Introduction:

LatAm is lagging behind in financial inclusion as compared to most African and Southeast Asian emerging markets. Promoting financial inclusion through digital transformation is critical for advancing several sustainable development goals (SDG1, SDG2, SDG3, SDG4, SDG5, SDG6, SDG7, SDG11) and preparing the region for future digital opportunities and challenges in the context of the 4th industrial revolution. This need becomes particularly relevant in post-COVID times, to re-activate the economy of the region which is expected to suffer major losses.

 

Our project uses a modified open innovation method registered by Shaping Horizons (a former project of the Cambridge Hub) to create collaborative financial inclusion projects in Buenos Aires and the Latin American region. It accelerates innovation through tailored online and in-person mentoring sessions as well as economic support.

 

 

Problem Statement:

Small and medium organizations working in fintech in Latin America are not as effective as other developing countries in promoting financial inclusion because of their limited knowledge of the situation and lack of resources to generate a project to improve this.

 

 

Target Group:

We aim to impact young applicants (under 32), from Latin America and the UK, living there for most of the time for the past 5 years. They must hold a leadership position in a organization with max. 70 employees, have good communication skills (advanced english), be a good match for the subtheme selected (show at least one year of experience), offer insights on the problem within the area selected and demostrate interest in building intercultural relashionships. People working with excluded social sectors will have an advantage during the selection process. 

 

Proposed Solution:

The project consists on a partnership between Shaping Horizons, PNUD Argentina and Global Shapers Buenos Aires to accelerate Financial Inclusion in Latin America. Using the Shaping Horizons methodology, young leaders working in Fintech throughout LatAm and the UK will be selected and brought together to receive training, tools and mentoring to create projects aimed at advancing specific subtopics of Financial Inclusion. This includes digital meetings and an in-person summit in Buenos Aires (date TBC due to COVID).

 

Shaping Horizons is a registered open innovation methodology developed to accelerate social innovation, to foster diplomacy, and overcome challenges aligned with the United Nations’ sustainable development goals. The methodology consists of a digital pre-incubation, an in-person ideation, and a digital accelerator stage. It combines impact-driven tools with expert and peer-driven mentorship sessions to make impactful projects and international cooperation thrive.

During the pre-incubation phase, community leaders from diverse cultural backgrounds and professions are selected and assigned to work together in teams with expert mentorship support. The teams meet regularly online and use a set of innovation tools to identify a social challenge. During the in-person ideation phase, participants gather with senior leaders from industry, politics, and academia to take part in tailored sessions designed to ignite ideas and transform them into projects. All projects are pitched to a panel of judges so that teams can receive feedback and financial support. The on-line accelerator stage begins with prototype projects ready to be transformed into a pilot. At this stage, another set of tools and resources are provided to facilitate the growth of the projects and measure their impact. 

The Shaping Horizons methodology consolidates an active international youth network built upon core principles: passion for the common good, collaboration to find synergies, and cultural understanding to build a society beyond borders.

 

 

Hub Activities:

Logistical and training activities

 

Short & Long-Term Goals/Results:

Trained over 100 people with entrepreneurship and mentorship throughout over 6 months to date.

 

Available Metrics:

# of young participants= 90

# of mentors trained= 30

# of innovation tools completed= 225 (15 tools pear team, atotal of 15 teams)

Over 50,000 impressions

Qualitative assessment of experience and learning opportunities from participants and mentors