The National Incubation Center has announced the launch of its latest hackathon, Hacktivate-4.0, to find solutions in the fin-tech space. The hackathon applications are open till the 31st of March 2021.
The purpose of this event is to find practical innovative solutions to challenges faced in the fin-tech space. With an acceleration in the adoption of digital technologies across various verticals, the future prospects for digital financial services are bright, provided there is the right regulatory support to foster innovation in the space.
Through this hackathon, the NIC and ABL along with its partners aim to find disruptive solutions that can transform fin-tech, not just in Pakistan, but across the globe.
The global fintech industry was valued at USD 5504.13 billion in 2019 and is expected to grow at a 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.
Moreover, the infrastructure-based technology and APIs are reshaping the future of the financial services industry, thus aiding the growth of the Global Fintech Market. Particularly in Pakistan, the digital finance potential stands at about $36 billion by 2025, providing a 7% boost to the GDP, creating 4 million new jobs and resulting in $263 Billion new deposits.
This creates a need for young innovators to create solutions that can disrupt the space and lead to the mass-scale adoption of digital financial services.
The NIC formally launched the event through a powerful panel discussion on the ‘Future of Fintech-Opportunities and Challenges’, with panelists including Naureen Hayat- Co-founder Tez Financial Services, Taimoor Ali- Associate Director Innovation, Digital Financial Services, Karandaaz, Jaffar Shirazi- Regional Head Alternative Distribution Channel Jazz Cash and Fahad Hasan- Development Specialist MSMEs Asian Development Bank and Zouhair Khaliq, Co-founder Teamup.
The following thematic areas have been identified to hack solutions in the Fin-Tech space for the upcoming hackathon:
- Banking
- Insurance
- Asset Management
- Cross-industry Propositions
- Digital Infrastructure Financing
- Alternate Funding Channels
- Green Finance
The top 3 winners will get cash prizes, and an opportunity to connect with relevant stakeholders required to practically implement their ideas including investors, financial institutions, and mentors/domain experts. They will also get the opportunity to scale up with the support of donors and acceleration partners.
To apply for Hacktivate-4.0 and become part of this large fin-tech even, click here. To find out more about the NIC and various hackathons conducted to date, visit www.nicpakistan.pk.
