The National Institution for Transforming India (NITI) Aayog, in collaboration with PhonePe, a leading digital payment service provider, is set to host the first-ever open-to-all Fintech Open Hackathon. The event is aimed at displaying innovative solutions that could revolutionize the fintech industry.
Understanding Fintech
Fintech is a term that stands for ‘financial technologies.’ It emerged as a burgeoning sector in financial services in the 21st century. Initially, the term was used exclusively for technology employed in the backend of traditional consumer and trade financial institutions. However, as the first decade of the 21st century came to an end, fintech’s scope broadened to encompass any technological innovation within the financial sector. These innovations may extend to areas such as financial literacy and education, retail banking, investment, or even cutting-edge fields like cryptocurrencies, including bitcoin.
The Essence of a Fintech Open Hackathon
The Hackathon presents a golden opportunity for innovators, digital creators, and developers from across India to brainstorm, ideate, and code. In addition to the intellectual stimulation, winning teams also get a chance to win lucrative cash prizes worth Rs 5 lakhs.
Scope and Requirements of Participation
Hackathon participants are required to make use of open-data APIs (Application Programme Interface) such as PhonePe Pulse. They can also use frameworks like Account Aggregator to power the following use cases: alternate risk models for lending, insurance, or investments focusing on financial inclusion; innovative products that employ data signals for demographics and geographical locations for broader adoption of financial services, and improved visualization and derived intelligence based on digital payment data.
Participants can pull data from various sources like PhonePe Pulse, the Open Government Data Platform, and RBI (Reserve Bank Of India) reports on payments to build their submissions. They can also access any other open data platforms they are aware of, along with the Setu AA Sandbox or the Setu Payments Sandbox to develop their hacks.
Final Judgment Process
The final stage of the Hackathon requires participants to present a working prototype of their hack to the judges. The hacks are evaluated based on predefined parameters. For a hack to be considered successful, it must incorporate at least one of the specified use cases.
The first-ever Fintech Open Hackathon by NITI Aayog and PhonePe presents an exciting opportunity for tech enthusiasts and innovators to showcase their pioneering solutions, boost financial inclusion, and propel the fintech ecosystem in India towards greater heights.
