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New York City launches fintech challenge for underbanked residents


Jul 27, 2021 | STATESCOOP
New York City launched a new challenge on Monday, asking developers and technologists to submit their best ideas to ensure that the city’s unbanked residents can participate in the economy.
The “NYC[x] Moonshot: Financial Inclusion Challenge,” is hosted by the Mayor’s Office of the Chief Technology Officer as part of the city’s “Moonshot” challenge series, which has been seeking innovations for various public issues access to mental health resources, cybersecurity for small businesses and 5G solutions since 2018.
In this iteration of the challenge, the city is looking for financial technology breakthroughs to help the 1 million New York City households that either have no bank account or limited access to financial services, according to the city, which has a higher than average unbanked and underbanked rate. In the Bronx, 49.2% of households are underbanked and the neighborhood has a low ratio of ba ....

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