Datacultr secures 2nd position in the PMI Open Innovation Challenge

Datacultr, a risk management platform, that makes micro-loans to the unbanked, a commercially viable proposition for banks and other finance institutions, by de-risking and reducing the price tag on servicing such loans, has secured 2nd position on view Innovation Challenge organised by Philip Morris Asia Limited (PMAL) in partnership with PMI corporate capital raising fund - PM Equity Partner. 

PMI built the world's most successful cigarette company. Now, they have made a decision to make a smoke-free future. For over ten years, they have been working on and buying research and development of smoke-free products that usually do not burn tobacco.

The Open Innovation Challenge can be an ideation competition that PMAL developed to recognize innovative technologies that enhance their understanding of and usage of different adult consumer segments through consumer-centric data insights, impressive credit facilities, retailer financing options, etc. The task aims to create potential short-term collaborations & long-term partnerships with start-ups across Asia.

The Open Innovation Challenge received registrations from more than 90 startups across 20+ countries, who then experienced multiple assessment rounds. Datacultr and four other participants were invited to pitch their ideas in the grand finale held in December 2019.