UPSC Exam   »   Fintech Open Hackathon

Fintech Open Hackathon

Fintech Open Hackathon- Relevance for UPSC Exam

  • GS Paper 2: Governance, Administration and Challenges- Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

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Fintech Open Hackathon- Context

  • As a part of the Fintech Open Month, NITI Aayog in association with PhonePe launches the Fintech Open Hackathon.

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Fintech Open Hackathon- Key Points

  • About: NITI Aayog in association with PhonePe will be hosting the first-ever open-to-all Hackathon event for ideating and coming up with the most creative solutions for the FinTech space.
  • Objectives: Fintech Open Hackathon aims to showcase path-breaking solutions for the Fintech Ecosystem.
  • Importance: The Fintech Open Hackathon will provide an opportunity for innovators, digital creators and developers from all over India to think, ideate and code.
  • Frameworks for Participants:
    • 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 Visualisation and Derived intelligence based on the Digital payments data
    • The final app that participants come up with must incorporate one of the above.
  • Awards: The top 5 hacks will be awarded a prize money in the following denominations:
    • 1st place: INR 1,50,000 for the team – 1 prize
    • 2nd place: INR 1,00,000 for the team – 2 prizes
    • 3rd place: INR 75,000 for the team – 2 prizes
  • Participation:
    • Participating teams can have one 1 (solo) to 5 participants.
    • Participants can use data sources like PhonePe Pulse, the Open Government Data Platform and RBI 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.

 

Fintech Industry in India: Fintech Open Summit

Fintech Industry in India: Fintech Open Summit

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