Categories: UPSC Current Affairs

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.

Fintech Open Hackathon- Context

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

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.