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What is the news?
I-Sprint21, the global FinTech Hackathon Series of IFSCA was launched recently, where the first Sprint of the series “Sprint01: BankTech” is focussed on FinTechs for the Banking sector.
Sprint 01: BankTech is hosted jointly by IFSCA and GIFT city in collaboration with NITI Aayog. In Union Budget 2020-21 finance minister envisaged on supporting a “World Class FinTech Hub” at GIFT IFSC.
What is Sprint01: BankTech hackathon?
Under its banner a series of Hackathons cutting across the spectrum of banking, insurance, securities and fund management have been planned in IFSC.
“Sprint01: BankTech” hackathon is first under the I-Sprint series focussing on the Banking Sector and is one of its kind being backed by a Regulator. It shall be conducted virtually and is open to eligible FinTechs from across the Globe.
The finalists of this Hackathon shall be allowed direct entry into IFSCA Regulatory/Innovation Sandbox.
What are the objectives of the Hackathon?
– To connect IFSCA and GIFT IFSC with FinTech Ecosystem
– To solve Business Problems for the Banking Units at GIFT IFSC and
– To promote retail business for the Banking Units at GIFT IFSC.
What are the Major rewards and recognition proposed under Sprint01: BankTech?
FinTech finalists to be allowed direct entry into IFSCA Regulatory/Innovation Sandbox.
FinTechs will work directly with the Partner Banks on the problem statement who will provide the APIs, mentoring, guidance, etc.
Opportunity for the FinTechs to show-case during the Flagship FinTech Forum of IFSCA scheduled during Dec’2021
iCreate sponsored Price money of Rs 24 lakh
Business Support Solution Partner benefits of upto $25,000 per startup from Zone Startups India’s network.
What is “Regulatory Sandbox”?
It allows the FinTech entities to have facilities and flexibilities to experiment with innovative FinTech solutions in a live environment with a limited set of real customers for a limited time frame.
Source: This post is based on the article ”Launch of I-Sprint’21: IFSCA’s Global FinTech Hackathon Series Sprint01: BankTech” published in ‘PIB’ on 08 October 2021.
Terms to know:
