The 3rd Allied Bank Fintech Hackathon comes to a close with a spectacular finale
Allied Bank, in collaboration with Teamup Ventures, hosted the third mega event of its series of Fintech Hackathons, the finale was held in PC Lahore on 3rd July 2024. Following the success of the first two Hackathons that witnessed the emergence of groundbreaking startups, Allied Bank and Teamup Ventures once again brought together innovators and entrepreneurs to drive digital transformation in the banking sector.
Through the Hackathon, Allied Bank aimed to find practical and innovative solutions, prototypes, and disruptive ideas that can transform the Fintech industry. The following thematic areas were identified to hack solutions:
1. Innovative Authentication Mechanisms
2. Transform ‘myABL’ into an ‘Integrated Digital Platform’
3. Integrating Generative AI to Enhance Banking Experience
4. Leveraging SBP-RAAST Payments
A nation-wide call for applications was made, which resulted in over 1,200 applications from startups, university students, and Fintechs across Pakistan. Thirty shortlisted teams went through a four-day training bootcamp which consisted of mentorship sessions on various topics moderated by subject matter experts to better equip teams in refining their solutions. A total of six teams were selected for the 3rd Allied Bank Fintech Hackathon Finale, based on a semi-final round in which the teams pitched their solutions after the Bootcamp.
The judges for the finale included Syed Faraz Anwer, Partner Consulting, PWC; Salman Akhtar, Co-CEO Techlogix and CEO Adalfi; Karim Jindani, Co-Founder and CEO Paysys Labs; and Zouhair Abdul Khaliq Founder and General Partner Teamup Ventures. Six startups pitched their solutions: Botwa, Hysab Kytab, Finpocket, Kestrl, Mergn, and Kistpay. A panel discussion was conducted on “Collaborating for the Future: How startups and banks can join forces for financial inclusion and better economy”.
Winners of the 3rd Allied Bank Fintech Hackathon:
1st Place: Kestrl, an AI service on a mission to help the underserved to access credit. Kestrl integrates with banking apps and is able to generate credit scores by assessing customers’ spending, budgeting, saving and zakat payments.
2nd Place: Mergn, a customer engagement platform that enables brands to create incredible affinity with customers. Mergn helps brands to uplift conversion and retention of their customers which eventually ensures business growth.
3rd Place: Kistpay, a fintech platform focused on promoting digital inclusion via secure smartphone financing. Their innovative solution enables digital-lending of data and telco recharge on credit, empowering unbanked individuals to access essential services and build their credit scores facilitating financial wellness.
Mr. Aizid Gill – Chief Executive Officer – Allied Bank said at the occasion: “The 3rd Allied Bank Fintech Hackathon has been a cornerstone in promoting innovation and cultivating emerging talent within Pakistan’s Fintech ecosystem. This event underscores Allied Bank’s unwavering commitment to advancing the growth of Fintech and startups in the region. In collaboration with Teamup, Allied Bank hosted exceptional teams who presented groundbreaking solutions to specific challenges in digital banking. These innovative ideas focused on enhancing customer experience, harnessing the power of Artificial Intelligence, and leveraging the State Bank’s Raast payment system to develop forward-thinking banking solutions.”
About Allied Bank: Allied Bank is one of the largest banks in Pakistan, offering a wide range of financial products and services to individuals, corporations, and institutions. With a focus on innovation and digital transformation, Allied Bank is committed to delivering exceptional customer experiences and driving positive change in the banking industry.