Josefa Sigavolavola 
[Photo: FILE]
The Fiji Development Bank is putting $50,000 into Fiji’s growing startup and innovation sector.
The funding will support the second year of the Fiji Innovation Hub program.
The partnership between FDB and the Reserve Bank of Fiji was announced by Deputy Prime Minister and Trade Minister Manoa Kamikamica during the launch of the Fiji Innovation Hub space at the RBF Building on 13 August.
The money will support several programmes, including the Certificate of Applied Innovation, Uni Hackathon, Activator Cohort Two, Startup World Cup and Fintech Festival.
It will also help fund incubation programmes, networking events and other activities for local startups.
RBF Governor Ariff Ali said the partnership would help local entrepreneurs turn their ideas into solutions.
He says the Hub will help local talent address challenges in Fiji while improving financial inclusion.
FDB Chief Executive Officer Filimone Waqabaca states that supporting innovation is part of the bank’s role in creating economic opportunities.
Waqabaca says access to finance remains a major challenge for entrepreneurs and innovators.
He says FDB is also developing a new financing product for emerging businesses and innovators.
The product is expected to give participants in the Fiji Innovation Hub ecosystem better access to funding.
The Fiji Innovation Hub brings together founders and innovators working on locally relevant solutions.
FDB now joins other partners supporting the programme, including UNDP, UNCDF, the European Union, Australia, New Zealand, Mastercard, HFC Bank and Fiji Airways.
