India FinTech Forum, a platform for fintech start-ups in India, has announced the winners of its first-ever Fintech Olympiad that was launched during the IFTA 2023. The finalists won from a prize pool of Rs. 5 lakhs.
One of the winners at the Fintech Olympiad 2023, Lingeshwar Balamurugan from the Indian Institute of Management (IIM), Indore, said, “The initiative's commitment to providing up-to-date and practical knowledge in the ever-evolving fintech landscape is truly commendable. As the winner of the National Finals, I can confidently say that the event's content updates on topics such as investment and tax strategies have equipped me with valuable insights for my future in the financial world”.
Backed by industry players, including Axis Asset Management Company as the Investor Education Partner and Content Partners such as Zerodha, CashRich and Clear, Fintech Olympiad aims to encourage financial literacy and digital fluency in college students. Maharashtra State Innovation Society is supporting the initiative to increase its reach.
Focused on financial literacy, the Fintech Olympiad 2023 received applications from over 2000 colleges. Students from universities not only in India but also from Hong Kong, France, USA, Indonesia, Switzerland, United Kingdom and Vietnam are also participating in the competition.
Sougata Basu, founder of CashRich and executive committee member of India FinTech Forum said, “We believe that Indian fintech firms possess the transformative potential to redefine the financial services landscape. By synergizing with the established BFSI and Technology sectors, their collective impact will be monumental. It's imperative that we, as an industry, proactively engage and educate our digitally-native Gen Z and millennial populations.”
IFTA 2023, which concluded on 1st November 2023, saw the participation of industry stakeholders like Nilesh Shah, managing director of Kotak Mahindra Asset Management, Aashish Somaiyaa, CEO of WhiteOak Capital Asset Management, Swarup Mohanty, CEO of Mirae Asset Investment Managers (India) and Vikram Gupta, founder and managing partner of IvyCap Ventures.
Over the course of three days, the event had more than 12,500 participants, with two days taking place online and the last day serving as the culmination with an on-ground event. More than 1250 companies submitted nominations for IFTA Awards and 30 shortlisted companies showcased their innovations to a jury to win coveted awards. Perfios was the Awards Partner for IFTA 2023.
IFTA 2023 also saw the launch of a report on Generative AI in Fintech by SP Jain School of Global Management in association with India FinTech Forum. The report offers a comprehensive insight into Generative AI’s transformative influence on fintech, covering its applications, the regulatory environment and pivotal tools/platforms.
The fintech sector is evolving rapidly with the emergence of Generative AI and Large Language Models (LLMs). Key areas impacted include personal finance, lending, insurance, wealth management, and compliance. Generative AI's influence extends to enterprise knowledge management, compliance, and RegTech, promoting scalable and economical solutions that enhance customer experiences.
IFTA 2023, hosted by India FinTech Forum, is an annual gathering in the fintech domain, including over 4,000 fintech companies and a network of 35,000 industry enthusiasts.