Launch of I-Sprint’21: IFSCA’s Global FinTech Hackathon Series Sprint01: BankTech

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. 

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