Through the hackathon, NIC and ABL sought to identify workable and cutting-edge solutions, prototypes, and game-changing concepts that might revolutionize fintech not only in Pakistan but also globally.
For the hackathon, the following topic areas were chosen to develop fintech-related solutions:
- Innovation in Fintech Banking
- Financial Inclusion and Literacy
- SME & Startup Banking
After a statewide call for applications, over 1,100 applications from programmers, UI/UX specialists, and financial problem-solvers from 53 cities and 26 universities in Pakistan were received.
To help the teams be better prepared for their innovation challenge, the final 12 short-listed teams underwent a three-day training Bootcamp that included 8 hours of mentorship, 7 hours of training, and 12 hours of hacking.
Based on their final pitches after the Bootcamp, a total of 6 teams were chosen for the ABL-NIC Fintech Hackathon final. The judges are Mujahid Ali, Chief Information Technology Group, Allied Bank Limited, Sohail Aziz, Chief Digital Officer, and Fatima Mazhar, Advisory board member of COLABS.
“I am happy to share that this program has not only shown exponential success and growth but also led the change and innovation in Pakistan to real-time problems existing in large-scale organizations in Pakistan,” said Parvez Abbasi, Project Director, NIC.
“Keeping in view the potential that the fintech industry holds, NIC joined hands with ABL, to enable innovation in this domain as well,” he added.
A panel discussion about “Allied Bank’s digital journey in collaboration with partners and the startup community” was held after the first three pitches.
Sohail Aziz, the Chief Digital Officer of Allied Bank, Asif Akram, the COO of Systems Limited, Ahson Saeed, the Managing Director of BPC Technologies, and Noman Bashir, the CEO of OZoned were among the panelists.
After the instructive panel discussion, pitches kept coming in. Azid Gill, CEO of Allied Bank, gave a final statement at the end of the pitching session, and Mujahid Ali, Chief Information Technology Group of Allied Bank, gave a gesture of appreciation.
“This event is a true testament to Allied Bank’s commitment of support to the development of the Fintech and Startup eco-system in Pakistan. Allied bank and NIC hosted exemplary teams who presented revolutionary ideas pertaining to the field of digital banking whilst addressing the problem statements given to them,” said Azid Gill, CEO, of Allied Bank Limited.
“The ideas aimed to solve issues like customer experience, financial inclusion, and credit access through innovation in banking. Allied Bank has always been a strong proponent of the State Bank of Pakistan’s objectives and this event serves as a prime example as to how Allied Bank is significantly contributing to achieving those,” he added.
Team OVAL was named the winner, followed by FORTIFY for second place and FINANTLER for third place. Prize distribution and a networking lunch followed the event’s conclusion.