12 Fintechs in The Limelight of South Africa’s Largest Banks

TechInAfrica — The South African Reserve Bank (SARB) will have a Fintech Demo Day in Johannesburg at the end of October. In this event, two fintech solutions will be selected to attend the Fintech Festival in Singapore. Twelve innovative and sustainable fintech solutions have been selected for an acceleration program, Global Fintech Hackcelerator @ Southern Africa.

Last August 2019, the SARB worked together with KPMG Matchi to perform the program that creates a platform for fintech to showcase their innovative solutions within the complicated financial challenges.

In collaboration with the SARB, fintech firms were invited to submit an application as a response to problem statements that have been constructed.

Regional hackcelerator gathered 95 submissions from fintech firms from around the world, who were validated by analysts from KPMG Matchi and then scored by the team consisted of 24 industry executives from the following financial services listed below:

Absa;
Capitec;
Discovery;
Financial Sector Conduct Authority (FSCA);
FirstRand Group;
Investec;
Liberty Group;
National Treasury;
Nedbank;
SARB;
Standard Bank;
Technology Innovation Agency.

The 12 selected respondents will demonstrate their solutions on October 29 in Johannesburg.

This event aims to explore viable financial services innovations that should solve financial services challenges in the real world. A judging panel from the SARB, FSCA, and local and Asian industry experts will choose two winning applicants.

Each winner will gain a chance to pitch their solution directly during the Hackceletor Demo Day at the 2019 Singapore Fintech Festival, and receive accommodation to attend the event. The top three winners will also receive a cash prize.

Winners will as well receive funding to further develop a contextualized concept, proof to be conducted within a year from the Demo Day, and work with prominent corporates to contextualize a solution to their needs whilst gaining market entry into the Singapore and Asia-Pacific region.

The 12 companies selected for the Global Fintech Hackcelerator @ Southern Africa are: