FinTech 2021
What is FinTech?
Fintech is a portmanteau of finance and technology. In 2020 many businesses use tech to enhance or automate financial services and processes. The term is a broad and rapidly growing industry serving both consumers and businesses. From mobile banking and insurance to cryptocurrency and investment apps, fintech has broad applications.
Why FinTech?
The Fintech industry is huge. As of writing, there are 41 VC-backed fintech unicorns worth a combined $154.1B.
A driving factor is that many traditional banks and vanguard institutions are supporters of the tech overhaul, actively investing in, acquiring or partnering with fintech startups- all in the name of moving the industry forward and staying relevant. You can be a part of that change.
INTRODUCING THIS YEAR'S
CHALLENGES
#FinTech
Challenge 1
Artificial Intelligence – Payment solutions for the developing world
Using AI means viewing banking operations through an automation and augmentation perspective. The requirement of formal IDs creates difficulties for people around the world, especially individuals in developing nations. It prevents them from engaging in the banking system. How can we use latest technologies to introduce the banking experience to them?
Challenge 3
Payroll Fintech – Flexible access to earned wages
In a digital age people want more from their money. There is a need for a seamless, digital payroll system that cares for employees and offers a unique pay experience. Create an innovative & tech-driven platform that delivers cost-savings to customers and a host of value-added benefits to their employees.
Challenge 2
Longevity Banking – Optimizing Wealth for the over 60+
Longevity financial industry is set to disrupt the business models of pension funds, insurance companies, banks, investment firms, and reshape global financial systems. One example is FinTech banks reconfigured for seniors as an AgeTech-Longevity bank. What services/products can you develop to help the silver generation?
Challenge 4
RegTech – Regulatory systems for the modern era
RegTech is a niche segment within the FinTech ecosystem and is a new disruption in the financial services space. Regulatory changes in the financial sector are increasing rapidly. Coping with the high volume of new regulatory changes overburdens & imposes high complexity upon financial institutions.
Prizes
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