RBI’s HARBINGER 2023 Hackathon Yields Innovative Solutions for Financial Transformation 🙏

✍ A second edition of the HARBINGER 2023 hackathon, themed “Inclusive Digital Services,” has been launched by the Reserve Bank of India (RBI), in an exciting display of global fintech innovation.

✍ Teams in India and across the globe responded well to this initiative, which aims to develop cutting-edge solutions for financial transformation.

Key Takeaways:

🤖 Global Participation: The hackathon attracted a diverse pool of innovators, with 154 proposals submitted by teams from India, as well as 28 international teams/entities from Australia, Canada, Germany, Singapore, Sweden, the UK, and the USA.

🤖 Three Phases of Innovation: The competition unfolded in three phases, commencing with proposal shortlisting, followed by solution development, and culminating in the final evaluation.

🤖 Innovation Across Four Problem Statements: A panel of external experts shortlisted 28 proposals addressing four problem statements.

🤖 Diverse Solutions: The innovative solutions catered to the differently-abled, streamlined regulatory compliance, explored new use cases for Central Bank Digital Currency (CBDC-R) and improved the scalability of blockchains.

🏆 Winners and Runners-Up: The esteemed panel of judges and an independent jury selected the following winners and runners-up:

Problem 1: Innovative Digital Banking Services for Differently Abled

🏆 Winner: Ezetap Mobile Solutions Pvt Ltd (Now acquired by Razorpay), India

Joint Runners-up: PoSMirror, India, and SL Avatar, India

Problem 2: RegTech Solutions for Compliance

🏆 Winner: WeavAir, Singapore

Runner-up: Munafa, India

Problem 3: CBDC-R Transactions

🏆 Winner: Dygnify Ventures Private Limited, India

Runner-up: Crunchfish Digital Cash AB (Sweden) + IDFC First Bank (India)

Problem 4: Blockchain Scalability

🏆 Winner: Fortis Net Ltd., UK

🤚 Implications: These groundbreaking solutions promise to enhance the financial ecosystem by ensuring inclusivity for the differently-abled, facilitating efficient regulatory compliance, advancing CBDC-R use cases, and boosting blockchain scalability.

These game-changing innovations, while subject to regulatory compliance, hold the potential to bring ease, accessibility, efficiency, and inclusion to the financial services sector. I’d like you to please stay tuned for the transformation these solutions will bring to the world of finance.

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I’m Abhishek. 😊

I post 3-4 times a week on Financial Services, Mindfulness & Research.

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