Lahore (Muhammad Yasir) The National Incubation Center (NIC) Pakistan’s first of its kind and largest Incubation center, is hosting yet another exciting FinTech Hackathon in collaboration with Allied Bank (ABL) , one of the largest banks in Pakistan. If you are a coder, UI/ UX Expert or a problem-solver with a passion for FinTech, here’s your chance to get a shot at PKR 1 million in prize money.
Hackathons are a great way to mobilize the community to find solutions to existing micro and macro-economic problems prevalent in the country. The NIC has teamed up with various organizations in to focus on some key economic areas of interest. This time we are joining hands once again with Allied Bank, to revolutionize the fintech sector of Pakistan.
Allied Bank is one of the largest banks in Pakistan with an extensive customer base of over 5 million, an outreach of 1425 branches and 1570 ATMs whilst operating in corporate, commercial, retail and consumer banking services. The Bank is persistently investing in technological solutions for providing digital financial services to all customer segments.
“Allied Bank has always been on the forefront of Innovation, and this FinTech Hackathon is another step in the same direction, bringing Pakistan’s brightest minds together to overcome the current challenges in the digital financial industry. Hence, collaborative efforts are required in providing solutions for financial inclusion and empowering the SME, Retail and Consumer segments.” – Aizid Razzaq Gill, CEO Allied Bank.
The purpose of this event is to find practical innovative ideas, prototypes, and solutions to challenges in the Fin-Tech space. Through this hackathon, the NIC and ABL aim to find disruptive ideas that can transform Fin-tech, not just in Pakistan, but across the globe.
“It fills my heart with pride to see stakeholders in various capacities joining hands with the National Incubation Center in its humble attempt to encourage innovation and build disruptive solutions. Indeed, collaboration is the way forward and the success of events like this prove the power of partnerships in building the ecosystem.” Pervaz Abbasi, Director NIC.
A key factor behind the growth of the fintech market is the large investment of banks and businesses in technology-based solutions. In addition, infrastructure-based technologies and APIs are reshaping the future of the financial services industry and supporting the growth of the global fintech market. Specifically, in Pakistan, digital financial potential is about $ 36 billion by 2025, boosting GDP by 7%, creating 4 million new jobs, and bringing in $ 263 billion in new deposits. This will create a need for young innovators to bring in solutions that will revolutionize space and lead to mass adoption of digital financial services.
The following thematic areas have been identified to find solutions in the Fin-Tech space for the upcoming hackathon:
- Innovation in Fintech Banking
- Financial Inclusion and Literacy
- SME & Startup Banking
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 & mentors/domain experts.