{"id":140117,"date":"2021-10-09T19:22:58","date_gmt":"2021-10-09T13:52:58","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=140117"},"modified":"2021-10-16T16:54:00","modified_gmt":"2021-10-16T11:24:00","slug":"launch-of-i-sprint21-ifscas-global-fintech-hackathon-series-sprint01-banktech","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/launch-of-i-sprint21-ifscas-global-fintech-hackathon-series-sprint01-banktech\/","title":{"rendered":"Launch of I-Sprint\u201921: IFSCA\u2019s Global FinTech Hackathon Series Sprint01: BankTech"},"content":{"rendered":"\n
What is the news?<\/span><\/b>\u00a0<\/span><\/h5>\n

I-Sprint21<\/span><\/b>, the global FinTech Hackathon Series of IFSCA was launched recently, where the first Sprint of the series \u201c<\/span>Sprint01:\u00a0BankTech<\/span><\/b>\u201d is\u00a0focussed\u00a0on\u00a0FinTechs\u00a0for the Banking sector.<\/span>\u00a0<\/span><\/p>\n

Sprint 01:\u00a0BankTech\u00a0is hosted jointly by\u00a0<\/span>IFSCA\u00a0<\/span><\/b>and\u00a0<\/span>GIFT city<\/span><\/b>\u00a0in collaboration with\u00a0<\/span>NITI\u00a0<\/span><\/b>Aayog.<\/span>\u00a0<\/span>In<\/span>\u00a0Union Budget 2020-21<\/span><\/b>\u00a0finance minister envisaged on supporting a \u201cWorld Class FinTech Hub\u201d at GIFT IFSC.<\/span>\u00a0<\/span><\/p>\n

What is Sprint01: BankTech hackathon?<\/b><\/span><\/h5>\n

Under its banner\u00a0a series of Hackathons cutting across the\u00a0spectrum of banking, insurance, securities and fund management\u00a0have been planned\u00a0in IFSC.<\/span>\u00a0<\/span><\/p>\n

\u201c<\/span>Sprint01:\u00a0BankTech<\/span><\/b>\u201d\u00a0hackathon is\u00a0<\/span>first\u00a0<\/span><\/b>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.<\/span>\u00a0<\/span><\/p>\n

The finalists of this Hackathon shall be allowed direct entry into IFSCA Regulatory\/Innovation Sandbox.<\/span>\u00a0<\/span><\/p>\n

What are the objectives of the Hackathon?<\/span><\/b>\u00a0<\/span><\/p>\n

– <\/strong>To\u00a0connect IFSCA and GIFT IFSC with FinTech Ecosystem<\/span>\u00a0<\/span><\/p>\n

– <\/strong>To\u00a0solve Business Problems for the Banking Units at GIFT IFSC and<\/span>\u00a0<\/span><\/p>\n

– <\/strong>To promote retail business for the Banking Units at GIFT IFSC.<\/span>\u00a0<\/span><\/p>\n

What are the Major rewards and recognition proposed under Sprint01:\u00a0BankTech?<\/span><\/b>\u00a0<\/span><\/h5>\n

FinTech finalists to be allowed\u00a0<\/span>direct entry<\/span><\/b>\u00a0into IFSCA Regulatory\/Innovation Sandbox.<\/span>\u00a0<\/span><\/p>\n

FinTechs\u00a0will\u00a0<\/span>work directly with the Partner Banks<\/span><\/b>\u00a0on the problem statement who will provide the APIs, mentoring, guidance, etc.<\/span>\u00a0<\/span><\/p>\n

Opportunity for the\u00a0FinTechs\u00a0to show-case during the Flagship FinTech Forum of IFSCA scheduled during Dec\u20192021<\/span>\u00a0<\/span><\/p>\n

iCreate\u00a0sponsored Price money of Rs 24 lakh<\/span>\u00a0<\/span><\/p>\n

Business Support Solution Partner benefits of\u00a0upto\u00a0$25,000 per startup from Zone Startups India’s network.<\/span>\u00a0<\/span><\/p>\n

What is\u00a0\u201cRegulatory Sandbox\u201d?<\/span><\/b>\u00a0<\/span><\/h5>\n

It allows the FinTech entities to have facilities and flexibilities to\u00a0<\/span>experiment\u00a0<\/span><\/b>with innovative FinTech solutions in a live environment with a limited set of real customers for a limited time frame.<\/span>\u00a0<\/span><\/p>\n

Source<\/span><\/b>:\u00a0This post is based on the\u00a0article \u201d<\/span>Launch of I-Sprint\u201921: IFSCA\u2019s Global FinTech Hackathon Series Sprint01: BankTech<\/strong>\u201d\u00a0published\u00a0in \u2018<\/span>PIB<\/span><\/b>\u2019 on\u00a0<\/span>08\u00a0October 2021<\/span><\/b>.<\/span>\u00a0<\/span><\/p>\n

Terms to know<\/strong>:<\/p>\n