HFC Bank, Fiji’s only local commercial bank, has announced its sponsorship of the recently launched Fiji Innovation Hub.
A collaborative initiative supported by a consortium of international and local partners including the UN Capital Development Fund UNCDF), UN Development Programme, the Ministry of Trade, Co-operatives, MSMEs and Communications, the Reserve Bank of Fiji (RBF), Mastercard, Fiji Airways and New Zealand innovation hub specialist Creative HQ, the Innovation Hub was officially launched on July 17 and is a first-of-its-kind program dedicated to supporting entrepreneurs build inclusive, locally driven financial solutions.
“Following our successful core banking system transformation, HFC Bank is uniquely positioned to support this groundbreaking Innovation Hub,” HFC Bank chief executive officer Rakesh Ram said.
“Our recent digital transformation journey has provided us with invaluable insights into the challenges and opportunities of financial technology implementation.
“As Fiji’s only local bank, we have a special responsibility to ensure this Innovation Hub creates more entrepreneurs and drives inclusive economic growth across our islands.”
HFC Bank’s support comes at a pivotal moment as the Hub launches its first-year activities, including an accelerator program and national hackathon designed to tackle Fiji’s most pressing financial inclusion challenges.
RBF governor Ariff Ali welcomed the sponsorship and acknowledged HFC Bank’s contribution to the Fiji Innovation Hub.
“It’s inspiring to witness our only local bank, HFC Bank, rise to the occasion and support Fiji’s journey toward digital transformation and financial inclusion,” Mr Ali said.
“Their bold commitment as a sponsor of the Fiji Innovation Hub positions them not just as a financial institution, but as a true partner for innovation and growth, especially for our emerging startups.”
As part of its commitment, HFC Bank will provide mentorship for Fijian startups, especially youths with business ideas to enhance their vision using their own digital transformation experience.
HFC Bank will promote the Hub across Fiji ensuring entrepreneurial development in the country.
They will also allow startups to test and integrate their own products with HFC Bank’s modernised banking platform systems and will support innovations that align with Fiji’s National Financial Inclusion Strategy 2022-2030, particularly solutions that expand digital payments for MSMEs, improve access to credit and insurance and promote climate resilient financing.
