Indian city launches five fintech start-up challenges
The Indian city of Visakhapatnam, the commercial capital of Andhra Pradesh, has launched five start-up challenges in its quest to become a national and global hub for fintech.
The big plan is to build an ecosystem including start-up entrepreneurs, innovators, incubators, investors and academia. Several start-ups including Paytm, Blocktrust, Knolskape, Transaction Analyst, GMS, ValueLabs have commenced operations at the Fintech Valley in Visakhapatnam (aka Vizag).
As part of this ambition, ICICI Bank, ICICI Lombard, HDFC Life, Bharti AXA and Angel Broking have also associated themselves with Fintech Valley and launched their five separate challenges:
- ICICI Bank Challenge – To develop solutions in digital payments, transfers and remittances for its banking business. Details here and applications close 27 February 2017;
- ICICI Lombard Challenge – On the theme of “IoT around property and logistics”, it’s looking for solutions that can forecast, detect and monitor risks in real-time. Details here and applications close 23 February;
- HDFC Life Challenge – For start-ups and insurtech firms to develop a solution for the digitisation of acquisition and policy servicing processes. Details here and applications close 20 February;
- Bharti AXA Challenge – Same firms as above, but to develop a solution to identify insurance policies taken with the intention of making fraudulent claims. Details here and applications close 22 February;
- Angel Broking Challenge – On the subject of “real-time social profiling of customers”, it’s seeking a solution based on social data, mobile application usage etc. Details here and applications close 17 February.
The prize is INR 1,500,000 ($22,350) divided between insurance, capital markets and banking.
Other benefits include:
- Showcase solutions to Indian financial industry leaders at a conference in March;
- Receive coaching and mentoring from corporate partners;
- Free office space for six months in Fintech Tower, Vizag;
- Wild card entry to future challenges in 2017;
- Special “jury award” for the chosen start-up.