The Reserve Bank of India (RBI) the country’s banking regulator, has announced its first global hackathon HaRBInger 2021, to find solutions to problems with India’s growing digital payment systems.
With a tagline of “Innovation for transformation,” the RBI’s first global hackathon has a theme of ‘Smarter Digital Payments.’ According to the RBI, the four main challenges that the competition aims to solve are innovative and small-ticket non-mobile digital payment solutions aimed at including the underprivileged section into the digital payment ecosystem, context-based digital payments that would not require a direct act of payment, alternate more secure and encrypted methods of payment authentication, and detection of digital payment fraud and disruption using social media monitoring.
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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.
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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.
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