A little over 2,000 ideas have been received for the ‘Finackathon,’ a hackathon on financial technologies, being organised by the Fintech Valley-Vizag.
Managed by KPMG, HackerEarth, a leading firm in innovation and talent management software, has been selected by the Fintech Valley-Vizag, an initiative by the State government, to host the event through crowdsourcing ideas.
Fintech Valley wants to develop a sustainable ecosystem to bring more innovative projects to Visakhapatnam.
Over 10 leading fintech players in India have been roped in to partner with Fintech Valley to promote and execute solutions coming out of the hackathon.
Pitching of ideas was open from September 14 to October 30.
“The response for registration is overwhelming and we are expecting very good response when the short-listed teams by a jury of experts are invited for the final round scheduled in the first week of December,” HackerEarth CEO Sachin Gupta told The Hindu.
Four categories
The hackathon will be held under four categories — banking, insurance, capital markets, and NBFCs — with winners in each category getting ₹3 lakh. The winners will be given a chance to carry out Proof of Concept (PoC) with corporates and execute it in the Fintech Valley-Vizag. Investor network of the valley will be invited to study the prototyped solution.
Solutions are sought from the participants on five themes, including customer experience, process automation, financial inclusion, risk management, and lending. The solutions will be included in the use case repository, which was launched by the valley recently to help financial technology institutes as well as startups.
Mr. Gupta said Sprint, HackerEarth’s innovation management software, was a platform to ideate and collaborate on interesting products, solutions, and processes. It also helps organisations to crowdsource solutions, from internal and external audiences, helping them minimise the time, effort and capital spent on driving innovation.
“Finackathon is a great initiative to promote the rising fintech ecosystem in the city, and we hope to see some creative and innovative hacks from the participants,” he stated.