India’s First Fintech Olympiad Winners Emerge at IFTA 2023

Winners of the National Finals of the Fintech Olympiad 2023

Mumbai, November 2, 2023: The first-ever Fintech Olympiad winners have been unveiled by India FinTech Forum, a premier platform for Fintech startups. During the recently concluded IFTA 2023, the Olympiad awarded promising students from both undergraduate and postgraduate categories, sharing a prize pool of Rs. 5 lakhs.

In the undergraduate category, the winners are:

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

While in the postgraduate category, the victors are:

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

Fintech Olympiad was an industry-backed initiative, with support from prominent partners including Axis Asset Management Company and content collaborators Zerodha, CashRich, and Clear. This unique competition aimed to enhance financial literacy and digital fluency among college students. Notably, it received applications from over 2000 colleges, including international participants from countries like Hong Kong, France, the USA, Indonesia, Switzerland, the United Kingdom, and Vietnam.

Sougata Basu, Founder of CashRich and Executive Committee Member of India FinTech Forum, emphasized the importance of promoting financial literacy and including fintech in education. He explained that Indian fintech firms have the potential to reshape the financial services landscape, making the Fintech Olympiad’s goal of embedding financial literacy in educational curricula a crucial endeavor.

IFTA 2023, an event that brought together esteemed industry leaders, witnessed over 12,500 participants during its three-day duration. This event marked the intersection of BFSI (Banking, Financial Services, and Insurance) and technology, with insightful speakers including Nilesh Shah, Aashish Somaiyaa, Swarup Mohanty, and Vikram Gupta. It involved both online sessions and an on-ground event where 1250 companies competed for the prestigious IFTA awards. Perfios, as the Awards Partner for IFTA 2023, contributed to this significant fintech event.

Among the winners of IFTA 2023 were:

  • Fintech Startup of the Year: Agrim Housing Finance
  • Fintech Rising Stars: 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

Lingeshwar Balamurugan, a winner of the Fintech Olympiad, praised the event for its up-to-date insights into the ever-evolving fintech landscape, particularly on investment and tax strategies, which provide valuable knowledge for a future in the financial world.

IFTA 2023 also featured the release of a report on Generative AI in Fintech by SP Jain School of Global Management, in partnership with India FinTech Forum. The report thoroughly explores Generative AI’s transformative role in fintech, encompassing its applications, regulatory considerations, and pivotal tools/platforms. The fintech sector is undergoing a significant transformation due to Generative AI and Large Language Models (LLMs), particularly impacting areas like personal finance, lending, insurance, wealth management, and compliance. Generative AI is also influencing enterprise knowledge management, compliance, and RegTech, promoting scalable and cost-effective solutions to enhance customer experiences.