RBI launches its First Global Hackathon – HARBINGER 2021
Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital payments accessible to the under-served, enhance the ease of payments and user experience, while strengthening the security of digital payments and promoting customer protection.
HARBINGER 2021 invites innovative ideas for the following problem statements in the payment and settlement systems landscape:
- Innovative, easy-to-use, non-mobile digital payment solutions for converting small-ticket cash transactions to digital mode.
- Context-based retail payments to remove the physical act of payment.
- Alternate authentication mechanism for digital payments.
- Social Media Analysis Monitoring tool for detection of digital payment fraud and disruption.
Being part of HARBINGER 2021 gives an opportunity to the participants to get mentored by industry experts and exhibit their innovative solutions before an eminent jury and win exciting prizes in each category.
Winner: ₹ 40 lakh
Runner-up: ₹ 20 lakh
Registration for the hackathon starts from November 15, 2021. More details about the event are available at https://fintech.rbi.org.in.
The registration process began on November 15 and the last date to register and submit proposals is December 15. Interested can apply at the official link - https://hackolosseum.apixplatform.com/hackathon/harbinger2021.
If you have an innovative idea that can help the RBI solve one of these problems and transform the digital payment ecosystem, you can head over to the event’s website and register yourself.
Alongside the proposal, the participants would need to answer a few questions on the website as well. A panel of experts will then review and analyse the proposals to shortlist finalists on January 31, 2022. Then, finalists will be asked to develop their shortlisted proposals and submit them by February 28.
Anyone above 18 years of age can apply either as part of a team, or any entity.
On April 1, the RBI will announce the winners of the hackathon. The prize for the first winner is Rs 40 lakh while the runner-up team will get an award of Rs 20 lakh.
The criteria for the evaluation of proposals will be “uniqueness of the proposition and feasibility of the business model” alongside the proposal’s ability to achieve the desired goals. One person or team can submit multiple entries in all categories. Since the hackathon is global, people from around the world can participate in this as long as they are open to forming a fintech incorporation in India. For the finalised propositions, the regulator will support their development as per the teams’ requirements.
Please click here for full details: HARBINGER 2021
Source: rbi.org.in; https://www.news18.com/news/education-career/rbi-launches-first-global-hackathon-harbinger-winners-to-get-rs-40-lakh-4465439.html
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