The Governor of the Reserve Bank of Fiji, Ariff Ali, has issued a rallying call to young entrepreneurs and innovators to play a crucial role in shaping the nation’s economic trajectory. His remarks came during the launch of the inaugural Fiji Innovation Hub Hackathon in Suva, where he emphasized that innovation is essential for small and vulnerable economies like Fiji.
Ali cautioned that nations that do not embrace innovation could lag behind in an increasingly digital world. He stated, “This is our moment to shape the future in which creativity thrives, where technology empowers our people and new heights of achievements is made possible.” He underscored the current state of Fiji’s economy, which is heavily dependent on tourism, agriculture, and remittances—industries that are particularly susceptible to pandemics, climate change, and global economic downturns.
Highlighting the potential of digital innovation, Ali pointed to opportunities available in emerging sectors such as FinTech, AgriTech, HealthTech, ClimateTech, and the creative industry, which can provide diversification for the economy and enhance resilience.
The two-day hackathon, designed not only to raise awareness but to propel participants into action, encourages teams to tackle real-world issues, design prototypes, and utilize digital tools to create viable solutions. Teams comprising five to six participants will compete in three focal areas: FinTech, sustainability, and ease of doing business. Notable partners, including Mastercard, HFC Bank, the Government of Fiji, UNDP, and Fiji Airways, have boosted the overall prize pool from $4,500 to a significant $15,000.
Winning teams stand to gain $3,000 each, with $2,000 for runners-up and additional consolation prizes available. Furthermore, participants will benefit from the guidance of 24 certified mentors throughout the hackathon, fostering a supportive environment for innovation and creativity in Fiji.
Overall, this initiative signals a hopeful step forward for Fiji as it seeks to nurture a new generation of innovators who can help drive the economy toward a more sustainable and technologically advanced future.