Visa Everywhere initiative tasks fintech startups

Applications are now open in Oman for the Saudi Arabia, Oman and Bahrain edition of the 2024 Visa Everywhere Initiative (VEI), a global open innovation programme and competition that sees fintech startups pitch their solutions to solve tomorrow’s payment and commerce challenges.

In addition to equity-free funding, VEI winners gain access and exposure to Visa’s vast networks of partners in the banking, merchant, venture capital, and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands, a press release said.

With applications open until April 22, this year’s Saudi Arabia, Oman and Bahrain edition of VEI will see an in-person competition for finalists from all three countries in mid-june in Riyadh. The winner will progress to a virtual Central and Eastern Europe, Middle East, and Africa (CEMEA) competition on July 17. The startup that wins at the CEMEA finale will participate in the global finale – competing against winners from Europe, Asia-pacific, Latin America, and

North America – at the Techcrunch Disrupt event in San Francisco on October 29.

For fintech participants in Oman, this year’s edition of VEI brings back the Impact Prize, which goes to a competitor who has innovated a solution that has a positive social impact on the communities it operates in. Examples include initiatives that boost financial inclusion, promote sustainability, or safeguard the environment. Last year, Saudi-based fintech Lamaa won the Impact Prize for providing SMBS with technological, financially inclusive embedded finance and payment solutions.

“The Visa Everywhere Initiative is a powerful platform that empowers and uplifts fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions solving tomorrow’s challenges in the world of payments and commerce,” said Manish Gautam, Visa’s country manager for Oman.