I-Sprint’21 and InFinity Forum 2021| The Global FinTech Hackathon

I-Sprint’21 and InFinity Forum 2021- Relevance for UPSC Exam

• GS Paper 3:
  • Indian Economy- Issues relating to planning, mobilization of resources, growth, development and employment.
  • Science and Technology- indigenization of technology and developing new technology.

 

I-Sprint’21 and InFinity Forum 2021 in news

• Recently, International Financial Services Centres Authority (IFSCA) announced the winners of Hackathon “Sprint03: InsureTech” under I-Sprint’21 which is a part of InFinity Forum 2021.

 

About I-Sprint’21 and InFinity Forum 2021

• About I-Sprint’21: International Financial Services Centres Authority (IFSCA) launched I-Sprint’21, the global FinTech Hackathon as part of InFinity Forum 2021.
  • Aim: Through -Sprint’21, the global FinTech Hackathon, IFSCA aims to support a World-Class FinTech Hub at GIFT IFSC.
• About InFinity Forum 2021: it is IFSCA’s flagship financial technology event, uniting the world’s leading minds in policy, business, and technology.
  • Aim: It aims to explore and advance the biggest ideas in FinTech, and to develop those ideas into global solutions and opportunities.

“Sprint03: InsureTech” Global Fintech Hackathon

• About: “Sprint03: InsureTech” under the banner of I-Sprint’21 was launched with a focus on the Insurance Sector.
• Organizations involved: It was hosted by IFSCA and GIFT city in collaboration with FICCI.
  • The Partners to the Hackathon were ICICI Lombard, Max Life, iCreate, India Insure-Tech Association and Invest-India.
• Eligibility: This Hackathon was open to all eligible FinTechs from across the globe and was one of its kind being backed by a financial sector Regulator.
• Benefits:
  • The winners of the “Sprint03: InsureTech” Global Fintech Hackathon will be allowed direct entry into the applicable IFSCA Regulatory/Innovation Sandbox.
  • They will receive Regulatory guidance and handholding.
  • After successful exit from the respective Sandbox, they shall get an opportunity to set up business at GIFT IFSC.

 

Winners of the “Sprint03: InsureTech” Global Fintech Hackathon

 

	Name of the Entity	Problem Statement Applied for:
i	UMBO IDTech Private Limited (Riskcovry InsureTech)	Development of technologies for increasing penetration, better underwriting, claims management of life/health products
ii	Livwell Asia (Singapore)	Digital Innovation for Global Health Insurance Cover
iii	GOQii Technologies Private Limited	Digital Innovation for Global Health Insurance Cover
iv	Onsurity Technologies Pvt Ltd	Development of technologies for increasing penetration, better underwriting, claims management of life/health products
v	ZignSec AB (Sweden)	Development of technologies for increasing penetration, better underwriting, claims management of life/health products
vi	Signzy Technologies Pvt Ltd	Development of technologies for increasing penetration, better underwriting, claims management of life/health products

 

Fintech Open Hackathon