Oman’s fintech sector receives a significant boost as applications open for the 2024 edition of Visa Everywhere Initiative (VEI), a prestigious global innovation program focused on revolutionizing payment and commerce solutions. Spearheaded by Visa, this initiative offers Oman-based fintech startups an unparalleled opportunity to showcase groundbreaking solutions and compete on a global stage.
The VEI competition, spanning Saudi Arabia, Oman, and Bahrain, serves as a launchpad for fintech startups to pitch their transformative ideas addressing future payment and commerce challenges. With equity-free funding and access to Visa’s extensive network of partners across banking, venture capital, and government sectors, participants gain invaluable exposure and recognition, propelling their ventures to new heights.
This year’s edition introduces the coveted Impact Prize, celebrating fintechs driving positive social change through initiatives promoting financial inclusion, sustainability, and environmental stewardship. Furthermore, the newly introduced Fintech Innovating in Risk Excellence (FIIRE) award honors innovative solutions in fraud management, cybersecurity, and credit risk management.
Expressing enthusiasm for Oman’s participation, Manish Gautam, Visa’s Country Manager for Oman, highlighted the transformative potential of fintech in driving equitable, inclusive growth. He emphasized Visa’s commitment to supporting Oman’s fintech ecosystem, underscoring VEI as a catalyst for empowering startups to make a lasting impact.
Originating in the US in 2015, VEI has evolved into a global phenomenon, attracting nearly 15,000 startups worldwide and facilitating over OMR18.4B ($48B USD) in funding. The 2023 edition witnessed Nigeria’s Drugstock clinching the global grand prize, signaling the program’s impact in fostering innovation on a global scale.
With a focus on emerging technologies such as artificial intelligence, big data, and digital identity, VEI seeks to identify transformative solutions across various sectors including remittance, alternative finance, and digital acceptance. Monetary prizes await winners at regional and global levels, offering substantial financial support to fuel their growth journey.
The deadline for applications in Oman is April 22nd, presenting fintech innovators with a golden opportunity to showcase their solutions and vie for regional and global recognition. For aspiring participants seeking more information or eager to apply, visit the official VEI website.
