The Milken Institute and the Motsepe Foundation have announced the winner of the Milken-Motsepe Prize in FinTech, a $2 million innovation award aimed at promoting financial technology solutions for small businesses in emerging and frontier markets. The winner, Verto, a UK-based company, received the $1 million Grand Prize for its cross-border payments platform. This platform facilitates quick and cost-effective transactions between businesses in different countries, eliminating the need for intermediaries and supporting 49 currencies. The announcement was made at the Milken Institute Global Conference in Los Angeles. The competition, launched in May 2024, attracted over 3,000 entrepreneurs from 126 countries across six continents. Out of these, 400 teams submitted applications, and only 10 were chosen as semifinalists. These semifinalists were evaluated based on affordability and accessibility, ethical and responsible practices, scalability in other markets, the use of cutting-edge technology, and the potential to promote equitable access to financial services. In December 2024, the semifinalists presented their innovations to investors at the Milken Institute Middle East and Africa Summit in Abu Dhabi. Following this, three finalists—Chumz, Oze, and Verto—were selected to compete in the final round. Verto emerged as the winner due to its innovative approach and significant impact potential. Dr. Precious Moloi-Motsepe, co-founder and CEO of the Motsepe Foundation, emphasized the importance of such investments in financial technology. She noted that tech and innovation are crucial for economic growth and financial inclusion across Africa, and congratulated the winners for their efforts in driving shared prosperity in the global South while influencing the global financial sector. The Milken-Motsepe Innovation Prize Program, which began in 2021, has already awarded over $6 million in funding to more than 50 innovators worldwide. Participating teams have not only received financial support but have also leveraged nearly 10 times the Grand Prize amount in additional external investments, impacting over 530,000 community members. The program provides free resources and curated online events to nearly 9,000 global entrepreneurs, fostering a supportive environment for innovation. Simultaneously, the Milken Institute and the Motsepe Foundation launched a new prize in the field of artificial intelligence (AI) and manufacturing. This fourth installment of the innovation prize, also valued at $2 million and featuring a $1 million Grand Prize, aims to recognize companies that are revolutionizing Africa's manufacturing sector using advanced data analytics and AI. The prize focuses on long-term economic resilience in the supply chain, job creation, and improved access to essential goods and services for African communities. Registration for this new challenge is open until July 31, 2025. Emily Musil, PhD, Managing Director of Environmental and Social Innovation at the Milken Institute, expressed enthusiasm for the new prize, highlighting the transformative potential of AI in manufacturing. She stressed that such initiatives reveal new methodologies for operating in the digital age and contribute to a better future for both people and the planet. The Milken-Motsepe Innovation Prize Program continues to stand out as a powerful mechanism for identifying and supporting revolutionary ideas and technologies that tackle critical global issues. By combining the expertise of the Milken Institute and the commitment to social impact of the Motsepe Foundation, the program fosters a collaborative ecosystem that drives meaningful change and sustainable development in regions that need it most. Industry insiders praise the Milken-Motsepe Prize for its strategic focus on practical, scalable solutions in emerging markets. The program's success in fostering innovation and attracting investment not only highlights the potential for tech-driven solutions to address financial challenges but also sets a precedent for similar initiatives in other sectors. The launch of the new AI and Manufacturing prize demonstrates a forward-thinking approach to supporting industries that are vital for Africa's economic growth. Founded in 1999 by Dr. Patrice Motsepe and Dr. Precious Moloi-Motsepe, the Motsepe Foundation is dedicated to eradicating poverty and improving living standards for marginalized populations in South Africa, Africa, and the world. In 2013, the founders joined the Giving Pledge, committing to donate half of their wealth to philanthropic causes. The Milken Institute, a nonprofit think tank established in 1999, focuses on addressing global issues through research and innovation, aiming to accelerate progress and enhance quality of life for people around the world. Both organizations continue to play pivotal roles in advancing social and economic development through their collaborative efforts and robust funding mechanisms.