IFTA 2023 Winners for First-Ever Fintech Olympiad Announced with Prize Pool of INR 5 Lakhs; Check Details Here

New Delhi: Participants from IIIT Kottayam, IIT Hyderabad, DU, IIM Indore, Birla Institute of Technology and Science Pilani, and Nirma University Ahmedabad have emerged victorious at the Fintech Olympiad 2023. 

India FinTech Forum, a prominent hub for Fintech startups in India, revealed the champions of its inaugural Fintech Olympiad introduced during the IFTA 2023. The triumphant finalists 

earned from a prize pool totalling INR 5 lakhs. 

Also Check: 

IFTA 2023 Fintech Olympiad Winners

The victorious participants in the National Finals of the Fintech Olympiad 2023 include the following in the Undergraduate category: 

1. Seth Randive from the IIIT Kottayam
2. Aashrith Reddy from the IIT Hyderabad
3. Anuj Pahuja from the University of Delhi

In the Postgraduate category, the awardees include the following:

1. Lingeshwar Balamurugan from the IIM Indore
2. Sarthak Jain from BITS Pilani
3. Shashwat Shrivastava from the Nirma University

IFTA 2023 also recognized the following winners across various categories:

• Fintech Startup of the Year: Agrim Housing Finance
• Fintech Rising Star: Onsurity, SaveIN, Dhan, and Ayekart
• Fintech Scaleup of the Year: Fibe
• Best Initiative for Financial Literacy: FamPay
• Best Technology Company for Fintech Solutions: Decentro
• Best Innovation in WealthTech: Paytm Money
• Best Innovation in RegTech: Signzy
• Best Use of AI in Fintech: Feedzai
• Excellence in Payments: PayU Payments
• Best Fintech Initiative for Social Impact: Revfin
• Best International Fintech in India: Wise
• Best Innovation in Digital Lending: Paisabazaar
• Most Innovative Fintech Product: Razorpay
• Excellence in InsurTech: InsuranceDekho

What is IFTA 2023 Fintech Olympiad?

Supported by key industry entities like Axis Asset Management Company as the Investor Education Partner and partnered with content contributors such as Zerodha, CashRich, and Clear, the Fintech Olympiad 2023 aims to promote financial literacy and digital competence among college students. 

The Maharashtra State Innovation Society is extending support to expand the initiative's outreach. The pioneering competition, dedicated to enhancing financial literacy, the Fintech Olympiad 2023, has garnered applications from over 2000 colleges. 

Apart from Indian universities, students from countries including Hong Kong, France, USA, Indonesia, Switzerland, United Kingdom, and Vietnam are also actively participating in this unique competition.

Sougata Basu, Founder of CashRich and a member of the Executive Committee of India FinTech Forum, emphasized at IFTA 2023 that advocating for financial literacy and inclusion lies at the heart of their mission.

They are firm believers in the transformative potential of Indian fintech companies to reshape the financial services sector. Through a collaborative approach with the well-established BFSI and Technology sectors, their combined influence will be monumental. 

It is crucial for the Fintech industry to actively involve and educate the digitally-savvy Gen Z and millennial populations. The Fintech Olympiad embodies this dedication. The extensive response from over 2000 colleges during the inaugural edition of the Fintech Olympiad underscores the urgent necessity to integrate financial literacy within their educational framework, Basu added.

IFTA 2023 Fintech Olympiad Highlights

IFTA 2023, which concluded on November 1, 2023, featured an assembly of distinguished and prominent industry figures, including notable personalities such as Mr. Nilesh Shah, Managing Director of Kotak Mahindra Asset Management, Mr. Aashish Somaiyaa, CEO of WhiteOak Capital Asset Management, Mr. Swarup Mohanty, CEO of Mirae Asset Investment Managers (India), and Mr. Vikram Gupta, Founder & Managing Partner of IvyCap Ventures as keynote speakers. 

The event spanned three days, engaging over 12,500 participants, with two days conducted online and the final day serving as the culmination with an on-site event. Over 1250 companies submitted nominations for the IFTA awards, and 30 shortlisted companies presented their innovations to a jury to contend for prestigious awards. Perfios served as the Awards Partner for IFTA 2023.

Lingeshwar Balamurugan from the IIM Indore, a recipient at the Fintech Olympiad 2023, expressed that participating in the Fintech Olympiad was an enriching experience that provided both inspiration and knowledge. The initiative's dedication to offering contemporary and practical insights in the ever-evolving fintech sphere is truly praiseworthy. 

He said that as the winner of the National Finals, he affirms that the event's updates on subjects like investment and tax strategies have equipped him with valuable insights for his future in the financial industry.

At IFTA 2023, a report on Generative AI in Fintech was released by SP Jain School of Global Management in collaboration with India FinTech Forum. This report offers a comprehensive overview of the transformative impact of Generative AI on fintech, encompassing its applications, regulatory landscape, and key tools/platforms.

The rapid evolution of the fintech sector has been significantly influenced by the emergence of Generative AI and Large Language Models (LLMs). Key domains affected encompass personal finance, lending, insurance, wealth management, and compliance. Generative AI's impact spans across enterprise knowledge management, compliance, and RegTech, fostering scalable and cost-effective solutions that enhance customer experiences.

About IFTA and India FinTech Forum

IFTA 2023, organized by India FinTech Forum, stands as the annual congregation that brings together the most innovative minds in fintech, uniting over 4,000 dynamic fintech companies and a network of 35,000 industry enthusiasts.

This event acts as a central hub for collaboration, innovation, and policy discussions, reinforcing India's significant position within the global fintech domain. 

Participants can anticipate invaluable networking prospects, insights shared by industry experts, a presentation of state-of-the-art fintech solutions, and conversations regarding regulatory encouragement for nurturing innovation. IFTA 2023 is the platform where concepts intersect, alliances thrive, and the trajectory of fintech is shaped.

Read More:

• IIM Indore Ranks 151th in QS World University Global MBA Rankings 2024

• Delhi University to Set Up East Delhi Campus with INR 930 Crore HEFA Loan; Check Details Here

Subscribe to Collegedunia to get the latest educational news and updates –