Fintech Galaxy, the UAE-based fintech marketplace and innovation platform, with the support of the Deutsche Gesellschaft fürInternationaleZusammenarbeit (GIZ) announces today the launch of the virtual hackathon for financial inclusion and regulatory collaboration in the Arab region, the Yalla Fintech 2020 Hackathon.
Powered by Fintech Galaxy’s crowdsourcing and open API platform FinX22, the hackathonaims at developing digital solutionsfor speeding up the financial inclusionof local communities and businesses in the region. It will bring to life partnerships that address the urgent needs of communities in times of Covid-19 and – beyond that –propel business development and employment sustainably.
The latest wave of technology in finance (fintech) – such as Artificial intelligence, big data, cloud services and distributed ledgers – is affecting economies at an unprecedented pace. The digital transformation in finance can stimulate competition and product variety for the benefit of communities and businessesin the region. Thisrequires adequately designed applications, products, and services.
Yalla Fintech 2020 – the Arab Virtual Hackathon for Financial Inclusion – empowers innovators, regulators, and other ecosystem partners from the Arab region to remotely collaborate and crowdsource solutions for key issues in financial inclusion in the digital space.
Innovative startups and tech firms from the Arab region can now submit their Fintech proposals addressing an issue in three distinct categories onFintech Galaxy platform:
- Digital Lending
- Digital Financial Awareness
- Electronic Know-Your-Customer for Simplified Customer On-boarding (Challenge)
Following the application deadline on November 19th, 2020, proposals meeting the requirements will be shortlisted and innovators invited to pitch their solutions to a panel of experts. Winning proposals in each category will be awarded a prize of EUR 5,000 to kickstart the scaling of the solution.
The pandemic has shown that digital financeis critical in mitigating the economic impact of COVID-19and maintaining social cohesion.Digital financial systems can help to strengthen the resilience of markets, communities, businesses, and governments against future shocks.
GIZis supporting the implementation ofthe Yalla Fintech 2020 Hackathon,on behalf of the German Federal Ministry BMZ,as contribution to the Financial Inclusion for the Arab Region together with its partners.The Hackathon helpsbring innovation to life byfostering cross-border collobrationbetween emerging and established entities.It will catalyzeefforts in solvingreal problems of local communities and businesses in their sustainable development. Collaborative innovationis vital for constructive and transformative digital technologyto add value for societies, marketsand economies.
Speaking about the launch of Yalla Fintech 2020, Mirna Sleiman, Founder & CEO, Fintech Galaxy, said: “We are very excited to power this collaborative, forward-thinking initiativethat aims to address the most prominent challenges in the industry. We are home grown with a track record and a global fintech network thatenables us to bring together fintech startups, progressivebanks, and ecosystem partners from the Arab markets. In doing so, we harness a common goal: embracing Fintech innovations for better livelihoods, new business opportunities, and growth in the Arab region.”
The Yalla Fintech 2020 Hackathon will be virtually hosted on Fintech Galaxy’s digital crowdsourcing and API platform, FinX22. The digital platform enables the screening, interaction and collaboration among innovators, financial institutions, and regulators,allowing them to crowdsource and prototype fintech solutionsprospectively in Fintech Galaxy’s API Sandbox. It will promote partnerships and collaboration between innovative tech start-ups and firms, progressive banks, and regulatorsacross the region. This is a novel digitalsetting for collaborative innovation that will allow involved stakeholders to join efforts while being physicallydistant.
To participate, Fintechs can register on:
Yalla Fintech Hackathon: https://www.fintech-galaxy.com/Hackathon/HackathonDetail?hID=110
Yalla Fintech Challenge: https://www.fintech-galaxy.com/challenge/challengedetail?cid=7