International Financial Services Centres Authority (IFSCA) and GIFT City on Friday launched I-Sprint’21, the global FinTech Hackathon Series “Sprint01: BankTech”, focussed on fintech for the banking sector.
The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs) in India. IFSCA endeavours to encourage the promotion of financial technologies (‘FinTech’) initiatives across the spectrum of banking, insurance, securities and fund management in IFSC.
Banktech is hosted jointly by IFSCA and GIFT city in collaboration with NITI Aayog. The partners to the hackathon are ICICI Bank, HSBC Bank, iCreate, Zone Startups and Invest-India.
The aim of the hackathon is 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.
Finalists will be allowed direct entry into IFSCA Regulatory/Innovation Sandbox and 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 Prize money of 24 lakh and Business Support Solution Partner benefits of upto $25,000 per startup from Zone Startups India’s network,” are also among rewards on offer.
In this context, a series of hackathons cutting across these sectors have been planned under the banner of I-Sprint’21. “This 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 finance ministry said.
 
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