In a bid to make the city of Visakhapatnam the Fintech hub of India and the world, Andhra Pradesh’s Fintech Valley, Vizag is building a complete eco-system including Fintech start-up entrepreneurs, innovators, incubators, investors and academia.
Taking this mission forward, the Fintech Valley has launched India’s first Fintech startup challenge in association with some of India’s premier banking and financial institutions such as ICICI Bank, ICICI Lombard, HDFC Life, Bharti AXA and Angel Broking.
All the five corporate partners are launching different Fintech challenges in collaboration with the Andhra Pradesh Fintech Valley that are open to start-up, entrepreneurs, innovators and developers and provides them an opportunity to win INR 15,00,000 divided between Insurance, Capital Markets and Banking.
Different challenges launched by corporate partners are as following:
• Angel Broking Challenge: Real-time social profiling With their problem statement – ‘Real Time Social Profiling of Customers’, Angel Broking is looking for a solution that would enable real time social profiling of new and existing customers, on the basis of attributes such as demography, income bracket, age, social data (Facebook, Twitter, Instagram, LinkedIn, etc.) and mobile application usage (e.g. presence on financial applications such as Moneycontrol, Yahoo Finance, etc.).
• Bharti Axa: Fraudulent behaviour detection With this challenge, Bharti AXA Life is inviting Insurtech firms to recognize solutions related to the problem area of identifying adverse selection of lives, wherein individuals or groups take insurance policies with the objective of making deceitful claims.
• ICICI Lombard: IoT around Property and Logistics For this challenge, ICICI Lombard is inviting innovative IoT solutions that can forecast, detect and monitor risks in real-time and make calculated interventions to decrease risks in logistics, inventory management, property upkeep and factory or plant management.
• ICICI Bank: Payments and remittances This challenge will evaluate innovative fintech solutions for ICICI’s Bank’s banking business. Fintech firms may respond to the challenge with an implementable solution aligned to payments and remittances. The aim of the challenge for ICICI Bank is to assess the solutions and execute proof of concept with the promising ones.
• HDFC Life: Create signature and photo verification tool With their problem statement- ‘Create a signature and photo verification tool’, HDFC Life is inviting Insurtech firms and individuals to respond with a solution that has a combination of some of these functionalities – A convenient and efficient solution that can reduce the need and dependency of physical verification of signatures on documents; A solution that can provide an alternate means to authenticate an individual. For instance by use of facial recognition, iris recognition or digital image captured by means of cameras built in laptops, monitors, smartphones and other such devices.
All shortlisted fintech firms and individuals will then be invited to showcase and demonstrate their solutions to the Indian financial industry leaders at the Fintech Spring Conference organized by Fintech Valley, to be held on March 9-10, 2017 at Visakhapatnam. That is not all, the winner of the challenge will be awarded a cash prize of INR 5 lakh. The other benefits include coaching and mentoring by corporate partners, free office space for 6 months in Fintech Tower, Vizag, wild card entry to future challenges in 2017 and special ‘Jury Award’ for the chosen Fintech start-up.