Datacultr, a risk management platform, that makes micro-loans to the unbanked, a commercially viable proposition for banks and other financial institutions, by de-risking and reducing the cost of servicing such loans, has secured 2nd position in the Open Innovation Challenge organised by Philip Morris Asia Limited (PMAL) in partnership with PMI corporate venture capital fund - PM Equity Partner.
PMI built the world's most successful cigarette company. Now, they have made a decision to create a smoke-free future. For over a decade, they have been working on and investing in research and development of smoke-free products that do not burn tobacco.
The Open Innovation Challenge is an ideation competition that PMAL developed to identify innovative technologies that improve their understanding of and access to different adult consumer segments through consumer-centric data insights, innovative credit facilities, retailer financing options, etc. The challenge aims to create potential short-term collaborations & long-term partnerships with start-ups across Asia.
The Open Innovation Challenge received registrations from more than 90 startups across 20+ countries, who then went through multiple assessment rounds. Datacultr and four other participants were invited to pitch their ideas in the grand finale held in December 2019.