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Harbinger 2023 heading

Harbinger: Global Hackathon

Harbinger 2023 Introduction Content

Harbinger Harbinger

Introduction

A hackathon is an event organised to bring together people and entities for the development of innovative solutions for the existing challenges in specified area through problem statements. The problem statements are worked upon by the participants who include, but not limited to, individuals, teams, entities from the hardware/software and coding community during the limited time-period of the hackathon. The modus operandi of a hackathon is a competitive event where the participants submit ideas, create solutions, exhibit the prototypes, and the solutions are judged by an external panel to arrive at the winner/s of the hackathon. The solutions thus achieved are primarily technology driven innovative solutions which can be used or promoted by the organisers to refine the existing processes. 
 
In order to find innovative solutions to the existing challenges in the banking and finance landscape Reserve Bank launched the first edition of its global hackathon HARBINGER ‘Innovation for Transformation on November 9, 2021 and invited solutions from domestic and global fintech companies, programmers, and students on four problem statements related to payments landscape. Subsequently, the second edition of HARBINGER was launched on February 14, 2023 with problem statements focused on inclusive digital services. 
 
The Hackathons ran in three phases with shortlisting of proposals in the first phase, solution development in the second phase followed by the final evaluation in the third phase. The winning solutions were adjudicated by a team of external experts and the teams were awarded prizes.

Harbinger heading

Harbinger: Global Hackathon

Harbinger Introduction Content

Introduction

A hackathon is an event organised to bring together people and entities for the development of innovative solutions for the existing challenges in specified area through problem statements. The problem statements are worked upon by the participants who include, but not limited to, individuals, teams, entities from the hardware/software and coding community during the limited time-period of the hackathon. The modus operandi of a hackathon is a competitive event where the participants submit ideas, create solutions, exhibit the prototypes, and the solutions are judged by an external panel to arrive at the winner/s of the hackathon. The solutions thus achieved are primarily technology driven innovative solutions which can be used or promoted by the organisers to refine the existing processes. 
 
In order to find innovative solutions to the existing challenges in the banking and finance landscape Reserve Bank launched the first edition of its global hackathon HARBINGER ‘Innovation for Transformation on November 9, 2021 and invited solutions from domestic and global fintech companies, programmers, and students on four problem statements related to payments landscape. Subsequently, the second edition of HARBINGER was launched on February 14, 2023 with problem statements focused on inclusive digital services. 
 
The Hackathons ran in three phases with shortlisting of proposals in the first phase, solution development in the second phase followed by the final evaluation in the third phase. The winning solutions were adjudicated by a team of external experts and the teams were awarded prizes.

Event archive (year-wise):

  • 2023
  • 2021

About HARBINGER 2023

About Harbinger 2023

The Reserve Bank had launched the second edition of its global hackathon - “HARBINGER 2023 – Innovation for Transformation” with the theme ‘Inclusive Digital Services’ which was communicated vide Press Release dated February 14, 2023. The hackathon received encouraging response with 154 proposals submitted by teams from both within India and 28 participating teams/entities from Australia, Canada, Germany, Singapore, Sweden, UK, USA among others. The third phase of final evaluation was held during October 10-11, 2023 in Bengaluru wherein 28 finalist teams presented their solutions for the problem statements to an independent Jury which evaluated and selected the winners and runners-up. 

Important Dates Harbinger 2023

Important Dates:

Process - Registration and submission proposal

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Start Date: February 22, 2023

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End Date: March 24, 2023

Prizes Harbinger 2023

Prizes:

Winners will get prize money as given below:

Winner - ₹40,00,000 (Rupees Forty lakh)

Runner-up - ₹20,00,000 (Rupees Twenty lakh)

Harbinger 2023 Card Carousel

Fintech Problem Statements Harbinger-2023

Problem Statements

HARBINGER 2023 aims to identify and enable solutions and/or business models that have the potential to make digital financial services more accessible, efficient, compliant and effective, enriching the experience of the users while exploring the technologies that can make the systems more robust and scalable.

It aims to solve the following challenges in the digital financial services landscape:

In order to empower the differently abled (Divyaang) people of the country with digital banking services, easy-to-use innovative solutions for digital banking services such as digital payments, account opening, account statement, payment of utility bills, usage of debit/credit cards, etc., may be explored. This would provide equal opportunity to the physically challenged without any discrimination and enable them access in availing financial services.

RegTech, or Regulatory Technology, applies innovative capabilities and techniques to help financial institutions improve their regulatory governance, reporting, compliance and risk management. For example, classification of loans under priority sector needs to be compliant with priority sector lending guidelines issued by Reserve Bank of India. In addition, through efficient classification, banks are also able to monetize the priority sector portfolio through trading in Priority Sector Lending Certificates (PSLCs). While reporting of the priority sector data is fetched by RBI in an automated way, the classification of the loans at banks is a manual process. RegTech tools that facilitate automated classification of loans under priority sector as per prescribed guidelines and enable banks to comply with same shall be of immense use to the industry. Similarly, other RegTech solutions may be explored for efficient compliance by REs.

Retail CBDC brings immense scope for innovation which can have positive impact on the banking and financial services. While disbursal of social benefits could be one of the use case, offline use is considered another core feature of a retail CBDC (CBDC-R) and integral to the continued public access to central bank money. It is also key to financial inclusion and accessibility, where use of physical cash may be constrained by geographic remoteness and/ or a lack of a communications network or power infrastructure. We may explore such use cases/solutions for CBDC-R transactions, including transactions in offline mode, where the wallets must be able to independently verify the authenticity of any CBDC transaction without communicating with the server during the transactions, while mitigating the risk ‘of double spending’.

The development of technologies that increase the transaction rate of blockchains has been an important area of research over the years. These decentralized networks pose completely new challenges in terms of their ability to scale for increased demand. However, TPS isn’t the only parameter that determines a blockchain's speed. Transaction finality time (the time it takes to confirm a transaction as immutable) is just as important. Together, these parameters describe a blockchain network's scalability, which is the network's ability to handle an increasing number of transactions. Lack of scalability is a significant challenge in the broader adoption of blockchain technology for financial services, as may be in the case of CBDC-R. We may explore technology solutions which may increase the TPS and scalability for broader adoption and exploring more use-cases of blockchain.

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Where to Apply?

The hackathon is owned and sponsored by Reserve Bank of India and is hosted on Application Programming Interface Exchange (APIX) platform. A participant may click on the following link to register for the hackathon and submit the proposal after the registration.

Register for Hackathon

Applications will be received only through the online process. RBI will shortlist the most promising solutions for further stages of the hackathon.

How to apply?

Please click on the link for registration.

https://hackolosseum.apixplatform.com/h1/harbinger2023

Once registered, select the problem statement, and submit your proposal. Please fill in the responses for all the proposal questions.

You may apply for more than one problem statement if you fulfil all the criteria set out in each category. Your solution can aim to address the needs covered by more than one problem statement. We are looking at the uniqueness of the proposition and feasibility of the business model alongside to achieve the desired goal.

Who can apply?

All entities, teams or individuals (eighteen years and above) who are eligible to enter into a contractual agreement are eligible to apply. Further the product/solution should have an element of innovation or novel application of technology serving common good.

Participants from all backgrounds and geographies are welcome, albeit knowledge about the Indian financial services market and consumers is preferred. All relevant and impactful solutions will be considered irrespective of the stage.

What is the layout of the event?(Harbinger 2023)

What is the layout of the event?

Applications will be received only through the given link. The Hackathon shall run in three phases with Ideation in the first phase and Solution Development in the second phase and Final presentation in the third phase. RBI will shortlist the most promising solutions for the finals. Wherever needed, these solutions will be provided with technical and regulatory support so that demo-able products can be created. The shortlisted entities need to submit a working solution which would be evaluated to decide the winners. The winners will be selected based on certain evaluation criteria inter alia understanding of the problem, innovation, solution comprehensiveness, ease of implementation, demonstration/user experience, etc. during the finals.

Fintech_Harbinger_2023_Result

Results

The results for the event Harbinger 2023 has been released and we congratulate all the winners of their respective categories

Click here to view results

Fintech-Harbinger-2023-ContactUs

Contact Us

For HARBINGER 2023 related queries, the participants may send a mail to

For technical queries during registration or proposal submission process, please reach out to

Fintech HARBINGER Media

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