Sustainable Development Ministry announce financial inclusion challenge winner

TDT | Manama

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Mastercard and Bahrain’s Ministry of Sustainable Development have announced the winner of "The Mastercard Challenge on Financial Inclusion for the SDGs" during Bahrain Fintech Forward 2024, held at Exhibition World Bahrain.

The winning solution , "Hayat," developed by Ahmed Alawadhi and Marya Alabbasi from the Bahrain Institute of Banking and Finance (BIBF) and Matia Ahmed from Bahrain Polytechnic, is a carbon offsetting platform aimed at enhancing climate mitigation efforts through partnerships and community involvement. 

The challenge saw five finalist solutions addressing key financial inclusion challenges contributing to the Sustainable Development Goals (SDGs). The final event was attended by Noor bint Ali Al Khulaif, Minister of Sustainable Development and Chief Executive of the Bahrain Economic Development Board, and Rawan bint Najeeb Tawfiqi, Minister of Youth, alongside industry experts. 

The judging panel included Shamina Singh, Founder and President of Mastercard’s Center for Inclusive Growth, and Shaikh Mohamed bin Khalifa Al Khalifa, CEO of Beyon Digital.

The solutions were evaluated based on innovation, feasibility, impact, and alignment with the SDGs. The "Hayat" team was awarded a visit to Mastercard’s EEMEA Headquarters in Dubai, a complimentary enrolment in an NFT Decoded course at the Mastercard Academy, and a three-month paid internship at the BENEFIT Company.

  The team will also have access to support tools through Startup Bahrain, including resources from partners such as Reboot, Zoho, Freshworks, Ordable, and HyperGrowth, to further scale their solution.

Noor bint Ali Al Khulaif emphasised the importance of initiatives like the Mastercard Challenge, which provide young people with opportunities to develop practical solutions using financial inclusion as a key enabler for a more sustainable future. 

She noted that equipping youth with skills such as data analytics and artificial intelligence strengthens Bahrain’s role as a regional leader in the financial sector. She also highlighted the value of public-private partnerships, such as this collaboration with Mastercard, in fostering innovation and empowering young talent.

Shamina Singh, Founder and President of the Mastercard Center for Inclusive Growth, expressed her pride in the creativity and commitment shown by the students.  She highlighted Mastercard’s commitment to digital inclusion and fostering sustainable growth, adding that this platform provided young leaders with opportunities to showcase their potential and contribute to a more sustainable future.

The Mastercard Challenge was a collaboration between Mastercard, the Ministry of Sustainable Development, Tamkeen, BENEFIT, and Startup Bahrain.  Finalists were selected from an initial pool of participants and underwent an intensive three-week summer bootcamp, including mentorship sessions with industry experts. 

The event showcased the innovative potential of Bahrain’s youth, underlining the nation’s commitment to empowering emerging talent with the tools, resources, and support to create impactful solutions for a more inclusive and sustainable future.