SEVEN homegrown companies in the early stage of operations have made it to the inaugural Open PHinance Challenge, vying for more than P5 million in capital and a chance to meet potential global investors and stakeholders.
The companies include Betterteem Technologies Inc., Cropital Enterprises Corp. and DyipPay Revolution Corp. Two firms also operate in Singapore and Brazil.
These Filipino-owned firms are among the 11 finalists cut from 30 teams and startups that applied for this competition jointly launched early this month by an open finance technology provider and an early-stage investment company that supports entrepreneurs in the Philippines and Southeast Asia.
Completing the roster, which were announced on Monday, are teams of newly-operated businesses in the region with multiple overseas locations.
The 11 finalists were selected for their problem identification, product relevance, innovativeness, and team dynamism.
The Open PHinance Challenge is an 8-week accelerator program meant to generate innovative, high-value open finance products to address the customer requirements or operational needs of newly-built enterprises.
During the entire duration of the program, the participating teams will undergo intensive mentoring centered around product ideation, business development, user validation, regulatory compliance, pitching and fundraising.
With the guidance of subject matter experts, they will develop a unique product and pitch it to a panel of investors, leading startup founders, and Open Finance experts during a culminating demonstration day. They will be judged on various metrics, including product and business viability, “investability” and quality of the pitch.
The top three participants would advance to touch base and network with prospective international investors and stakeholders when they present their solutions at the Singapore FinTech Festival (SFF) from November 2 to 4. The grand winner will bring home P5.5 million in equity capital.