Mastercard and the Ministry of Sustainable Development in Bahrain recently announced ‘Hayat’ as the winner of ‘The Mastercard Challenge on Financial Inclusion for the SDGs: Solving for the Future’ which was held on the sidelines of Bahrain’s flagship fintech event, ‘Bahrain Fintech Forward 2024.’
Developed by Ahmed Alawadhi and Marya Alabbasi, both students at the Bahrain Institute of Banking and Finance (BIBF), along with Matia Ahmed, a student at Bahrain Polytechnic, ‘Hayat’ is a carbon offsetting platform that enhances climate mitigation efforts in Bahrain by fostering partnerships and encouraging community involvement.
“Through initiatives like the Mastercard Challenge on Financial Inclusion for the SDGs, we are providing opportunities for Bahrain’s youth to develop practical solutions using financial inclusion as a key enabler to a achieve a more sustainable future,” stated Noor bint Ali Alkhulaif, Minister of Sustainable Development, chief executive of the Bahrain Economic Development Board.
Addressing financial inclusion challenges
The final pitch showcased the innovative ideas of five finalist solutions, all competing to tackle pressing financial inclusion challenges that contribute to the sustainable development goals (SDGs).
Mastercard awarded ‘Hayat’ a visit to the EEMEA headquarters in Dubai. The winner also received a complimentary enrollment in an NFT decoded course that Mastercard Academy offers.
In addition, ‘Hayat’ won a three-month paid internship at the BENEFIT Company. The winner also received access to supportive tools from Tamkeen through Startup Bahrain from partners like Reboot, Zoho, Freshworks, Ordable, and HyperGrowth, providing essential support to scale their solutions and enhance their business growth potential.
“We have created this platform to provide young leaders with the opportunity to showcase their potential and contribute to a more sustainable future,” added Shamina Singh, founder and president of the Mastercard Center for Inclusive Growth.
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Enabling Bahrain’s youth to drive inclusive growth
The Mastercard challenge, a collaboration between Mastercard, the Ministry of Sustainable Development, BENEFIT, the Labour Fund (Tamkeen), and StartUp Bahrain, brought together some of Bahrain’s brightest university students. The finalists underwent an intensive three-week summer bootcamp. They also received one-on-one mentorship sessions where they honed their ideas and developed prototypes under the guidance of industry experts.
The Mastercard challenge highlighted the innovative potential of Bahrain’s youth, showcasing their ability to tackle complex global challenges through creativity and cutting-edge solutions. It also demonstrated the nation’s commitment to nurturing young talent and empowering them with the tools, resources, and mentorship they need to develop impactful solutions.
By providing these emerging innovators with opportunities to showcase their capabilities on a global stage, Bahrain is fostering a culture of innovation, inspiring its youth to drive forward a more inclusive and sustainable future for the country and beyond.
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