FINTECH INNOVATION CHALLENGE 2022

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The term ‘Fintech’, the short form of the phrase financial technology denotes an industry that is comprised of companies that use technology for efficient delivery of financial services. It is an emerging type of service in this 21stcentury. The new startup companies are trying to replace the traditional transaction system with new, effective methods by applying technology in financial sectors for mobile payments, loans, money transfers, and even asset management.

India is a growing market for Fintech with a population of nearly 1.3 billion. A huge percentage of the unbanked and underbanked population is making India an exhilarating global space for financial technologies. Fintech is regarded as a game changer and disruptive innovation, which is capable of shaking up the traditional financial markets. The rise in the number of Fintech start-ups during the last five years has contributed to the growth of many other sectors through their efficient financial strategies. The scope propels the industry in itself for growth and profitability.

The Government of Andhra Pradesh envisions building a robust Fintech ecosystem in the state by creating a roadmap for the growth of this industry by identifying the opportunities and establishing Andhra Pradesh as the leader in infrastructure and emerging technologies.

ABOUT THIS APPLICATION

ABOUT FINTECH CHALLENGE 2022

AP Innovation Society (APIS) in partnership with APCFSS &FinBlue STPI CoE, Chennai, is launching the "FINTECH Innovation Challenge" for scouting innovations and start-ups engaged in using emerging technologies such as Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), Data Science, Analytics, Smart Decision tools, Blockchain & Robotics to democratize financial services in the state by way of improvement in the existing procedures and identification of bottlenecks and gaps that can be addressed primarily in the stated thematic areas. The goal of this challenge is to bring together stakeholders from the Indian startup ecosystem, such as entrepreneurs, industrialists, investors, experts, government, and aspiring start-ups, to test, refine, and validate their solutions. The problem statements are devised in close communication with the State Government Departments and industry partners for the start-ups to showcase their capabilities in these emerging technologies.

Apart from cash incentives of up to INR 50 Lakh distributed among Winners, 1st Runners and 2nd Runners teams the selected start-ups will also get a chance to get incubation space, mentoring, access to funding schemes & procurement support for prototyping as well as piloting opportunities in the state.

Sounds exciting then let's jump into the problem statements to be addressed!

Problem Statement 01:

Government of Andhra Pradesh delivers various services to the citizens through departments like GSWS (Village and Ward Secretariats), Transport Department, APBCL(Beverage outlets) etc. The payments made towards these services are collected via different modes of payment like cash, UPI, POS machines, etc., and each of these departments have their own payment mechanisms & later remitted into the GovernmentTreasury in T+1/2days. In this regard, to streamline & bring in more efficiency & transparency in the process of revenue collection a digital wallet is to be developed that will be integrated to CFMS.

Expected Outcome:

An application to be developed to collect revenue at all the sservice delivery points through deployment of dynamic QR code that can hold cash in a digital wallet & integrate it with CFMS for remitting the amount to the Government. The payment needs to be tagged as per the department.

Problem Statement 02:

The Director of Treasuries, Finance Department audits all the bills before a payment is made to the vendor. This activity is done through the CFMS portal, where each bill is processed through a pre-defined work flow i.e., a bill submitted by a certain DDO in a district is audited by the auditor belonging to the same district. This leads to imbalance in workload to the treasury officers. Hence, an automated process that is intelligent enough to measure the workload of each treasury officer and route it to treasury officers such that there can be work load balance.

Expected Outcome:

Automate bill audit assignment to treasury officers based on the workload.

Problem Statement 03:

Government of Andhra Pradesh has an SAP ERP for the Treasury operations Bill life cycle management is an SAP Fiori built application used for processing the Bills. Currently a Biometric Authentication is used for Authentication. An Integration of Digital Signature in noting’s of SAP Fiori as in E office. (Rich Text Editor) is required.

Expected Outcome:

An Integration of Digital Signature in noting’s of SAP Fiori as in E office. (Rich Text Editor) is required.

Problem Statement 04:

Detecting the fraudulent submission of the invoices to Government of Andhra Pradesh has an SAP ERP for the Treasury operations during the audit of bills. An alert should be sent to the concerned treasury officer that the same invoice has been submitted earlier by comparing all the parameters on the invoice, the data backup available for the current Invoices is from past 4 years.

Expected Outcome:

Use of Machine Learning (NLP, Semantics) to extract data fields from PDF Files along with API to push info into core system.
A utility to read and ingest any PDF documents with minimum training effort with self services and rapid deployment capabilities
Solution should be able to process readable and non-readable PDFs Solution should be able to read key elements of standardized templates e.g. Invoices, agreements, contracts etc
Generate alerts to the concerned official

Problem Statement 05:

Government of Andhra Pradesh has an SAP ERP for the Treasury operations implemented across the departments. It’s a single source of truth for all data and the reporting is handled using the sap BW. An Open source tool which would help in Analyze the revenue receipts data of each department of all the past years under each category and build a decision support system that can readily be used.

Expected Outcome:

Forecast the revenue
Flagging & Alerting authorities when there is a dip in revenue beyond certain threshold
Interactive Dashboard.

ELIGIBILTY

Eligibility Criteria

If you are a start-up, an early-stage organization, or working in collaboration to solve problems in the FINTECH Sector, you are eligible to apply meeting the following requirements:-

Demonstrating the existence of a legal structure: Company should comply with the start-up definition as defined by DPIIT at http://startupindia.gov.in
Products/ Services should not violate/ breach/ copy any product already launched and/or copyrighted or patented.
IPR/ Patent registered for the product(if any) should be owned by the nominating Indian company.
The product/ Prototype/ MVP submitted should have been designed and developed in India.

Participants will have to come up with solutions that can be called ‘innovative’, ‘radical’, ‘unconventional’ or ‘out-of-the-box’. The solutions provided should be thoroughly researched, must not include any sort of plagiarism, carried out as a student effort with a feasible work plan and should be presented with required deliverables

All participants are required to act in a professional and ethical manner throughout the competition. Failure to act as per the code of conduct can result in disqualification at any stage of the competition. In this regard, any ‘means of unfair competition, as stated below, will lead to immediate disqualification:

Any means of plagiarism in the materials and ideas used in the competition Failure to provide credit for any sources referred to as aid in the development of solutions
Any false or malicious statements about other contestants, organizers of the competition, panel of judges or others involved in the competition

PATENTS & INTELLECTUAL PROPERTY RIGHTS

By submitting an entry to the Innovation Challenge, participants are acknowledging that their ideas/research will be made publicly accessible and shared with industry professionals.
The Existing Rights and the Proprietary Rights remain the exclusive property of the Participants who own them. Moreover, the Participants alone shall decide whether or not to protect any know-how of their own and to register or protect or defend any Proprietary Rights or Existing Rights. If required APIS would also support protecting the IPR/ Copyright/ Patent of the innovators based on the expert opinion report from NRDC, Vishakapatnam.
However, if the innovator receives a request from the concerned government department, it should be granted to the organizer/ the provider, free of charge, on the deliverables, i.e., within the sole framework of the Challenge.
Participants agree not to abuse the rights that may be granted to them by law, any abuse entitling the Organizer to disqualify the participant concerned.

ATTACHED DOCUMENTS

Fintech Innovation Ch...

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