Mastercard launches an incubation program for Ukrainian fintech startups

By 20 October 2017Fintech, News

A great opportunity awaits all fintech startups based in Ukraine: Mastercard, together with the brand new 1991 Open Data Incubator and the National Bank of Ukraine (NBU), is launching a free incubation program for fintech startups. Fintech Master will bring together institutions, key market players, and innovative entrepreneurs, giving the participants a chance to grow and develop under the watchful eye of experienced mentors.

“Fintech startups are becoming a new force that has the potential to transform the landscape of the payment market. Mastercard has already become a global platform that brings together key market players. We have been supporting startups as part of the international Mastercard Start Path program since 2014. Today, we are glad to support the development of new fintech solutions in Ukraine through the Fintech Master program,” said Vira Platonova, Mastercard’s Country Manager in Ukraine, Moldova, Georgia and Central Asia.

Mastercard has conducted a survey of banking sector executives in August and September. It revealed that Ukrainian bankers see the highest potential in remote banking, big data and forecasting, as well as payments and digital wallets. According to the survey, bankers are eager to work together with startups in hope to develop new services, attract new customers, and diversify their businesses.

The program is focused on projects that use technologies such as Big Data, analytics, AI and machine learning, blockchain, IoT, and biometrics. Participants will gain access to open data from numerous institutions, including the NBU, and MasterCard’s technological solutions.

The applications for Fintech Master are open until September 30th, 2017. An expert jury will then invite the most promising teams to participate in a hackathon. After this second – and last – stage of selection, the participants will be invited to a three-month-long incubation program. The teams will receive mentorship and all possible support from Mastercard, NBU, and experts working in the financial market.  Fintech Master will end with a Demo Day in January 2018, when startups will present the effects of their work in front of potential future investors.

The application process is open until September 30th, 2017.

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