Five groundbreaking solutions developed by universitystudents in Bahrain have advanced to the final stage of the MastercardChallenge on Financial Inclusion for the SDGs: Solving for the Future, acollaboration between Mastercard, the Ministry of Sustainable Development,BENEFIT, the Labour Fund (Tamkeen) and StartUp Bahrain. The finalist solutionswere selected in a Semi-Final Pitch Event following the completion of anintensive three-week summer bootcamp from August 11-29.
The Semi-Final Pitch took place on September 11, at DiwanHub where ten solutions, consisting of sixteen students from six universitiesin Bahrain, presented their ideas to an expert panel of judges comprised ofDana Hamzah, Assistant Undersecretary for Sustainable Development at theMinistry of Sustainable Development; Reem Tannir, Account Management Directorat Mastercard; Mr. Nezar Maaroof, Assistant General Manager of Marketing atBenefit and Mr. Ahmed Al Sharaf, Director of Business Development at Tamkeen.The solutions were carefully assessed based on their novelty, feasibility,disruptive potential, impact on financial inclusion, and alignment with theSDGs.
The summer bootcamp provided a platform for students tofine-tune their ideas through expert-led sessions, personalized mentoring, andinteractive workshops. The students demonstrated remarkable ingenuity, tacklinga diverse range of financial inclusion challenges head-on, from innovativemobile banking platforms designed to empower persons with disabilities toAI-driven healthcare scoring models and more. The depth of research, coupledwith the creative application of technology, underscores the immense potentialof these solutions to drive meaningful change in the financial landscape and toaccelerate progress towards achieving the SDGs.
The five solutions chosen to advance to the final round ofthe Challenge are:
“I Hear You” – Mohammad Noman Ahmed, Student at BahrainPolytechnic
An AI-powered mobile application that translates signlanguage into spoken words. The application intends to open new horizons forindividuals with hearing impairments and speech and language disabilities,empowering them to express themselves clearly and freely. Additionally, itsupports financial inclusion by facilitating communication processes, allowingusers to conduct financial transactions easily and contribute effectively tovarious aspects of the economy.
“NakhlaTech” – Faisal Salah AlBenJasim, Student at theBritish University of Bahrain (BUB)
A mobile app designed to empower local farmers in Bahrain byimproving access to customers and distributors as well as optimizing cropdistribution. It seeks to improve financial access for farmers, fostering moresustainable 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 agriculturaldevelopment and enhances the community’s well-being.
“NeuroEgo” – Nebras Jafail, Student at the University ofBahrain (UoB)
A technology that translates brain waves into spoken wordswhich aims to empower individuals with paralysis and physical disabilities whoencounter communication challenges, to interact with their surroundings fromthe outside world. The groundbreaking idea leverages two innovativetechnologies: the first captures brainwaves and translates them into readabletext or spoken words, allowing users to express their thoughts effortlessly.The second technology features a smart keyboard that suggests options for usersto select words or letters, simplifying communication.
“RihlaPool” - Afaf Mirza, Student at the University ofBahrain (UoB) & Hira Mirza, Student at the University of Bahrain(UoB)
This innovative electronic application tacklestransportation challenges faced by university students in Bahrain by linkingthose seeking rides with individuals who have available seats, offeringaffordable daily commuting options for all users. The app fosters cooperationand communication among students, helps ease traffic congestion, and lowersenvironmental pollution. Furthermore, it provides cost-effective transportationsolutions that enable students to manage their budgets more efficiently,contributing to a more sustainable university community.
“Hayat” - Ahmed Alawadhi, Student at the BahrainInstitute of Banking and Finance (BIBF), Matia Ahmed, Student at BahrainPolytechnic, and Marya Alabbasi, Student at the Bahrain Institute of Bankingand Finance (BIBF)
A carbon off-setting platform that aims to increase climatemitigation efforts in Bahrain by fostering the role of partnerships, andencouraging community involvement. The Hayat Platform offers carbon credits fortree planting in Bahrain which supports the Kingdom’s efforts in reducingcarbon emissions whilst protecting the environment.
The finalists now have the opportunity to further refinetheir solutions before the final pitch, taking place on the sidelines of thehighly anticipated Bahrain Fintech Forward 2024 conference on October 3rd. Thisglobally recognized fintech event will provide a platform for these younginnovators to showcase their ideas on an international stage and connect withpotential investors and partners.
The Mastercard Challenge on Financial Inclusion for the SDGsserves as a powerful illustration of Bahrain's dedication to fosteringinnovation and empowering its youth to build a more inclusive and sustainablefuture. This collaborative initiative resonates with the Ministry ofSustainable Development's strategic vision, recognizing the indispensable roleof the private sector and youth in driving progress towards the SDGs.