Tamkeen. The solutions wer e carefully assessed based on their novelty, feasibility, disruptive potential, impact on financial inclusion, and alignment with the SDGs. The summer bootcamp provided a platform for students to fine-tune their ideas through expert-led sessions, personalized mentoring, and interactive workshops. The students demonstrated remarkable ingenuity, tackling a diverse range of financial inclusion challenges head-on, from innovative mobile banking platforms designed to empower persons with disabilities to AI-driven healthcare scoring models and more. The depth of research, coupled with the creative application of technology, underscores the immense potential of these solutions to drive meaningful change in the financial landscape and to accelerate progress towards achieving the SDGs. The five solutions chosen to advance to the final round of the Challenge are: 'I Hear You' - Mohammad Noman Ahmed, Student at Bahrain Polytechnic An AI-powered mobile application that translates sign language into spoken words. The application intends to open new horizons for individuals with hearing impairments and speech and language disabilities, empowering them to express themselves clearly and freely. Additionally, it supports financial inclusion by facilitating communication processes, allowing users to conduct financial transactions easily and contribute effectively to various aspects of the economy. 'NakhlaTech' - Faisal Salah AlBenJasim, Student at the British University of Bahrain (BUB) A mobile app designed to empower local farmers in Bahrain by improving access to customers and distributors as well as optimizing crop distribution. It seeks to improve financial access for farmers, fostering more sustainable income streams and bolstering food security in the Kingdom. Furthermore, the app offers crowdfunding options, electronic payment solutions, and innovative crop insurance, all of which support sustainable agricultural development and enhances the community's well-being. 'NeuroEgo' - Nebras Jafail, Student at the Universi ty of Bahrain (UoB) A technology that translates brain waves into spoken words which aims to empower individuals with paralysis and physical disabilities who encounter communication challenges, to interact with their surroundings from the outside world. The groundbreaking idea leverages two innovative technologies: the first captures brainwaves and translates them into readable text or spoken words, allowing users to express their thoughts effortlessly. The second technology features a smart keyboard that suggests options for users to select words or letters, simplifying communication. 'RihlaPool' - Afaf Mirza, Student at the University of Bahrain (UoB) and Hira Mirza, Student at the University of Bahrain (UoB) This innovative electronic application tackles transportation challenges faced by university students in Bahrain by linking those seeking rides with individuals who have available seats, offering affordable daily commuting options for all users. The app fosters cooperation and communication among students, helps ease traffic congestion, and lowers environmental pollution. Furthermore, it provides cost-effective transportation solutions that enable students to manage their budgets more efficiently, contributing to a more sustainable university community. 'Hayat' - Ahmed Alawadhi, Student at the Bahrain Institute of Banking and Finance (BIBF), Matia Ahmed, Student at Bahrain Polytechnic, and Marya Alabbasi, Student at the Bahrain Institute of Banking and Finance (BIBF) A carbon off-setting platform that aims to increase climate mitigation efforts in Bahrain by fostering the role of partnerships, and encouraging community involvement. The Hayat Platform offers carbon credits for tree planting in Bahrain which supports the Kingdom's efforts in reducing carbon emissions whilst protecting the environment. The finalists now have the opportunity to further refine their solutions before the final pitch, taking place on the sidelines of the highly anticipated Bahrain Fintech Forward 2024 conference on Octobe r 3rd. This globally recognized fintech event will provide a platform for these young innovators to showcase their ideas on an international stage and connect with potential investors and partners. The Mastercard Challenge on Financial Inclusion for the SDGs serves as a powerful illustration of Bahrain's dedication to fostering innovation and empowering its youth to build a more inclusive and sustainable future. This collaborative initiative resonates with the Ministry of Sustainable Development's strategic vision, recognizing the indispensable role of the private sector and youth in driving progress towards the SDGs. Source: Bahrain News Agency
Friday, November 08, 2024