AN innovation hub for financial technology (FinTech) solutions that will address development challenges in Fiji will soon be set up with the support of the Reserve Bank of Fiji (RBF) and the United Nations Capital Development Fund (UNCDF), the latter through its Pacific Digital Economy Program (PDEP).
This comes at the conclusion of a joint scoping mission and a validation workshop with Creative HQ — New Zealand’s leading startup hub and innovation agency, based in Wellington, with over 22 years of experience in delivering programs nationally and abroad.
In a statement released this week, the parties said the hub will serve as a beacon for pioneering solutions by local tech startups.
The initiative, they added, will leverage existing accelerator and incubation programs and supporting structures across Government and the private sector with the aim of building local capacity to grow and sustain a thriving entrepreneurial ecosystem focused on technological innovation.
RBF Governor Ariff Ali said the proposed hub aimed to be a multi-year program that would promote active collaboration between startups, regulators, the private sector and potential investors to reach technology-led solutions that could help solve Fiji’s development challenges and contribute to economic growth.
“This initiative aligns with the bank’s new vision of being a progressive and resilient central bank, trusted by our people and its mission of playing an influential role in the development of the economy,” Mr Ali said.
UNCDF PDEP Regional technical specialist — DFS Policy and Regulation, Aneth Kasebele said as a long-standing partner in financial inclusion, UNCDF believed that the Innovation Hub builds on the efforts of the RBF and other stakeholders to catalyse innovation across various financial sector verticals.
“This initiative will help diversify Fiji’s financial landscape and expand access to a wide range of digital financial products and services including credit, insurance, and wealth management, ensuring that all segments of the Fijian population can benefit,” Ms Kasebele said.
“Moreover, RBF’s leadership in this initiative sends a strong signal to the market, demonstrating that the regulator understands the transformative potential of digital technology in the Fijian economy and is committed to engaging with innovators to foster growth”.
Chief executive officer of Creative HQ, Catherine Jones said after conversation with all stakeholders, “what has been apparent is that an Innovation Hub in Fiji can flourish and reshape Fiji’s economic future, whether that can be through boosting rural livelihoods, empowering women and youth or igniting FinTech innovation”.
“We are excited and look forward to realising the next generation of disrupters in this journey,” Ms Jones said.
The initial pilot will focus on building the current entrepreneurial ecosystem to support founder journeys, whilst simultaneously supporting the FinTech startup sector.
It is envisaged that the Innovation Hub will then broaden its focus from Year 2 onwards to include other key tech sectors for economic growth such as female entrepreneurs, Agri-tech and indigenous entrepreneurship.
Mr Ali said RBF would continue to work collaboratively with all partners in mapping out the Hub’s activities for the first 12 months commencing May 2025, including confirmation of a physical space, events, capacity building opportunities and a pathway for seed funding.
This will be tailored to the needs of MSMEs while driving transformative change and inclusive growth across the economy, he added.
The initiative is also being supported by the European Union and the governments of Australia and New Zealand.
