“Sprint 01: BankTech”
GIFT City receives huge interest for Global FinTech Hackathon “Sprint 01: BankTech”.
GIFT City & International Financial Services Centres Authority (IFSCA) jointly launched I-Sprint’21 as the global FinTech Hackathon Series on the 7 October 2021. A series of Hackathons cutting across various financial services sectors have been planned under the banner of I-Sprint’21. Sprint01: BankTech, the first of the series focused on the “Banking” sector has been launched. It is being conducted virtually and is open to eligible FinTechs from across the Globe.
The Partners to the Hackathon are ICICI Bank, HSBC Bank, iCreate, Zone Start-ups and Invest-India. The aim of the Hackathon is to invite innovative and cutting-edge solutions for the given Problem Statements. These Problem Statements have been framed to solve the Business Problems related to Banking Units at GIFT IFSC and to promote retail business for the Banking Units at GIFT IFSC. The best solution may eventually be implemented by the Banking Partners.
IFSCA had introduced a framework for “Regulatory Sandbox” in October 2020 which 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. The FinTech Hackathon finalists will be allowed direct entry into IFSCA Regulatory/Innovation Sandbox.
Speaking about this Hackathon, Mr. Tapan Ray, MD and Group CEO of GIFT City said, “GIFT City receiving such large number of applications for its maiden edition of Global FinTech Hackathon is testimony to the immense interest and enthusiasm this project has in the fintech community. The fintech industry is an important accelerator to the progress of GIFT IFSC and their new age technology solutions will bring innovation to GIFT City We expect GIFT City to evolve as a laboratory and hub for fintech research in future.”
The selected FinTechs will be provided Direct-Entry into IFSCA Regulatory/Innovation Sandbox. They will also get a chance to directly interact with the Partner Banks on the problem statement who will provide the APIs, mentoring and guidance. The selected Applicants will also get an opportunity to show-case their solution or product during the Flagship FinTech Forum of IFSCA scheduled during Dec’2021.
Chairman of IFSC Authority said “This is a great opportunity for FinTechs to get into the IFSCA’s Regulatory Sandbox. We will shortly launch hackathons focussing on Insurance and Capital Market segments as well.”