The National Incubation Center and Jazz xlr8 successfully conducted yet another exciting event under their flagship project, Hacktivate, this time to find innovative and disruptive solutions in the fin-tech space.
The two-day event comprised a hackathon where shortlisted startups and SMEs in the fin-tech space pitched their ideas to a power-packed panel of judges, and an Innovation Challenge where participants used Allied Bank’s Open Banking APIs to build solutions on the ABL developer portal.
This was one of the largest virtual events in the fin-tech space at a national level where various partners joined hands with the organizers to foster innovation and collaboration to promote financial inclusion in the country.
“It fills my heart with pride to see how different stakeholders, in various capacities, have joined hands with the National Incubation Center in its humble attempt to encourage innovation and build disruptive solutions across multiple industries,” said Zouhair Khaliq, co-founder Teamup.
“This is the fourth hackathon organized by the NIC, and with each hackathon, the impact is bigger and greater than before. Indeed, collaboration is the way forward and the success of events like these prove the power of partnerships in building the ecosystem,” he added.
The global fin-tech industry was valued at USD 5504.13 Billion in 2019 and is expected to grow at CAGR of 23.58% from 2020-2025. The key factor for the growth of the fintech market includes high investment in technology-based solutions by banks and firms.
“Innovation has always been at the core of how Jazz operates and this fin-tech hackathon is another step in the same direction, where the best minds of Pakistan competed against each other to find solutions to fin-tech challenges. We need concerted efforts in this space to truly disrupt the fin-tech space and decrease disparities in financial inclusion,” Aamer Ejaz, Chief Digital & Strategy Officer Jazz.
The event, organized with an aim to bring innovative ideas in the Fin-tech space to the forefront, attracted more than 300 applications from Africa, Finland, UK, KSA, UAE, Oman, and from 20+ cities within Pakistan. Applicants were encouraged to apply with ideas lying under the following thematic areas, derived after extensive research on the sector’s dynamics, in consultation with leading experts in the space:
24 ideas were shortlisted for the Hackathon segment of the event. This segment comprised of two rounds. The successful conclusion of the first round was followed by the top 8 ideas who pitched in the Grand Finale.
After a rigorous competition, judged by a power-packed panel of judges from financial institutions, insurance companies, corporate sector, and entrepreneur support organizations (ESOs), the top three winners were announced who received cash prizes worth Rs. 1.4 million.
The winners of the Hackathon were: DigiKhata (1st position), BayFikr (2nd position), and Ozoned Digital & E-Khata (3rd position). The winner of the second segment of the event – ABL Innovation Challenge was DigiKhata and received a cash prize of Rs.600,000.
Access to regulated financial services for all is essential, and in countries like Pakistan, where more than 100 million adults form the unbanked population, ensuring financial inclusion for all is a great challenge. This presents an opportunity for young innovators to create disruptive solutions that can lead to wider adoption of fintech services,” said Sohail Aziz, Chief Digital Officer, Allied Bank Limited.
The winners of the event, in addition to the cash prizes, will be eligible to gain a spot in the Jazz xlr8 program. They will also be given the opportunity to connect with relevant stakeholders to practically implement their ideas including investors, public sector representatives & mentors, and to scale up with the support of donors and acceleration partners.
Participants for the event will also have the chance to be introduced to the USAID Small Medium Enterprise Activity (SMEA) project through which they may receive co-funding for Business Development Services (BDS) based on the project’s eligibility criteria.