Source: cyprus-mail
BoC Fintech Hackathon 7.0 puts €16,000 on the table for digital innovators
Bank of Cyprus (BoC) is bringing its fintech hackathon back to Nicosia from November 27 to 29, inviting developers, startups, professionals and students to build working digital products around finance, artificial intelligence, cybersecurity, smart cities and entrepreneurship.
The BoC Fintech Hackathon 7.0, the bank’s seventh innovation marathon for application development, will take place in person at the IDEA Innovation Centre, with participants competing for a combined €16,000 in cash prizes.
The aim is not simply to pitch ideas. Teams will be expected to develop their concepts as far as a Minimum Viable Product (MVP), creating an initial working version that could later be developed into a fully operational application.
Participation is open to developers, startups, professionals, students and anyone interested in contributing to applications designed to encourage innovation, entrepreneurship and the development of services that can make everyday transactions and other services easier.
A major part of the event will be BoCs’ upgraded open banking infrastructure.
Teams will be given access to the bank’s open banking APIs through a sandbox environment, as well as its Software Development Kit, allowing them to experiment with functions including payments and services that securely use transaction data.
This means participants will be able to work with some of the infrastructure behind modern digital banking rather than developing their ideas entirely in isolation.
Artificial intelligence will also run through several of this year’s challenges.
Under the AI for Good theme, teams can develop tools aimed at financial inclusion for vulnerable groups, education and fraud prevention.
Another category, Fintech for Smart Cities, will look at digital payments and smart contracts that could be used in urban infrastructure and public services.
Open banking itself has a dedicated category, with teams encouraged to explore embedded finance, the integration of banking and other financial services directly into platforms that people already use in their everyday lives.
For businesses, the Fintech for SMEs and Entrepreneurship theme will focus on smarter financial tools that can help small and medium-sized enterprises manage and expand their operations.
Cybersecurity will also feature prominently, with participants asked to look at advanced security and authentication technologies that can strengthen trust in digital financial transactions.
At the same time, Sustainable Finance and Green Banking will focus on financial products and tools that could support environmental sustainability and the green transition.
Teams interested in regulation can work under the RegTech and Compliance Automation category, developing AI-powered systems for areas such as regulatory compliance and risk assessment.
Financial accessibility is another area included this year.
The Inclusive Fintech and Financial Wellbeing theme calls for products that make financial services easier to access while helping people manage their financial wellbeing.
The hackathon also stretches beyond conventional banking.
Under Energy Fintech and Smart Grid Finance, participants can work on financial solutions linked to energy transactions, renewable energy sources and smart electricity grids.
Insurance technology will have its own category, with Fintech for Insurance, or InsurTech, focusing on the digitalisation of insurance services and the use of AI in areas including pricing and claims management.
Healthcare is another field being brought into the programme. The HealthTech Finance category will cover financial products for healthcare payments, coverage and health-related savings.
Teams can also work on Fintech for Social Innovation, including platforms that help finance social enterprises, philanthropy and collective investment with a social impact.
Meanwhile, property, one of Cyprus’ biggest economic sectors, has also made the list.
The AI and Fintech for Real Estate category will explore ways in which artificial intelligence and financial technology can change different parts of the property market, from buying property to its subsequent management.
The themes are intended as guidance rather than strict restrictions, meaning teams can combine technologies and sectors where their proposed product requires it.
There is also a sizeable incentive for participants.
The winning team will receive €7,000, while second place comes with €4,000 and third place with €2,000.
An additional €2,000 will go to the team making the best use of the Jinius APIs.
The Municipality of Nicosia is also offering a separate €1,000 prize for the best Smart City solution, taking the overall cash awards available during the hackathon to €16,000.
The hackathon is receiving additional backing from sponsors, alongside the technological support being provided to participating teams.
Applications for the event are already open, with interested participants able to register through the BoC Fintech Hackathon website.
Further information on the event, its themes and participation is available on the official website.