Gig Economy Challenge Driving Financial Health for Gig Workers

The gig economy is a labour market characterized by the prevalence of short-term contracts or freelance works, as opposed to permanent jobs.

The gig economy has skyrocketed over the past few years. The surge of digitally-enabled platforms that allow the exchanges of goods, services, and the sharing of assets is creating on-demand or temporary work arrangements for the so-called “gig” or independent workers with jobs ranging from food delivery to ride sharing.

While millions of people are staying at home to minimize the spread of novel coronavirus (COVID-19), gig workers have become a crucial lifeline delivering food and other supplies to people living in self-isolation and lockdowns.

However, the coronavirus outbreak has also put gig workers in a vulnerable situation where they have insufficient personal protection, decreased demand, and lack of financial protection due to the non-binding nature of the job.

The Financial Innovation Lab (FinLab) is now running the “Gig Economy Challenge” to seek viable solutions for improving the financial health of gig workers in 21 APEC (Asia-Pacific Economic Cooperation) member economies.

Problem Statements

The gig economy is characterized by flexible working hours and greater worker autonomy; however, the short-term and non-binding nature of the relationship between the platform operators and its jobs seekers can be challenging for the gig workers.

Expected Solutions

The solution does not have to be a financial product or service. It may be a technology product or service.

Support & Benefits

The top three (3) teams will receive:

  • Technical assistance worth $100,000 to pilot the solution
  • Up to $30,000 grant per team as seed capital
  • The opportunity to pilot the solution in Malaysia
  • Access to enabling partnerships, including financial institutions, technology companies and other infrastructure providers

The top ten (10) teams will receive:

  • Invitation to bootcamps and field visits in Malaysia
  • Mentoring sessions
  • Accommodation
  • Living stipend in Malaysia

Eligibility Criteria

The Gig Economy Challenge invites applications from companies who meet the following criteria:

Judging Criteria

Selection Process

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