SA fintech teams to hack their way to Singapore

Lebone Mano
By Lebone Mano, junior journalist
Johannesburg, 10 Oct 2019

Twelve local fintech start-ups have been shortlisted for this year’s Global Fintech Hackcelerator to be held in Singapore.

In August this year, the  South African Reserve Bank (SARB) and KPMG Matchi - a ‘matchmaker’ platform for funders and innovators – joined forces to run the Global Fintech Hackcelerator @ Southern Africa. 

This acceleration programme creates a platform for fintech firms to showcase their solutions, that must be innovative and sustainable, and address real-world financial services challenges. 

SARB will host a Fintech Demo Day on 29 October 2019 to select two winning solutions.

Ninety-five entries were received, and each was validated by KPMG Matchi’s analysts and scored by a team of 24 industry executives from Absa, Capitec, Discovery, the Financial Sector Conduct Authority (FSCA), FirstRand Group, Investec, Liberty Group, National Treasury, Nedbank, SARB, Standard Bank, and the Technology Innovation Agency.

Each team  will be assigned a ‘corporate champion’, who will assist them in getting ready.  The two winning teams will travel to Singapore to pitch their solutions during the Hackcelerator Demo Day at the 2019 Singapore Fintech Festival on 11 November.

The 12 shortlisted start-ups are:

  • Ctrl: A car and household insurance app that lets users find quotes from a variety of insurers.
  • e4 Strategic: A business app enabling remote FICA application and verification.
  • Emerge Analytics: An advanced data analytics offering that optimises corporate data, allowing insight and improved profitability.
  • Hydrogen: A solution that allows customised financial products in savings, investments, insurance and wellness.
  • MindBridge Analytics: An AI auditor platform that analyses data to detect fraud
  • Nimbla: A digital insurance platform for SMMEs, insuring against non-payment.
  • Paycode: A biometrics solution aimed at financial services.
  • Strands: A digital banking platform targeted at SMMEs and banks.
  • Sedicii: A GDPR compliant anti-money laundering solution.
  • Tautona AI: An automation solution helping insurance companies identify what claims need human intervention.
  • uKheshe: A micro transaction platform that operates via QR code, USSD or the uKheshe app.
  • Wealth Migrat: A blockchain-enabled, global real estate platform.

Each Global Fintech Hackcelerator @ Southern Africa 2019 winner will receive a stipend towards travel expenses to attend the 2019 Singapore Fintech Festival.

They will also receive funding to develop a contextualised proof of concept, to be deployed within a year from the Demo Day, and will have the opportunity to work with top corporates to customise a solution for their needs.

Finally, the top three winners at the Singapore Fintech Festival will each receive a cash prize.