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Friday, December 03, 2021

Gujarat: GIFT IFSC hosts global fintech hackathon for banking solutions

The selected applicants “will also get an opportunity to showcase their solution or product during the Flagship FinTech Forum of IFSCA” scheduled in December.

By: Express News Service | Ahmedabad |
November 2, 2021 11:01:09 am
According to a statement from GIFT City, the problem statements “have been framed to solve the business problems related to banking units at GIFT IFSC and to promote retail business for the banking units at GIFT IFSC.”

I-Sprint’21, a virtual global fintech hackathon series, hosted by the GIFT City in Gandhinagar and International Financial Services Centres Authority (IFSCA) in collaboration with the NITI Aayog, on October 7, is scheduled to close registration for its first module on banking technology on November 4.

“GIFT City receiving such a large number of applications for its maiden edition of the global fintech hackathon is testimony to the immense interest and enthusiasm this project has in the fintech community,” stated Tapan Ray, MD and Group CEO of GIFT City, in an official release.

The selected fintech companies will be provided direct entry into ‘IFSCA Regulatory/Innovation Sandbox.’ The selected applicants “will also get an opportunity to showcase their solution or product during the Flagship FinTech Forum of IFSCA” scheduled in December. The Regulatory Sandbox will provide the fintech entities with facilities to experiment with proposed solutions in a live set-up with a limited set of real-time customers.

I-Sprint’21 includes a series of hackathons involving problem statements across various financial services such as on-machine readable and enforceable regulations, unified know-your-customer solutions, retail banking products, etc. According to a statement from GIFT City, the problem statements “have been framed to solve the business problems related to banking units at GIFT IFSC and to promote retail business for the banking units at GIFT IFSC.”

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