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Gig Economy Challenge Cohort

What is the Gig Economy Challenge?

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.

The coronavirus outbreak has 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.

Meet the Gig Economy Challenge cohort

Ten teams are selected to work with UNCDF to develop and refine their innovative solutions to improve the financial health of gig workers in Malaysia. They will be attending a bootcamp and an innovation programme to fine-tune and localize their solutions. They will apply the design thinking process, working with our mentors and partners from BNM (Bank Negara Malaysia) and MDEC (Malaysia Digital Economy Corporation) and other organizations, and engage in our online community of practice.

These ten teams will present their progress and solutions on 10 September 2020. At the end of the judging process, the top three teams will be selected to receive further financial and technical support to pilot their products and services in Malaysia to improve the financial health of gig workers.

www.credolab.com

We score the underbanked and unbanked end consumers whom, due to their unstable jobs and unpredictable income, have no or limited credit history with the standard credit bureaus by assessing their willingness to repay a loan based on the analysis of 1st party, privacy-consented, permitted, and anonymous smartphone metadata. Gig workers now have a chance to obtain credit from reputable financial institutions, avoiding shady lenders and loan sharks. We also give financial institutions the power to underwrite applications from unbanked, new-to-bank, new-to-credit such as the gig workers, millennials, self-employed, and thin-files with high predictability, accuracy, full privacy protection, in real-time.

www.hyred.my

Hyred is a social network application specifically for personal value development. Simplifying job advertising by just a voice command, enabling organizers to announce their events through our Event Listing section which is also equipped with a digital ticketing system.

With Hyred, we empower local universities to digitalize their Students Affairs Division and to organise annual programmes, including recording the students’ merits and providing continuous learning & skills development.

Thus, these three core pillars of service by HyredPRO create activities for users to not only gain additional income and added knowledge, but also enable them to record skill badges and xp points. Join us to bring more value to your time.

TIME = SKILLS + XP + NETWORK > MONEY

www.job2go.net

Job2Go is a digital platform connecting the grey/blue-collar workforce with job opportunities, whether it is a full time, part-time or gig-works based on their skill, experience, and location. Set out to be a fully automated job marketplace, Job2Go is leveraging its technology to provide a seamless experience for both workers and companies.

With the aim of creating a socio-economic impact, the platforms enable workers to access tailored learning with Job2Go Academy and financial services to improve their financial health.

www.kaleidofin.com

Kaleidofin is a Neobank that offers simple & tailored financial solutions to address the needs of informal sector customers. The Gig economy is reshaping several organised jobs into informal jobs, leaving individuals to manage income uncertainties with limited benefits from employers.

Our solution starts by understanding the goals of the customer, create appropriate financial plans and offer components of the plan (investments, insurance and loans) rolled into a flexible and easy to understand solution.

Customers may only be able to make small, irregular contributions and our solutions respect such needs of the customers. Moreover, a liquidity line helps balance cashflow mismatches in lean income periods. Kaleidofin places special emphasis on only choosing products that help reduce risk and vulnerability of customers and works with the strongest backend financial services that offer suited products for customers.

kodi.id

Kodi empowers Gig Workers community-owned business entity or Koperasi with financial technology, collective capital management, and transparent community-driven governance, and connects them with existing well-established Koperasi ecosystem and monitoring entities especially in Malaysia to generate additional values and opportunities to reach financial freedom for the community as a whole and driving financial health for gig workers individuals.

mosabi.co

Mosabi’s engaging, mobile financial education helps underserved emerging market citizens improve decisions and behaviors on their businesses and money. We harness data insights from user profiles and journeys to match them to best fits across a marketplace of digital financial services. The Mosabi e-learning and upskilling includes topics on core business knowledge, money management, and financial literacy, and soft skills to overcome challenges and barriers. The platform uses gamified quizzing, surveys, chatbots, and nudge messaging to drive meaningful engagement. Partner financial providers access dashboards and scoring via API – and can then offer products to users more confidently and efficiently.

www.paywatch.co.kr

PAY:WATCH is a fintech platform that combines HR and financial solutions. We collaborate with employers to provide gig workers additional spending power in the form of wage advances. Using our work hour tracker and e-contracting tools, we allow workers to instantly access wages they've earned, before pay-check day. Through our features, we collect data on the "work-earn-spend-save" habits of users and work with other banks to provide access to affordable financing.

PAY:WATCH hopes to empower gig workers to build a strong credit history, learn to manage their debt load and effectively avoid the debt trap.

www.qoala.my

Qoala has set out to build a tech platform that gives gig workers access to a full array of affordable, portable protections and benefits that they can carry between the platforms on which they work.

selfdrvn.com

SelfDrvn Campus is a progressive digital talent platform that helps unskilled learners acquire digital skills currently in high demand by the industry. We aim to create economic opportunities by upskilling and reskilling workers to address the digital skills shortage faced by many businesses. By completing learning challenges sponsored by businesses and reviewed by experienced mentors, learners can shorten the time taken to learn new micro-skills to unlock profitable gigs on the platform. By participating, companies can help develop and engage an agile, on-demand digital talent pool with qualified skills.

www.versa.asia

Versa is a digital cash management platform that helps Malaysians get the best out of their idle cash with no lock in periods. In addition, we aim to be the pioneer in enabling money market funds to be linked to the Visa card payment network. Learning from the successes of Li Cai Tong and Yu E Bao in China, we aspire to improve the financial well-being of Malaysians and elevate investment literacy via our company’s commitment to commoditizing low risk, highly liquid money market products to ensure income protection for every Malaysian.

Contact Us

finlab@uncdf.org

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