Allied Bank, in collaboration with Teamup Ventures, recently concluded its third annual Fintech Hackathon at PC Lahore on July 3, 2024. This event marked another milestone in their ongoing efforts to foster innovation and drive digital transformation within Pakistan’s banking sector.
The Hackathon attracted over 1,200 applications from startups, university students, and fintech companies across the country. Thirty teams were selected to participate in a rigorous four-day training bootcamp, which included mentorship sessions led by subject matter experts. This preparation aimed to refine and enhance the teams’ solutions in response to identified challenges.
Six teams emerged as finalists and pitched their innovative solutions at the Hackathon finale. The judging panel, comprised of industry leaders including Syed Faraz Anwer, Salman Akhtar, Karim Jindani, and Zouhair Abdul Khaliq, evaluated the solutions based on their potential to transform digital banking.
The winners of the 3rd Allied Bank Fintech Hackathon were:
- Kestrl – First Place: Kestrl focuses on leveraging AI to provide credit scoring services, particularly targeting underserved populations by analyzing spending habits and financial behaviors. Kestrl Website
- Mergn – Second Place: Mergn developed a customer engagement platform designed to enhance brand affinity and customer retention through personalized interactions. Mergn Website
- Kistpay – Third Place: Kistpay offers a fintech solution that facilitates digital inclusion through smartphone financing, enabling access to essential services and building credit scores for the unbanked. Kistpay Website
Mr. Aizid Gill, CEO of Allied Bank, emphasized the significance of the Hackathon in promoting innovation and nurturing talent within Pakistan’s fintech ecosystem. He highlighted Allied Bank’s commitment to advancing digital banking through partnerships with startups and leveraging technologies such as AI and the State Bank’s Raast payment system.
Allied Bank, as one of Pakistan’s largest banks, continues to lead in innovation, offering a wide range of financial products and services aimed at enhancing customer experiences and driving positive change in the banking industry.