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SARB seeks fintech innovators for 2019 Hackcelerator

Staff Writer
By Staff Writer
Johannesburg, 26 Aug 2019

The South African Reserve Bank (SARB) is calling on fintch companies from across the globe to apply for the 2019 Global Fintech Hackcelerator @ Southern Africa competition.

The initiative, supported by fintech/bank matchmaking platform, KPMG Matchi, is a fintech acceleration programme that creates a platform for firms to demonstrate their innovative solutions to complex financial challenges in the Southern African region.

Fintech firms from anywhere in the world can apply to participate in the programme, as constructed by the SARB.

The SARB says it views such global fintech acceleration programmes as enabling processes to embrace fintech, while affording the opportunity for regulators to appraise benefits and risks in a balanced manner.

“Shortlisted participants will be invited to showcase their solutions at the Southern African Demo Day on 29 October in Johannesburg. The Demo Day will seek to explore sustainable financial services innovations that must address real-world financial services challenges,” according to SARB.

On the Demo Day, a panel of judges from the SARB, the Financial Sector Conduct Authority and local industry experts will select and announce two winning solutions.

Each Global Fintech Hackcelerator @ Southern Africa 2019 winner will be afforded the following opportunities:

  • Receive a stipend towards travel expenses to attend the 2019 Singapore Fintech Festival.
  • Get an opportunity to pitch their solution live during the Hackcelerator Demo Day at the 2019 Singapore Fintech Festival and engage with industry experts.
  • Receive funding to develop a contextualised proof of concept, to be deployed within a year from the Demo Day.
  • Work with high-value corporates to contextualise a solution to their needs, while obtaining market entry into the Singapore and Asia-Pacific region.

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

Applications for the Global Fintech Hackcelerator @ Southern Africa close at midnight on 8 September.

Interested applicants are invited to view the problem statements and complete an application form, both of which are available at https://matchi.biz/hackceleratorSA.