17/04/2024
🎯The international financial technology hackathon "Open FinHack" concluded with a victory for the Latvian team "Frankey"!
The competition was fierce - 231 participants from 38 countries around the world applied for the hackathon.
The "Frankey" team aims to democratize investment opportunities in franchises. Specifically, the team is committed to creating a platform where franchise issuers, franchisees, and potential investors can meet. This would enable anyone to invest in a business model and idea that is easily understandable. "Frankey" also received the sympathies prize from "Open FinHack" supporter law firm "drill." - legal consultations worth 1000 euros, as well as invitations to the "Riga Comm 2024" conference.
"This is a very pleasant surprise. I applied to the hackathon because I had this idea for two years, but I hadn't done anything about it. I thought this was a good moment to decide whether to let go of the idea or finally start doing something about it. Now it looks like I'll have to continue working on it," says "Frankey" co-founder Aris Brencis.
The second place in the "Open FinHack" hackathon was awarded to the team "Ayma", which plans to create a neobank specifically for the gaming industry. Meanwhile, the third-place winner, team "Rellocate", aims to help immigrants start a new life in their adopted country, where they have moved to. Due to the fact that they often do not have sufficient financial means and banks are not responsive in providing loans, the team wants to create a platform where they can borrow from private lenders.
"I believe that in this 'Open FinHack' hackathon there were some very interesting ideas that have certain business potential if they are implemented correctly. However, the main thing that pleases me - such events provide people with opportunities for development, broaden their horizons, and promote international networking. It is also pleasing that 'DelfinGroup', by supporting this hackathon, has possibly helped someone realize their idea and also contributed to the Latvian financial technology industry," says jury member and Chairman of the Board of "DelfinGroup" Didzis Admidins
The participants of the "Open FinHack" hackathon sought solutions for both business clients and end consumers in six financial industry sectors - collective financing, fraud detection and prevention, blockchain solutions, data analytics, personalized financial services, and financial literacy. The hackathon was open for individual idea authors and experts, as well as early-stage startups.
Nearly 23 teams worked day and night for almost a week, both onsite and remotely, to develop their ideas as far as possible. An international jury evaluated the concept and creativity of the ideas, as well as the design and potential user experience, business model, and team. Attention was also paid to the feasibility of implementing the ideas and the potential impact of the solutions. The participants of the hackathon were assisted in developing their ideas by 48 experts from various fields and countries.
The sympathies prize from "Gravity Team" - one Ethereum - was awarded to the team "Alphanome.ai". This is an early-stage startup - an AI research laboratory focused on finances. The team experimented with AI-generated videos for the financial industry's needs during the hackathon.
"The 'Gravity Team' company emerged when the right people met in the startup community. We received the necessary support to build a global player market in the cryptocurrency industry. Now we consider it our duty to both support the hackathon and educate interested parties about this exciting industry. If not one of these ideas, then we hope that the meetings of these people at 'Open FinHack' will create new viable and interesting businesses," says "Gravity Team" co-founder and CTO Kriss Pujats
The hackathon was organized by the innovation community Windhackers, whose goal is to promote interdisciplinary collaboration and foster the development of innovative and technology-based business ideas. "Open FinHack" was supported by a wide range of partners, including DelfinGroup, Gravity HUB Gravity Team, Accenture, drill., Latvijas Banka , JeffApp, KPMG, EDFA, "Tenity", "Tietoevry", "PixelPai", "Fintech Latvia Association", Fintech Latvija asociācija, Rīgas Tehniskā universitāte, Banku augstskola, Rīgas Biznesa skola, Latvijas Universitāte, "Fintech News Network", Latvijas blokķēdes attīstības asociācija, "Riga Comm", "HackTribe", "Delfi", and "Nordic FinTech Magazine".
