Allied Bank and Teamup Ventures wrapped up their 3rd annual Fintech Hackathon on July 3rd in Lahore. The event aimed to unearth innovative solutions and ideas that can reshape Pakistan’s banking landscape.
Over 1,200 applications flooded in from startups, students, and established Fintech companies nationwide. After a meticulous selection process, 30 teams participated in a four-day bootcamp, receiving expert mentorship to fine-tune their solutions.
Six finalists emerged, pitching their concepts to a distinguished panel of judges. The competition focused on crucial areas like innovative authentication methods, integrating AI for enhanced banking experiences, and leveraging the SBP-RAAST payment system.
The winners included Kestrl, an AI service providing credit access to underserved populations. Kestrl integrates with banking apps to analyze spending habits, budgets, and savings, generating alternative credit scores. Mergn, a customer engagement platform that fosters strong brand-customer relationships, promoting sales growth and customer retention, secured second place. Kistpay, a Fintech platform promoting financial inclusion through secure smartphone financing, clinched third place. Their solution enables digital lending for essential services like data and phone recharge, empowering unbanked individuals to build credit scores and achieve financial wellness.
Mr. Aizid Gill, CEO of Allied Bank, emphasized the event’s significance: “The Hackathon serves as a cornerstone for fostering innovation and nurturing talent within Pakistan’s Fintech ecosystem. This aligns with Allied Bank’s commitment to propelling the growth of Fintech and startups in the region.”
The Hackathon showcased groundbreaking ideas focused on enhancing customer experience, leveraging AI’s potential, and utilizing the state-of-the-art Raast payment system to develop future-proof banking solutions in Pakistan.
