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October 25, 2022Allied Bank Limited (ABL), in collaboration with National Incubation Center (NIC), held Fintech Hackathon 2022, the finale of which was held in Lahore on 17th October 2022.
Through the hackathon, NIC and ABL aimed to find practical and innovative solutions, prototypes, and disruptive ideas that can transform fintech not just in Pakistan, but across the globe.
The following thematic areas were identified to hack solutions in the fintech space for the hackathon:
- Innovation in Fintech Banking
- Financial Inclusion and Literacy
- SME & Startup Banking
A nationwide call for applications was made, which resulted in over 1,100 applications from coders, UI/UX experts, and finance problem-solvers that covered 53 cities and 26 universities across Pakistan.
The final 12 short-listed teams went through a three-day training bootcamp which consisted of 8 hours of mentorship, and 7 hours of training, followed by 12 hacking hours to help the teams get better equipped for their innovation challenge.
A total of 6 teams were selected for the ABL-NIC Fintech Hackathon finale based on their final pitches post the bootcamp. The judges include Fatima Mazhar, Advisory board member, COLABS- Mujahid Ali, Chief Information Technology Group, Allied Bank Limited, and Sohail Aziz, Chief Digital Officer, Allied Bank Limited.
“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 fintech industry holds, NIC joined hands with ABL, to enable innovation in this domain as well,” he added.
The first three pitches were followed by a panel discussion around “Allied Bank’s digital journey in collaboration with partners and the startup ecosystem”.
The Panelists included Sohail Aziz – Chief Digital Officer, Allied Bank, Asif Akram – COO Systems Limited, Ahson Saeed – Managing Director, BPC Technologies, and Noman Bashir – CEO, OZoned.
Pitches continued after the informative panel discussion. The pitching session was concluded with a closing note by Azid Gill, CEO, Allied Bank, followed by a token of appreciation from Mujahid Ali, Chief Information Technology Group Allied Bank.
“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, 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 announced the winner, while FORTIFY was the second runner-up and FINANTLER was the third runner-up. The event was concluded with prize distribution followed by a networking lunch.
