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MFMC introduce 'Innovation Fund' for SMEs worth MVR 20 mil

Ahmed Aiham
02 February 2020, MVT 18:49
Minister of Economic Development Fayyaz Ismail (L). PHOTO: MIHAARU
Ahmed Aiham
02 February 2020, MVT 18:49

Maldives Fund Management Corporation (MFMC) on Saturday introduced it's 'Innovation Fund' with a total combined investment of MVR 20 million for innovative Small Medium Enterprise (SME) startups.

The fund was inaugurated by Minister of Economic Development Fayyaz Ismail during a ceremony held at Hotel Jen in capital city Male'.

Although the initiative launched with a fund of MVR 20 million, the Economic Minister said funds would increase in the future with assistance from private businesses.

Areas of innovations

- Information and communications technology (ICT)

- Financial technology (Fintech)

- Health technology (Healthtech)

- Agricultural technology (Agritech)

- Educational technology

- Retail technology

The 'SME Innovation Fund' is also seeking proposals within the fields of virtual reality (VR), tourism, and in art and culture.

During the ceremony, Minister Fayyaz noted the importance of providing opportunities within the sector as the world becomes more and more technologically advanced. In order to decrease dependency on foreign parties within technology, Fayyaz underscored the need for Maldivians to venture into such sectors, expressing hope that the fund would create opportunities for innovative youth.

MFMC also introduced the 'Maldives Innovative Quest', a platform to showcase new ideas and prototypes. Winners of the competition will receive grant aid from the SME fund. The entrepreneurs behind the leading idea will stand a chance to participate in the 'Annual Investment Meeting' in Dubai, United Arab Emirates.

In addition to the Innovation Fund, MFMC has introduced the 'Tourism Development Fund', 'Infrastructure Fund' and the 'Renewable energy Fund'.

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