Important Facts For Prelims
Fintech Open Hackathon
- 17 Feb 2022
- 3 min read
Why in News
NITI Aayog, in association with PhonePe (Digital Payment Service Provider), will be hosting the first-ever open-to-all Fintech Open Hackathon that aims to showcase path-breaking solutions for the fintech ecosystem.
What is fintech?
- Fintech describes an emerging financial services sector in the 21st century.
- Originally, the term applied to technology applied to the back-end of established consumer and trade financial institutions.
- Since the end of the first decade of the 21st century, the term has expanded to include any technological innovation in the financial sector, including innovations in financial literacy and education, retail banking, investment and even crypto-currencies like bitcoin.
What is a Fintech Open Hackathon?
- The Hackathon will provide an opportunity for innovators, digital creators and developers from all over India to think, ideate and code. Winning teams stand to win exciting cash prizes worth Rs 5 lakhs.
- Participants at the hackathon need to use any open-data APIs (Application Programme Interface) like PhonePe Pulse along with frameworks such as Account Aggregator as a foundation to power the following use cases:
- Alternate risk models for Lending, Insurance or Investments with focus on financial Inclusion.
- Innovative Products that use the power data signals for various demographics and Geos for broader adoption of financial services.
- Improved Visualization and Derived intelligence based on the Digital payments data.
- The final app that participants come up with must incorporate one of the above.
- Participants can use data sources like PhonePe Pulse, the Open Government Data Platform and RBI (Reserve Bank Of India) reports on payments to build on their submission.
- In addition, they can access any other open data platforms that they are aware of along with the Setu AA Sandbox or the Setu Payments Sandbox to develop their hacks.
- By the end of the event, participants will be required to present a working prototype of their hack to the judges, post which each hack will be judged based on certain parameters.
