IFTA 2023Mumbai 2nd Nov 2023: India FinTech Forum, a leading platform for Fintech startups 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. The winners of the National Finals of the Fintech Olympiad 2023 are:

Undergraduate category:

  1.  Seth Randive, Indian Institute of Information Technology (IIIT), Kottayam
  2.  Aashrith Reddy, Indian Institute of Technology (IIT), Hyderabad
  3. 3. Anuj Pahuja, University of Delhi

Postgraduate category:

  1.  Lingeshwar Balamurugan, Indian Institute of Management (IIM), Indore
  2.  Sarthak Jain, Birla Institute of Technology and Science, Pilani
  3.  Shashwat Shrivastava, Nirma University, Ahmedabad

Backed by industry leaders 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. The first-of-its-kind competition focused on financial literacy, Fintech Olympiad 2023 has received applications from over 2000 colleges. Students from universities not only in India but also from Hong Kong, France, the USA, Indonesia, Switzerland, the United Kingdom, and Vietnam are also participating in the competition.

Sougata Basu, Founder, of CashRich and Executive Committee Member of India FinTech Forum said, “At IFTA 2023, championing financial literacy and inclusion is at the core of our mission. 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. The Fintech Olympiad exemplifies this commitment. The overwhelming response from 2000+ colleges during the inaugural edition of the Fintech Olympiad underscores the pressing need to embed financial literacy within our educational curriculum.”

IFTA 2023, which concluded on 1st November 2023, saw the gathering of some of the most high-profile and well-reputed industry leaders including names including Mr. Nilesh Shah, Managing Director, Kotak Mahindra Asset Management, Mr. Aashish Somaiyaa, Chief Executive Officer, WhiteOak Capital Asset Management, Mr. Swarup Mohanty, CEO, Mirae Asset Investment Managers (India) and Mr. Vikram Gupta, Founder & Managing Partner, IvyCap Ventures spoke at the event. Over three days, the event had 12,500+ participants, with two days taking place online and the last day serving as the culmination of an on-ground event. More than 1250 companies had 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.

The winners of IFTA 2023 are:

  •  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

One of the winners at the Fintech Olympiad 2023, Lingeshwar Balamurugan from the Indian Institute of Management (IIM), Indore said,” Attending the Fintech Olympiad was a wonderful experience that left me both inspired and informed. 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”.

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.

By Sujata