Launch of the Fintech Open Hackathon in collaboration with PhonePe and the National Institute of Technology and Innovation (NITI Aayog)

Fintech Open Hackathon will be the first-ever open-to-all Hackathon to showcase path-breaking solutions for the finance industry, PhonePe announced on Thursday.

The Hackathon will bring together innovators, digital producers, and developers from around India.

Winning teams would receive cash rewards around Rs 5 lakhs, the site stated.

For example, alternate risk models for lending, insurance, or investments with a focus on financial inclusion; innovative products that use the power data signals for various demographics and geo’s to broader adoption of financial services; improved visualization and derived intelligence based on the digital payments analytics.

Teams can contain one to five members. Their input can include data from PhonePe Pulse, the Open Government Data Platform, and RBI payment records.

They can also use other open data platforms, such as the Setu AA or Setu Payments Sandbox, to develop their hacks. Participants must show a functional prototype of their hack to the judges by the end of the event.

The judges may ask for further information on the prototypes while judging the hacks.

The winning team will get Rs 150,000. Second and third-place teams will each receive Rs 1 lakh and Rs 75,000.

PhonePe noted that judges might award less or more awards depending on the submitted hacks.

The event registration deadline is February 23, and the final entry deadline is February 25 at noon.

On February 21 at 4:00 PM, there will be a live AMA to answer questions on the Hackathon. The winners will be revealed on February 28.