Proctor & Gamble (P&G) – Sustainable Merchant Microcredit for Emerging Markets
May 4, 2021
Special thank you to Naviya Singh for your contribution on this piece.
1982 Ventures was invited for the launch of iLab 2021, a three-day virtual innovation festival organized by Procter and Gamble (P&G) in partnership with the Singapore Economic Development Board and Pilot 44. The festival aimed at bringing together local and regional startups to develop technology solutions for challenges faced in advertising, retail and supply chain. More than 100 startups were assessed before the festival and the top 27 were shortlisted to showcase their innovative solutions.
The event was kicked off by Guest of Honor, Deputy Prime Minister Mr. Heng Swee Keat and other dignitaries. Singapore is focusing on re-doubling its efforts to strengthen the startup ecosystem with more than $25 billion being invested in research and enterprise.
“EDB is partnering large corporates to create new ventures, by deploying experienced officers to co-develop new ideas and providing risk sharing capital. We are also building up a base of venture studios to help corporates that are new to the venturing process” he said.
Scott Krivokopich (Managing Partner at 1982 Ventures) shared his insights on innovation in Retailer microcredit in Emerging Markets. Scott highlighted how Fintech empowers merchants through increased sales and reduced costs.
“PAYMENTS ARE JUST LOGISTICS FOR MONEY”
Scott emphasized how an upgraded underwriting and servicing process are the main keys to revolutionising microcredit in emerging economies. Scott also talked about how Digitization and Embedded Finance has played a critical role in tackling traditional business challenges. He stated “Embedded Finance has network effects, an open and collaborative approach benefits everyone”.
1982 Ventures invests in seed stage startups and aims to work with founders at the earliest stages in order to ensure their companies are setup for success.
We encourage great founders in Southeast Asia launching fintech startups to reach out as early as possible.