TechInAfrica – The South African Reserve Bank (Sarb) in collaboration with KPMG Matchi has announced 12 startups to take part in the Global Fintech Hackcelerator @ Southern Africa program. The program aims at creating a platform for fintech companies to showcase their creative ideas and solutions to the financial challenges in the region.
In a statement on October 2nd, both organizations said that the program had received 95 entries from interested fintech companies around the world. They were then reviewed by KMPG Matchi’s analysts and scored by a team consisting of 24 industry executives, including representatives from Absa, Capitec, Discovery, the Financial Sector Conduct Authority (FSCA), FirstRand Group, Investec, Liberty Group, National Treasury, Nedbank, Reserve Bank, Standard Bank and the Technology Innovation Agency (TIA).
The 12 selected FinTech startups are Ctrl, E4 Strategic, Emerge Analytics, Hydrogen, MindBridge Analytics, Nimbla, Paycode, Sedicii, Strands, Tautona AI, uKheshe, and Wealth Migrate.
They will demonstrate their innovative solutions at Fintech Demo Day that will kick off on October 29th, 2019, in Johannesburg. A panel of judges from Reserve Bank, FSCA, and local and Asian industry experts will choose two winning solutions. Each of them will receive a stipend of travel expenses to attend the 2019 Singapore Fintech Festival; the opportunity to pitch their solutions on the Hackcelerator Demo Day at the 2019 Singapore Fintech Festival; investment to develop their proof of concept and deploy it within a year; and collaborate with corporates to deploy a solution according to their needs and obtain market entry into the Singapore and Asia-Pacific regions.
In addition to the prizes, the top three winners at the Singapore Fintech Festival will each be awarded a cash prize.