Innovating Open Finance: Join the Sahamati BuildAAthon 2024

Imagine a world where your financial data is truly yours—where all banking details, investment details, insurance policies, and all your financial assets are securely accessible at your fingertips. No more paperwork, no more chasing banks for records, and no more waiting for approvals. This is the reality that the Account Aggregator (AA) framework is making possible.

The AA framework, pioneered by the RBI, is revolutionizing the way individuals and businesses control their financial data. It’s a secure, consent-driven system that allows you to share your financial information with institutions only when you choose to, and only for the services you need.

🏦 Why Should You Care?

The Account Aggregator (AA) framework is more than just a new system—it’s the foundation of the future of finance in India. The AA framework unlocks better access to credit, personalized financial products, and more inclusive financial services by giving individuals control over their financial data. For businesses, it means faster processes, smarter risk management, and increased transparency.

As Nandan Nilekani aptly stated, "Account Aggregators empower individuals to take control of their financial data and create their own personal balance sheet." In short, AA is putting you in the driver’s seat of your financial journey, with ripple effects that will reshape how we think about finance—from the way we invest, to how we secure loans, manage insurance, and beyond.

🛠️ How the Sahamati BuildAAthon is Driving Innovation?

The Sahamati BuildAAthon is your opportunity to be part of this transformation. Through this hackathon, we’re calling on builders and problem-solvers to innovate within the AA ecosystem—developing cutting-edge solutions.

Sahamati is leading the adoption of the AA framework, enabling secure financial data exchange to deliver innovative services for every Indian. As part of SamvAAd 2024, Sahamati’s annual event and a key platform for discussions on Open Finance, the BuildAAthon allows participants to contribute to the future of finance in India while addressing global trends in financial technology.

By participating in this hackathon, you’re not just competing for prizes—you’re joining a movement to reimagine how financial data can be used to build a stronger, more inclusive financial future for all. Whether it's creating the next big app for microloans, developing tools to help small businesses secure better credit, or designing systems that protect user data with world-class security, the Sahamati BuildAAthon is where innovation meets impact.

We envision solutions that will:

1. Democratize Insurance and Investment Advisory for Indians
2. Empower Customers to Leverage their Digital Footprints
3. Risk Management Solutions for the Ecosystem

Through this hackathon, we seek to inspire the next wave of entrepreneurs and developers to rise to the challenge—creating not just apps, but new paradigms for how data is leveraged to transform lives.

✨ What’s in it for you?

The Sahamati BuildAAthon is more than just a competition—it’s a rare opportunity to learn from and interact with the brightest minds shaping India’s digital future. You’ll get inspired by industry leaders like Pramod Verma, CTO of EkStep Foundation and the architect behind Aadhaar, UPI, and India Stack, Megha Jain (Senior Advisor, Private Sector, Bill & Melinda Gates Foundation), Lalitha Nataraj (CEO, NPCI BHIM Services Ltd) and more!

This hackathon isn’t just about building projects—it’s about connecting with leaders who are revolutionizing the financial landscape. You’ll gain practical knowledge through masterclasses, expand your network with fellow innovators, and compete for exciting awards worth up to ₹3,00,000 that will put your ideas on the map. Moreover, by presenting your solutions to an esteemed judging panel, you’ll be opening career-defining opportunities for yourself.

📝 Hackathon Format

Phase 1: Team Formation & Registration

• Join solo or form a team: Gather up to 5 members and register for the BuildAAthon here. Teams (1-5 members) can submit a unified application, where each participant must provide their details.
• Registration Confirmation: After registering, you'll receive a confirmation email to kickstart your hackathon journey.

Phase 2: Hackathon Kickoff

• Kickoff Event: The BuildAAthon kicks off online on October 4th, 2024. Tune in for insightful demos and keynotes from industry pioneers to set the tone for the hackathon. Keep an eye out for the schedule here.

Phase 3: Hacking & Mentorship

• Hacking Starts: From October 4th to October 27th, 2024, teams will work on building their projects. Throughout this period, masterclasses and mentorship sessions will provide expert guidance to help teams refine their ideas and bring them to life.

Phase 4: Submission & Evaluation

• Submission Deadline: Teams must submit their project prototypes and a 5-minute explainer video by October 27th, 2024.
• Evaluation: A panel of experts will review all submissions and select the most promising projects, ensuring that only the most innovative solutions make it to the final round.

Phase 5: Final Presentation & Winner Selection

• Final Presentation: The top five teams from each track will present their innovations to the jury during the first week of November 2024.
• Winners at SamvAAd 2024: The three winning teams will present their projects at SamvAAd 2024 on November 19th in Mumbai, sharing the stage with India’s top financial and tech leaders.

Join Us! 🤝🏼

Just like UPI revolutionized payments, the AA framework is set to reshape the financial landscape of India. Be there as we build the future of Open Finance, building the tools that will give every Indian greater financial freedom. One where individuals are empowered by their data to make choices that change their lives for the better.

As we look ahead, the possibilities are endless, and you have the power to create them.

Stay tuned for more updates and interact with the Devfolio community at:

🐥 Twitter        📞 Telegram        🎮 Discord

Until then, Never Stop Building 🛠️