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Vice President of Visa and General Manager of the Levant region told Al-Iqtisad News: The prizes for our initiative reach $30,000, and that is why we focused on Iraq.
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Economy News - Baghdad
Visa's Everywhere initiative supports fintech companies to address their most pressing payments and commerce challenges, by offering financial rewards, providing a global platform, and accrediting one of the world's most trusted brands.
The Regional Director for the Arab Levant at Visa, Mario Makari, spoke in detail about the initiative, and the reasons that prompted them to choose Levant countries such as Iraq. As for why Visa worked with the Central Bank of Jordan to launch this initiative, it will not be hidden from the corridors of the interview conducted by the “Al-Iqtisad” agency. News" with him.
As an introduction, the Visa Everywhere initiative is an open global innovation competition targeting financial technology companies and startups that have innovative solutions to challenges in the field of digital payments or future commerce.
*What are the criteria that candidates must meet in order to be selected as winners?
The competition is open to the countries of the Arab Levant, specifically Iraq, Jordan, Lebanon and Palestine. The company or person must have a legal status, that is, if it is an individual, he must be above the legal age, i.e. (18) years. However, if it is a company, it must be legally registered in these countries. The second characteristic is that these companies must have a product or service that is related to On the subject of electronic payment, digital transformation, or financial technology, that is, providing solutions for the future payments and trade sector.
*How are the winners of the “Visa Everywhere” initiative selected?
There are different criteria for selecting the winners, one of which is that the service or product is related to what Visa does in terms of electronic payment, in addition to the company’s ability to profit, as well as if the startup company or entrepreneur has obtained a specific investment, and these are among the points that revolve around the ability to make a profit. The success of the product or service provided, as well as many other criteria, including the quality of the product and the extent of its marketing.
*Why did you choose to launch the “Visa Everywhere” initiative in the Levant markets this year?
The peoples of the Arab Levant countries have the ability to receive electronic services, that is, there is acceptance of technology and the technological development that has occurred recently. Therefore, there is a need to digitize the economies and financial services that exist in these societies, and this process requires the presence of emerging companies, entrepreneurs, and companies that provide financial technology services in order to contribute to advancing... Digital transformation of the region's economies, so the Arab Levant countries of Iraq, Jordan, Lebanon, and Palestine were chosen.
*What are the prizes that the company offers to the winners?
The final of the competition for the countries of the Arab Levant will be in Amman, Jordan, on June 2, 2024. As for the winners, the first winner will receive $30,000, and $15,000 for the second. The third winner will receive $10,000, and the winners will be chosen by judges who will be chosen from banks. Central financial companies, companies providing investment capital, or global financial technology companies, so the impact award or award that will be chosen by the attending participants is due to the nature of their vision about the companies that qualified for the final, meaning automatically who will qualify for the final who has the characteristic or ingredients for the success of the service, and by the nature The case will be choosing the services according to the closest or most desirable ones.
*What is the biggest goal of Visa “Everywhere” apart from financial returns?
The financial return is a very important thing for these companies, and the importance of this return that they will receive through the competition, meaning that they will receive financial support without giving up stakes or shares in their companies, that is, free of any obligation, and they can invest it in their companies in ways that they like, and the most important thing is to highlight the work of These emerging companies or entrepreneurs, considering the most important thing they need to appear in the markets and reach the largest possible segment of people interested in investing in their services, and this is the idea of “Visa” through creating this platform.
The idea of Visa granting this platform and giving emerging companies and entrepreneurs who seek success access to all concerned parties is, in itself, more important than the financial return, in addition to the experience they will obtain through the participants and trainers. It will also give them support for the ideas and services they seek to develop.
*What are the non-financial gains for Visa Everywhere award winners?
One of the very important gains is that they obtained some kind of mention from a global company such as Visa, the leading company in the field of financial technology around the world, as a seal of success and a certificate for them.
*How does the “Visa” initiative affect the market in Iraq?
In Iraq, there is a great focus from Prime Minister Muhammad Shia Al-Sudani, the Council of Ministers, in addition to the Central Bank of Iraq, on pushing towards digital transformation, and we see that including Iraq in this competition is only a continuation of the tremendous work being done by the Iraqi state, and gives the opportunity to companies. Iraqi or non-Iraqi are able to contribute to the push towards digital transformation, given that one of Iraq’s problems is financial education and financial inclusion, as there are emerging companies and entrepreneurs in the field of financial technology, who have the ability to contribute essentially to the push towards financial inclusion and financial education through services that They offer it.
There are many startup companies that will be present in the competition, and they will specifically focus on expanding the area of electronic payment acceptance, and there must be people who have access to digital payment services, to attract people and introduce financial inclusion services in banks.
*Why did Visa work with the Central Bank of Jordan to launch this initiative?
The choice on Jordan was entirely from a practical standpoint, that is, when we choose a country from among Iraq, Jordan, Palestine and Lebanon, the choice fell on Jordan because it is the easiest place for everyone, and we focused on the Central Bank of Jordan for several reasons, including its being the central bank, in addition to keeping up with the gigantic plan that The bank presented it a while ago, which talks about developing the banking sector and digital payments, which was launched in 2023.
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Added 04/24/2024 - 10:32 AM
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Economy News - Baghdad
Visa's Everywhere initiative supports fintech companies to address their most pressing payments and commerce challenges, by offering financial rewards, providing a global platform, and accrediting one of the world's most trusted brands.
The Regional Director for the Arab Levant at Visa, Mario Makari, spoke in detail about the initiative, and the reasons that prompted them to choose Levant countries such as Iraq. As for why Visa worked with the Central Bank of Jordan to launch this initiative, it will not be hidden from the corridors of the interview conducted by the “Al-Iqtisad” agency. News" with him.
As an introduction, the Visa Everywhere initiative is an open global innovation competition targeting financial technology companies and startups that have innovative solutions to challenges in the field of digital payments or future commerce.
*What are the criteria that candidates must meet in order to be selected as winners?
The competition is open to the countries of the Arab Levant, specifically Iraq, Jordan, Lebanon and Palestine. The company or person must have a legal status, that is, if it is an individual, he must be above the legal age, i.e. (18) years. However, if it is a company, it must be legally registered in these countries. The second characteristic is that these companies must have a product or service that is related to On the subject of electronic payment, digital transformation, or financial technology, that is, providing solutions for the future payments and trade sector.
*How are the winners of the “Visa Everywhere” initiative selected?
There are different criteria for selecting the winners, one of which is that the service or product is related to what Visa does in terms of electronic payment, in addition to the company’s ability to profit, as well as if the startup company or entrepreneur has obtained a specific investment, and these are among the points that revolve around the ability to make a profit. The success of the product or service provided, as well as many other criteria, including the quality of the product and the extent of its marketing.
*Why did you choose to launch the “Visa Everywhere” initiative in the Levant markets this year?
The peoples of the Arab Levant countries have the ability to receive electronic services, that is, there is acceptance of technology and the technological development that has occurred recently. Therefore, there is a need to digitize the economies and financial services that exist in these societies, and this process requires the presence of emerging companies, entrepreneurs, and companies that provide financial technology services in order to contribute to advancing... Digital transformation of the region's economies, so the Arab Levant countries of Iraq, Jordan, Lebanon, and Palestine were chosen.
*What are the prizes that the company offers to the winners?
The final of the competition for the countries of the Arab Levant will be in Amman, Jordan, on June 2, 2024. As for the winners, the first winner will receive $30,000, and $15,000 for the second. The third winner will receive $10,000, and the winners will be chosen by judges who will be chosen from banks. Central financial companies, companies providing investment capital, or global financial technology companies, so the impact award or award that will be chosen by the attending participants is due to the nature of their vision about the companies that qualified for the final, meaning automatically who will qualify for the final who has the characteristic or ingredients for the success of the service, and by the nature The case will be choosing the services according to the closest or most desirable ones.
*What is the biggest goal of Visa “Everywhere” apart from financial returns?
The financial return is a very important thing for these companies, and the importance of this return that they will receive through the competition, meaning that they will receive financial support without giving up stakes or shares in their companies, that is, free of any obligation, and they can invest it in their companies in ways that they like, and the most important thing is to highlight the work of These emerging companies or entrepreneurs, considering the most important thing they need to appear in the markets and reach the largest possible segment of people interested in investing in their services, and this is the idea of “Visa” through creating this platform.
The idea of Visa granting this platform and giving emerging companies and entrepreneurs who seek success access to all concerned parties is, in itself, more important than the financial return, in addition to the experience they will obtain through the participants and trainers. It will also give them support for the ideas and services they seek to develop.
*What are the non-financial gains for Visa Everywhere award winners?
One of the very important gains is that they obtained some kind of mention from a global company such as Visa, the leading company in the field of financial technology around the world, as a seal of success and a certificate for them.
*How does the “Visa” initiative affect the market in Iraq?
In Iraq, there is a great focus from Prime Minister Muhammad Shia Al-Sudani, the Council of Ministers, in addition to the Central Bank of Iraq, on pushing towards digital transformation, and we see that including Iraq in this competition is only a continuation of the tremendous work being done by the Iraqi state, and gives the opportunity to companies. Iraqi or non-Iraqi are able to contribute to the push towards digital transformation, given that one of Iraq’s problems is financial education and financial inclusion, as there are emerging companies and entrepreneurs in the field of financial technology, who have the ability to contribute essentially to the push towards financial inclusion and financial education through services that They offer it.
There are many startup companies that will be present in the competition, and they will specifically focus on expanding the area of electronic payment acceptance, and there must be people who have access to digital payment services, to attract people and introduce financial inclusion services in banks.
*Why did Visa work with the Central Bank of Jordan to launch this initiative?
The choice on Jordan was entirely from a practical standpoint, that is, when we choose a country from among Iraq, Jordan, Palestine and Lebanon, the choice fell on Jordan because it is the easiest place for everyone, and we focused on the Central Bank of Jordan for several reasons, including its being the central bank, in addition to keeping up with the gigantic plan that The bank presented it a while ago, which talks about developing the banking sector and digital payments, which was launched in 2023.
92 views
Added 04/24/2024 - 10:32 AM
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