Tashkent, Uzbekistan (UzDaily.com) -- The call for applications for participation in the Visa Everywhere Initiative 2023 (VEI), a global open innovation competition in which startups present their cutting-edge products to meet the challenges of the future in payments and commerce, was opened in Uzbekistan. Applications will be accepted until 14 May on the website.

Visa Everywhere Initiative gives startups the opportunity to solve the most pressing challenges in payments and commerce, as well as the chance to win cash prizes, promote their company globally and be recognized by one of the world’s most trusted brands

In addition to cash prizes, VEI winners have access to Visa’s extensive network of partners across the banking, retail, venture capital and government sectors. The winners also receive recognition from one of the most trusted and valuable global brands.

The Central and Eastern Europe, Middle East and Africa (CEMEA) finals will be streamed live on 27 July on TechCrunch, the leading online publication focused on the technology industry and startup ecosystem. The startup that won the regional stage of the competition will take part in the global final, which will be held on 19 September at the TechCrunch Disrupt conference in San Francisco (USA).

This year, the competition in the CEMEA region will present for the first time the award in the field of security and risk management - Fintechs Innovating in Risk Excellence, or FIIRE. As part of a special category, Visa, in partnership with Emirates NBD, will seek out global fintech players in areas such as fraud prevention, cybersecurity and credit risk management. Following a joint evaluation by Visa and Emirates NBD, the winning project will receive a US$25,000 prize and the opportunity to work with Emirates NBD, the region’s leading bank.

“The Visa Everywhere Initiative competition is a platform that allows fintech companies and entrepreneurs to showcase the most innovative and effective solutions in the field of payments and commerce,” commented Kristina Dorosh, Visa Country Manager for Central Asia and Azerbaijan. “The potential for fintechs is enormous: with high-tech innovations, they can bring vast social benefits to the markets where they operate, especially when it comes to providing financial services to those who have traditionally been underserved by them. At Visa, we believe that access to the digital economy drives equitable and inclusive growth, and the VEI competition is an important way to support the innovators who are leading the way.”

Since the launch of VEI in 2015, companies in more than 100 countries have received over US$16 billion in funding and built a community of nearly 12,000 startups from around the world. Last year, the competition, which was attended by over 4,000 startups from five regions, generated a prize pool of over US$530,000. Nigerian company ThriveAgric, the winner of VEI 2022, received the VEI Global Grand Prize of US$100,000, as well as the Visa Direct Special Prize of US$20,000.

MayaSoft, a startup from Uzbekistan, one of the winners in the CEMEA region, partnered with Visa to present the first contactless payment solution in Uzbekistan based on Visa Tap to Phone technology.