ENA Sectors 2021-10-08 11:02:57 <p><strong>New Delhi, Oct 8 (KNN)</strong> The International Financial Services Centres Authority (IFSCA) and GIFT City launched I-Sprint21, the global FinTech Hackathon Series of IFSCA. The first Sprint of the series Sprint01: BankTech is focussed on FinTechs for the Banking sector.</p> <p>The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centres (IFSCs) in India.</p> <p>In this context, a series of Hackathons cutting across these sectors have been planned under the banner of I-Sprint21. This hackathon is first under the I-Sprint series focussing on the Banking Sector and is one of its kind being backed by a Regulator. It shall be conducted virtually and is open to eligible FinTechs from across the Globe.</p> <p>It endeavours to encourage the promotion of financial technologies (FinTech) initiatives across the spectrum of banking, insurance, securities and fund management in IFSC.</p> <p>Following the announcement by Finance Minister in Union Budget 2020-21 on supporting a World Class FinTech Hub at GIFT IFSC, IFSCA had introduced a framework for Regulatory Sandbox in October 2020 which allows the FinTech entities to have facilities and flexibilities to experiment with innovative FinTech solutions in a live environment with a limited set of real customers for a limited time frame. The finalists of this Hackathon shall be allowed direct entry into IFSCA Regulatory/Innovation Sandbox.</p> <p>Sprint01: BankTech is hosted jointly by IFSCA and GIFT city in collaboration with NITI Aayog. The Partners to the Hackathon are ICICI Bank, HSBC Bank, iCreate, Zone Startups and Invest-India.</p> <p><em>The aim of the Hackathon is:</em></p> <p> -- (a) to connect IFSCA and GIFT IFSC with FinTech Ecosystem</p> <p> -- (b) to solve Business Problems for the Banking Units at GIFT IFSC and</p> <p> -- (c) to promote retail business for the Banking Units at GIFT IFSC.</p> <p><em>Major rewards and recognition proposed under Sprint01: BankTech are:</em></p> <p> -- i) FinTech finalists to be allowed direct entry into IFSCA Regulatory/Innovation Sandbox.<br /> -- ii) FinTechs will work directly with the Partner Banks on the problem statement who will provide the APIs, mentoring, guidance, etc.<br /> -- iii) Opportunity for the FinTechs to show-case during the Flagship FinTech Forum of IFSCA scheduled during Dec2021<br /> -- iv) iCreate sponsored Price money of INR 24 lakh<br /> -- v) Business Support Solution Partner benefits of upto USD 25,000 per startup from Zone Startups India's network.</p> <p> </p> 27465 https://knnindia.co.in/news/newsdetails/sectors/ifsca-gift-city-fintech-hackathon-to-begin-with-banking-sector 2021-10-08 11:02:57 knnindia.co.in