Image source: BlogTO
This weekend saw business strategists, designers, developers, and other innovators from Toronto’s corporate world come together to pool their talents for the good of the city. As part of the 48-hour Global Service Jam, Toronto Jam for Good brought together 40 socially-minded participants who formed teams to develop design-based solutions to some of the world’s biggest problems, including financial inclusion, climate change, and mental health.
The teams were tasked with producing a product prototype in secret, and finally pitching them to the seven-person judging panel on Sunday afternoon, when prizes were awarded to the most innovative teams.
Adaora Ogbue, Principal of Venture Catalyst, LLC, was one of five guest speakers at the kick-off event held at Idea Couture on Friday, March 29th. Presenting the theme of FinTech for Good, she introduced the participants to the global challenges of financial inclusion and the importance of financial technology in bridging the gap for un-banked individuals around the world.
“Financial inclusion suffers from a chicken and egg problem, since many conditions must be met in order to open a bank account and use it effectively,” she explained. “FinTech helps by overcoming those barriers, both in developing and advanced economies.”
Ogbue went on to point out to the audience that, although 99% of Canadians have a bank account, many groups remain excluded financially, such as indigenous communities and newcomers to Canada, including refugees.
After the weekend-long competition, MoneyWorX was selected by the judges as the winner of a trip to the Coopérathon 2019 innovation challenge. According to their website, MoneyWorx’s FinTech app helps “new international students navigate and understand the Canadian financial products and services landscape in order to make choices tailored to their needs and goals.”
With the success of this first Jam for Good event in Canada, organiser Aldo de Jong, Co-founder of Claro Partners, hopes to expand to other Canadian cities. According to de Jong, “What I’m most passionate about is making the world better, and I think that the best way of doing that is by creating business.”