Finastra APAC hackathon winners tackle COVID-19 challenges and financial literacy – Back End News


Finastra, a London-based financial technology company, has named the winners of its annual “Hack to the Future” hackathon. The virtual event saw hundreds of ideas, proofs of concept (POCs) and applications submitted from around the world, around the themes of reducing systemic inequalities, hacking via COVID-19 and adopting the technological change.

“It’s been amazing to see over 4,500 registrations around the world from schools, universities, startups and fintech – all with the common goal of hacking for good,” said Chirine Ben Zaied, Manager innovation at Finastra. “This has been our most impactful hackathon to date, generating truly inspiring apps and ideas that have the potential to redefine financial services and drive change. “

Finastra has made its open development platform FusionFabric.cloud (supported by Microsoft Azure) as well as more than 130 APIs and several open datasets available for the hackathon.

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The shortlisted teams presented their ideas to a panel of experts from different industries, including banking, fintech, academics and industry experts. Judging was based on a bid’s ability to meet a real and urgent need, its feasibility and use of the technology, and its commercial potential. Winning ideas and POCs benefiting from a range of prizes offered by Finastra and hackathon supporters, such as cash, incubation opportunities and coaching, include:

  • Hacking Systemic Inequalities: Nest Egg – a gamified banking app for kids that integrates financial literacy and brings unbanked or underbanked children into financial services
  • Technology-driven change: AI-powered mortgage advisor – using machine learning to predict mortgage approval, for faster turnaround time for applicants
  • Hacking through COVID: FinFlo – Filipinos can acquire fast loans digitally, allowing residents affected by the pandemic and in need to apply without leaving their homes or going to a bank

Prizes including incubation and internship opportunities were also awarded for the following categories:

  • Best Youth Idea: FinED – uses gamification principles and advanced technology to impart financial literacy
  • Best student submission: Handpay – a payment platform designed to combat the banking exclusion of people with disabilities
  • Best SME / Corporate Banking submission: Romulus for trade finance – automates reconciliation of trade finance documents against Swift communication
  • Best in MEA Region: Banking4U – a platform that leverages a customer’s mobile money transaction data to determine loan eligibility
  • Best environmental impact: ESG AI – smarter sustainable investment thanks to data and deep learning
  • Best user experience: ESG AI – smarter sustainable investment thanks to data and deep learning
  • Best social impact: Merger CreditSense – leverage APIs and machine learning to build credit and microcredit prediction models, based on a user’s transaction history
  • Best Fintech Submission: Responsible Investors – rating of Finastra ESG funds using fintech, AI and natural language processing via FusionFabric.cloud

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