KUALA LUMPUR: The Asia Pacific Economic Cooperation, Bank Negara Malaysia, the Malaysia Digital Economy Corporation and the United Nations Capital Development Fund have launched the Financial Innovation Gig Economy Challenge.
According to a joint statement today, the organisers are looking for submissions of innovative solutions to improve the financial health of gig economy workers, in line with the theme “Driving Financial Health for the Gig Workers” and priority areas of the APEC.
Funded by MetLife Foundation, the challenge includes optimising human potential towards a future of shared prosperity, the longstanding focus on financial inclusion and democratising the digital economy.
“In contrast to the traditional economy set-up, the gig economy is characterised by flexible, temporary, or freelance jobs with irregular income and working hours,” it explained.
Fuelled by the digital revolution in recent years, the growth of the gig economy is set to continue.
“By 2023, the global gig economy in gross volume terms is expected to increase from US$200 bil (RM867 bil) to US$455 bil,” it said.
It said this shift in the employment landscape introduces new sources of financial risks that, if left unaddressed, might leave gig economy workers vulnerable to financial shocks.
As the host of APEC 2020, Malaysia is calling for the pursuit of balanced and sustainable economic growth, along with fair and equitable wealth distribution across all segments of the population, including those engaged in the gig economy, the statement said.
“The challenge is therefore aimed at seeking out innovative solutions that help secure the economic and financial well-being of gig economy workers through the four pillars of financial health – spending, saving, borrowing and financial planning,” it added.
The statement said solution providers across all APEC economies are invited to submit their application from now until April 21 at www.uncdf.org/finlab, and shortlisted applicants will be invited to participate in a four-week “accelerator” programme to further develop and refine their solutions with assistance from specialists.
The panel judges will select three winners to receive grants and an opportunity to pilot their products in Malaysia, and they will have the chance to showcase their winning solutions at the APEC Finance Ministers’ Meeting in October 2020.
“Further information can be found on the official website for the competition at www.uncdf.org/finlab,” it said. – April 9, 2020, Bernama
