Niti Aayog in association with PhonePe launches the Fintech Open Hackathon

National, February 17, 2022: The NITI Aayog Fintech month commenced on February 7, 2022, and the week witnessed some thought provoking keynotes, in-depth fireside chats, and panel discussions.  As a part of the Fintech Open Month, Niti Aayog in association with PhonePe will be hosting the first-ever open-to-all Hackathon event for ideating and coming up with the most creative solutions for the FinTech space. The Hackathon will provide an opportunity for innovators, digital creators and developers from all over India to think, ideate and code

Participants at the hackathon need to use any open-data APIs like PhonePe Pulse along with frameworks such as Account Aggregator as a foundation to power the following use cases:

• Alternate risk models for Lending, Insurance or Investments with focus on financial Inclusion
• Innovative Products that use the power data signals for various demographics and Geos for broader adoption of financial services
• Improved Visualisation and Derived intelligence based on the Digital payments data

The final app that participants come up with must incorporate one of the above.  

Participating teams can have one 1 (solo) to 5 participants.  Participants can use data sources like PhonePe Pulse, the Open Government Data Platform and RBI reports on payments to build on their submission.  In addition, they can access any other open data platforms that they are aware of along with the Setu AA Sandbox or the Setu Payments Sandbox to develop their hacks. By the end of the event, participants will be required to present a working prototype of their hack to the judges, post which each hack will be judged based on certain parameters. While the judges consider the hacks, they might ask for additional information on the prototypes. 

The winning teams will get exciting prizes:

The top 5 hacks will be awarded a prize money in the following denominations:

• 1st place : INR 1,50,000 for the team – 1 prize
• 2nd place: INR 1,00,000 for the team – 2 prizes
• 3rd place: INR 75,000 for the team – 2 prizes

Judges may decide to award fewer or more prizes depending on the hacks submitted. 

The last date to register for the event is 11:59 PM, 23rd February, 2022 and the deadline to submit the final entries is 12:00 noon, 25th February, 2022. There will be a Live AMA on Monday, 21st Feb, 2022 at 4:00 PM to answer any questions the participants may have about the Hackathon.  The winners of the Hackathon will be announced on 28th February, 2022. 

To register and get more details visit: https://cic.niti.gov.in/fintech-open-month-hackathon.html

About PhonePe:

PhonePe is India’s leading digital payments platform with over 350 million registered users. Using PhonePe, users can send and receive money, recharge mobile, DTH, data cards, pay at stores, make utility payments and also buy and invest in gold and silver. PhonePe forayed into financial services in 2017 with the launch of gold providing users with a safe and convenient option to buy 24-karat gold, and recently also launched silver on its platform. PhonePe has since introduced several Mutual Funds and Insurance products like tax-saving funds, liquid funds, international travel insurance, life insurance, and insurance for the COVID-19 pandemic among others. PhonePe is also accepted at over 25 million merchant outlets across India.

For more details: [email protected]