UNCDF SHIFT Challenge Fund

The Monetary Authority of Singapore (MAS) and the United Nations Capital Development Fund (UNCDF) have formed a strategic partnership under the ongoing UNCDF’s SHIFT (Shaping Inclusive Finance Transformations) programme to facilitate the development and access to digital financial services in the ASEAN region.

As the first initiative under the collaboration, MAS is a Supporting Partner of UNCDF SHIFT’s Remittance Challenge Fund Window, which is now open. The goal of the Challenge Fund is to develop innovative, scalable business models that foster regulated international remittances to Cambodia, Lao PDR, Myanmar, and Vietnam (CLMV) for women, and concurrently increase adoption and usage of remittance-linked financial products and services in CLMV. A lack of formal international remittance channels for women, limits their access to other formal financial services. This is an issue as women are the majority recipients of international remittances through informal channels in CLMV.

UNCDF and MAS invite financial institutions, non-bank financial institutions, micro-finance institutions, money transfer operators, mobile network operators, mobile financial service providers, and FinTechs to submit an Expression of Interest (EOI) regarding innovative business models or to scale international remittance service delivery.

Call for Expression of Interest: http://shift.uncdf.org/call-expression-interest-shift-challenge-fund-facility-opens-third-window-remittances

EOIs must be submitted before June 9, 2017.

Following a transparent and competitive selection process, the SHIFT Challenge Fund 3rd Window will award between US$100,000 and $300,000 in co-funding as grants to the best business models. Funding is available to new or scalable remittance services that align with the goal of improving remittance services as a way to enhance women’s economic empowerment.

Successful applicants will be offered co-funding as a grant of up to a maximum of 50% of the total project costs.
Submission details (including applications) are available at:


UNDCF SHIFT and MAS cordially invite your organisation to attend an information workshop in Singapore, which will present the Remittance Window and answer questions regarding the EOI process. The details of the information workshop are as follows:

Challenge Fund 3rd Window on Remittances, Information Workshop
15th May 2017
3pm to 6:30pm

Looking Glass @ MAS
10 Shenton Way
Level 11, MAS Building
Singapore 079117

If you are interested in attending, please RSVP at https://MAS-UNCDF-SHIFT.eventbrite.com

Please feel free to direct any questions on the Challenge Fund by email to [email protected] and/or [email protected]