Open Bank Project & JB Financial Group Launch a Global FinTech Hackathonby Fintechnews Singapore October 10, 2016
In the first global hackathon devoted to the banking industry of South Korea, the JB Financial Group, 2e & TESOBE/Open Bank Project are proud to announce the BiSang hackathon (‘Quantum Leap’ in Korean) aimed at global start-ups, developers and individuals.
The intention of the hackathon is to find new partners to collaborate with JBFG in providing innovative services and technologies to the financial and banking worlds. In a previous hackathon in 2015, JBFG built a new business model for collaboration with winners PeopleFund.
JBFG opened their core banking systems to the winners and the resulting interface and subsequent developments received approval from the Korean Financial Services Commission Institution and led to a patented business model.
Aiming for equally spectacular results this time around, JBFG offer significant prizes and opportunities, with the intention of creating an ongoing business relationship with the winners. Winners will gain the opportunity to expand their business presence in Asia, including South Korea, Cambodia, Vietnam and Myanmar, by signing a MOU with JB Financial Group.
JBFG has partnered with 2e & the Open Bank Project to deliver this global initiative. Startups will use the JBFG Open Bank Project API sandbox to demonstrate their Apps.
The hackathon has two parts:
● Online hackathon: the first part is online, opening on October 1st and closing on October 20th 2016.
● Hackathon Final: from the online entries, selected finalists will be invited in person to present their innovative ideas to senior bank management in Yeoksamdong, South Korea, between November 28-30th 2016.
Themes and Challenges: there are two challenge fields: the Ideas field and the Technology/Development field.
● Ideas: do you have an idea? Great! You don’t have to be a developer to have a compelling idea. Enter your innovative idea into the hackathon and let’s see where you can take it.
● Technology / Development: this area is for anyone who has an existing product or technology, either as a prototype, a demo or as a revenue-generating app.
Prizes: JB Financial Group will provide various prizes and business opportunities for the hackathon award winners. In the Ideas area JBFG offers a Grand Prize of KRW 2 million; in the Technology and Development area JBFG offers a Grand Prize of KRW 3 million, plus 3 runner-up prizes of KRW 1 million each.
In addition, JBFG will provide a test bed for commercialization, an opportunity to partner with JB Financial Group and and to receive business support from event sponsors. JBFG will offer selected participants immediate discussions with relevant business divisions within the JB Financial Group. Further, JBFG will also provide additional funding support to selected new Fintech startups
Who can enter? The competition is open for individuals & teams of all sizes; teams selected for the final are welcome to bring a maximum of five participants.
Location and dates: Online hackathon October 1st – 20th October 2016; Final: 28-30th November 2016, in D.Camp, Yeoksamdong, South Korea. The location hosts one of Korea’s famous business accelerators.
Expenses: Airfares can be reimbursed for the selected participants. Further details to be announced shortly.