Fintech Galaxy, the UAE-based fintech marketplace and innovation platform, with the support of the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) announces today the launch of the virtual hackathon for financial inclusion and regulatory collaboration in the Arab region, the Yalla Fintech 2020 Hackathon.

Powered by Fintech Galaxy’s crowdsourcing and open API platform FinX22, the hackathon aims at developing digital solutions for speeding up the financial inclusion of local communities and businesses in the region. It will bring to life partnerships that address the urgent needs of communities in times of Covid-19 and – beyond that – propel business development and employment sustainably.

The latest wave of technology in finance (fintech) – such as Artificial intelligence, big data, cloud services and distributed ledgers – is affecting economies at an unprecedented pace. The digital transformation in finance can stimulate competition and product variety for the benefit of communities and businesses in the region. This requires adequately designed applications, products, and services.

Yalla Fintech 2020 – the Arab Virtual Hackathon for Financial Inclusion – empowers innovators, regulators, and other ecosystem partners from the Arab region to remotely collaborate and crowdsource solutions for key issues in financial inclusion in the digital space.

Innovative startups and tech firms from the Arab region can now submit their Fintech proposals addressing an issue in three distinct categories on Fintech Galaxy platform:

1. Digital Lending
2. Digital Financial Awareness
3. Electronic Know-Your-Customer for Simplified Customer On-boarding (Challenge)

Following the application deadline on November 19^th, 2020, proposals meeting the requirements will be shortlisted and innovators invited to pitch their solutions to a panel of experts. Winning proposals in each category will be awarded a prize of EUR 5,000 to kickstart the scaling of the solution.

The pandemic has shown that digital finance is critical in mitigating the economic impact of COVID-19 and maintaining social cohesion. Digital financial systems can help to strengthen the resilience of markets, communities, businesses, and governments against future shocks.

GIZ is supporting the implementation of the Yalla Fintech 2020 Hackathon, on behalf of the German Federal Ministry BMZ, as contribution to the Financial Inclusion for the Arab Region together with its partners. The Hackathon helps bring innovation to life by fostering cross-border collobration between emerging and established entities. It will catalyze efforts in solving real problems of local communities and businesses in their sustainable development. Collaborative innovation is vital for constructive and transformative digital technology to add value for societies, markets and economies.

Mirna Sleiman, Founder & CEO, Fintech Galaxy

Speaking about the launch of Yalla Fintech 2020, Mirna Sleiman, Founder & CEO, Fintech Galaxy, said: “We are very excited to power this collaborative, forward-thinking initiative that aims to address the most prominent challenges in the industry. We are home grown with a track record and a global fintech network that enables us to bring together fintech startups, progressive banks, and ecosystem partners from the Arab markets. In doing so, we harness a common goal: embracing Fintech innovations for better livelihoods, new business opportunities, and growth in the Arab region.”

The Yalla Fintech 2020 Hackathon will be virtually hosted on Fintech Galaxy’s digital crowdsourcing and API platform, FinX22. The digital platform enables the screening, interaction and collaboration among innovators, financial institutions, and regulators, allowing them to crowdsource and prototype fintech solutions prospectively in Fintech Galaxy’s API Sandbox. It will promote partnerships and collaboration between innovative tech start-ups and firms, progressive banks, and regulators across the region. This is a novel digital setting for collaborative innovation that will allow involved stakeholders to join efforts while being physically distant.

To participate, Fintechs can register on:

Yalla Fintech Hackathon: https://www.fintech-galaxy.com/Hackathon/HackathonDetail?hID=110

Yalla Fintech Challenge: https://www.fintech-galaxy.com/challenge/challengedetail?cid=7