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Brainstormers Codefest-2023

Innovation challenge

Winners: Brainstormers Codefest-2023

1st position- Manoja M,
2nd position- FT Test User,
3rd position- FT Test User

DAY 00
HR 00
MIN 00
SEC 00

#test #innovation #hackathon #challenge

Our Hackathon Registration Journey

  • Start Registration

  • Submit Proposals

  • Shortlist Finalists

  • Submit Solutions

  • Announce Winners

All timings are as per (GMT +8:00) Singapore, Beijing, Perth, Hong Kong
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In Partnership With
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About Us

#TEST
About the Challenge

APIX was launched in 2018 to enable financial institutions to assess their Artificial Intelligence and Data Analytics (AIDA)-driven solutions against the principles of Fairness, Ethics, Accountability and Transparency (FEAT). The FEAT principles were co-created by MAS and the financial industry to provide guidance to firms offering financial products and services on the responsible use of AIDA and to strengthen internal governance around data management and use.

[Click here] to read the whitepaper that explains the Veritas Fairness methodology.
[Click here] to watch an introduction video about the Veritas Fairness methodology
[Click here] to read the whitepaper that illustrates the methodology in two banking uses cases (Credit Risk Scoring & Customer Marketing).
[Click here] to access the two open-source codes to illustrate the Veritas Fairness methodology in two banking use cases (Credit Risk Scoring & Customer Marketing).

The concept: Fairness
Using the Global Veritas Challenge 2021 as the first step to implement Responsible AI, we will focus on the Fairness principle during this challenge.

Who can join?
We are inviting AI firms, FinTech firms, start-ups, financial institutions and tech solution providers across the globe to develop innovative technology-based solutions that can help financial service providers adhere to the Fairness principle. This would guard against bias and improve access to financial services.

How the challenge works
The Fairness problem statements have been grouped into four themes, and participating teams can select any one of the problem statements below to develop scalable and practical solutions addressing them.

Based on the proposals submitted (during registration), up to 10 teams will be selected to receive mentorship from subject matter experts and be given access to the APIX AI Sandbox (Veritas) to prototype their solutions. The APIX AI Sandbox (Veritas) is a comprehensive testing and development platform that will include data sets and APIs that teams can use as part of their solutions. From these 10 teams, three winners will be awarded S$50,000 each and the opportunity to present their solutions during the Singapore FinTech Festival 2021.

Bringing your solutions to life
On top of the cash prize, the 10 finalist teams will stand a chance to work with banks to implement their solutions. Banks may be eligible for up to S$1.5M in funding support under the AIDA grant for qualifying projects. Finalists will also have the opportunity to be part of the Veritas project in 2022 to further expand their solution with financial support.

For more information
Visit www.apixplatform.com

Problem Statements

The problem statement categories, representing different functional objectives of CBDCs have been proposed for this year's G20 TechSprint.

Within each of the categories, a Main Problem Statement has been identified together with two Optional (bonus) Problem Statements. These were developed in consultation with the G20 and represent common high priority gaps and opportunities where innovative technology solutions in the CBDC space and sought.

Teams will need to register for one of the categories (either A, B or C) and submit proposals that addresses the Main Problem Statement. In addition, teams may also submit proposals to address the additional functionalities listed in either or both of the Optional Problem Statements.

Teams that successfully address the Optional Problem Statements will be awarded with bonus scores. However teams that do not address the Main Problem Statement and only the Optional Problem Statements will be disqualified.

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Problem Statement #1 - ENABLING CONNECTIVITY AND INTEROPERABILTY

Interested Teams need to propose solutions that addresses how CBDC platforms can enable payments in an efficient, scalable manner that complies with regulation.

In addition to the Main Problem Statement, Teams who wish to compete for bonus scores can also submit proposals to address Optional Problem Statement 1, Optional Problem Statement 2 or both.

Do note that if selected, shortlisted teams who have indicated a desire to attempt the Optional Problem Statements would need to be able to develop and incorporate these added functionalities into their main prototypes.

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Main Problem Statement: How might we link up CBDC platforms to enable cross border payments (PvP and DvP) in a manner that is efficient, scalable & comply with the regulation.

Optional Problem Statement 1: How might we enable connectivity and interoperability with other CBDCs, with existing domestic payment rails (including national payments rails & privately operated e-money rails), and with other FMIs to enhance adoption and usage?

Optional Problem Statement 2: How might we enable connectivity between CBDC and other DLT platforms to settle transactions in cash and/or securities (including DvP) in a manner that is secure, fast, and easy to implement?
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Problem Statement #2 - Product Marketing

Financial institutions are increasingly adopting AI-based marketing, which involves use of external customer datasets such as social media and marketing data.

How can validations and controls be built to diagnose and assess the fairness of an AIDA marketing solution which uses acquired external data?

Supporting Assets
Datasets

  1. Marketing Analytics
  2. Marketing Targets

APIs

  1. Meniga Digital Banking: Uses data to accelerate innovation and meaningful engagement by providing APIs to improve and personalise the online banking experience.
  2. Intellect Design (1): This API provides insights across various cross sell opportunities and compliance deviations.
  3. Intellect Design (2): This API module includes several endpoints enabling channels and third parties to extract various aspects of customer data.
  4. Instafin API: Lookup Client: Fetch financial institution end-client data.
  5. Intellect Design (Prospect Management): The Prospect API module includes several endpoints to allow channels, CRM systems and third parties to manage various aspects of Prospect.
  6. APIX Digital TWINN (Customer Management 2.0): Customer Management APIs allow onboarding of customers, while retrieving customer information/details from the Core Bank, and updating customer details.
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Problem Statement #3 - Risk, Compliance & Fraud Monitoring

Fraud detection solutions typically rely on historical and/or statistical datasets such as transaction patterns, demographics, and geo-location data to identify suspicious activities or behaviours. This may lead to unknown or unintended biases (e.g. a particular demographic group being flagged out).

How can fairness be incorporated into the algorithm development, testing and data handling process to ensure that there is no unintended bias against a particular group of individuals while protecting financial institutions against potential fraud?

Supporting Assets
Datasets

  1. Credit Card Fraud Detection
  2. Synthetic Financial Datasets for Fraud Detection

APIs

  1. Meniga Digital Banking: Uses data to accelerate innovation and meaningful engagement by providing APIs to improve and personalise the online banking experience.
  2. Intellect Design (1): This API provides insights across various cross sell opportunities and compliance deviations.
  3. Intellect Design (2): This API module includes several endpoints enabling channels and third parties to extract various aspects of customer data.
  4. Instafin API: Lookup Client: Fetch financial institution end-client data.
  5. Intellect Design (Prospect Management): The Prospect API module includes several endpoints to allow channels, CRM systems and third parties to manage various aspects of Prospect.
  6. APIX Digital TWINN (Customer Management 2.0): Customer Management APIs allow onboarding of customers, while retrieving customer information/details from the Core Bank, and updating customer details.
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Problem Statement #4 - Personal Data Protection vs System Integrity

Can the retail CBDC solution protect personal and consumer transactions data, while allowing for monitoring, detection and prevention of illicit activities on the network (e.g. money laundering /terrorism financing, fraud, scams and corruption)?

To mitigate risks associated with payment transfers and market infrastructure
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Problem Statement #5 - Sustainable Investment Simulation Tool

Build an investment simulation application to help raise the public awareness of Sustainable Investment.

Sustainable investing, also known as Environmental, Social, and (corporate) Governance (ESG) investing, is an investment technique in which an investor strongly considers ESG factors before contributing money and resources to a particular company or venture. Over the past years, sustainable investing has become increasingly popular, especially due to demand from impact investors who prefer to invest in companies with intrinsic values that drive positive change. It is thus important to become familiar with the practices of sustainable investing.

We are expecting to see participants build an application, which could be a market simulation application, a strategy system, an interactive game, or any other application which demonstrates their understanding of the ESG and sustainable product.

The application could give more feedback on potential profit/losses incurred if a different action was performed. You can use historic sustainable finance data to help users perform mock investments in the past and visualize the respective returns in the future. Elements of financial literacy are also encouraged. We will provide historical and available data on various companies.

The application should help users understand long-term and short-term investments, and potentially their benefits. We also want to see you demonstrate understanding of ESG products and your software engineering skills.
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Problem Statement #6 - Risk, Compliance & Fraud Monitoring

Fraud detection solutions typically rely on historical and/or statistical datasets such as transaction patterns, demographics, and geo-location data to identify suspicious activities or behaviours. This may lead to unknown or unintended biases (e.g. a particular demographic group being flagged out).

How can fairness be incorporated into the algorithm development, testing and data handling process to ensure that there is no unintended bias against a particular group of individuals while protecting financial institutions against potential fraud?

Supporting Assets
Datasets

  1. Credit Card Fraud Detection
  2. Synthetic Financial Datasets for Fraud Detection

APIs

  1. Meniga Digital Banking: Uses data to accelerate innovation and meaningful engagement by providing APIs to improve and personalise the online banking experience.
  2. Intellect Design (1): This API provides insights across various cross sell opportunities and compliance deviations.
  3. Intellect Design (2): This API module includes several endpoints enabling channels and third parties to extract various aspects of customer data.
  4. Instafin API: Lookup Client: Fetch financial institution end-client data.
  5. Intellect Design (Prospect Management): The Prospect API module includes several endpoints to allow channels, CRM systems and third parties to manage various aspects of Prospect.
  6. APIX Digital TWINN (Customer Management 2.0): Customer Management APIs allow onboarding of customers, while retrieving customer information/details from the Core Bank, and updating customer details.

AWARDS

[Prize Sub-header] Up to $25,000 Cash Prizes Per Team

[Description] Stand a chance to win the following when you participate in this challenge.

[Prize Title] Winner

2nd Place

3rd Place

Eligibility

  1. The competition is targeted at Firms or Teams from all countries and jurisdictions interested in solving CBDC challenges posed in the problem statements and have a good track record of developing scalable technology solutions.
  2. The competition is open to all participants who meet all of the following criteria:
    • Fully complete the registration and proposal submission process by the stated deadline within the framework of the G20 TechSprint 2022's three Problem Statements; and
    • Are not an employee of the organising organisations (Bank for International Settlements and Bank Indonesia), or any of its subsidiaries, or an immediate family member of any such employee.
  3. Team leaders must fully register their teams and submit their proposal(s) to one or more problem statements by the close of the registration period. Teams are encouraged to register early. Registrations to specific problem statements may close once the application cap on that problem statement is reached. Participation is free of charge.
  4. Each participant can only join one Team. Each team (typically comprising 3 to 8 participants) can submit one proposal for each problem statement. Teams are allowed to apply for more than one problem statement, but they can only be shortlisted for one problem statement.
  5. All participants must agree to the terms and conditions of the G20 TechSprint 2022 and the Technology Provider's platform usage conditions (AFIN APIX) before they can submit their registration.
  6. Teams will retain the title, rights of ownership, or intellectual property rights of any kind regarding the solutions and any related information submitted or developed on the platform in response to the problem statements.
  7. Final submissions from all shortlisted teams will need to be made available to the judging panel via the Technology Provider's hackathon platform. Teams declare and guarantee that:
    • they have all necessary authorisations, permissions, licenses, and agreements to participate in the G20 TechSprint and for all material uploaded to, or developed on the platform;
    • their participation in the G20 TechSprint and their submission of solutions comply with all applicable laws, rules, and regulations.
  8. If the judging panel selects one of the team's solutions as a winning solution, the team agrees to present the solution in a manner and format agreed with the organisers.
  9. By registering for the TechSprint and accepting the terms and conditions, Teams' agree to grant Bank Indonesia, the BIS, and/or the appointed Technology Partner the right to use, distribute to the public, and publicly display the Projects submitted during the Event for the purposes set forth in the G20 TechSprint Terms and Conditions, including the right to publish the Projects on the site and/or on other communication, analogue, digital and paper channels.
  10. The Hackathon will operate in English. All materials and communications submitted in connection with the Hackathon must be in English.

Media Centre

Highlights about the APIXers Challenge

FAQ

Am I eligible?

The hackathon is targeted at teams from all countries interested in developing technological solutions to address the identified problem statements and who have a proven track record of delivery – whether that is writing software, designing user experiences, or product management. The competition is open to all participants who meet all of the following criteria: i. Fully complete the registration and proposal submission process by the stated deadline w; ii. Are not an employee of the organising organisations (Bank for International Settlements and Bank Indonesia), or any of its subsidiaries, or an immediate family member of any such employee. Participation in the Techsprint is expected in the form of teams (typically comprising 3 - 8 participants). Shortlisted Teams will need to demonstrate that they have a deployable and scalable solution to the identified problem statement by the time of the final judging. If you are under 18 years of age, parental consent is required.

Are there any other requirements?

You will have to agree to the terms and conditions of the G20 TechSprint 2022 and the Event Platform’s user requirements at the point of registration. Participants should also note that the Hackathon will operate in English. All materials and communications submitted in connection with the Hackathon must be in English.

Can I participate in multiple problem statements?

You can form a team to participate in multiple problem statements. However, we recommend that each team only competes in one problem statement and focuses on its strongest area of specialisation. A team can only be shortlisted once, and each participant can only join one team.

How do I register and submit my team's solution proposal (s)?

Interested teams should click on the registration tab and complete fully the registration questionnaire before the registration deadline. Teams should also fill in fully the details of their proposed solution (s) in the relevant sections of the questionnaire. If teams wish, they can submit supplementary material relevant to their proposed solution (s) in the attachment section and/or links to short explainer videos. This would be treated as supplementary reference material and reviewed only if the written proposal in the questionnaire is assessed to have sufficient merit.

Is there any geographical restriction on who can participate?

No. The physical location of the participant does not matter. We welcome solutions from all jurisdictions and will work with the participants to facilitate an effective presentation of the solution during the judging phase. Do take note the entire challenge will be conducted virtually due to ongoing travel restrictions.

What is the judging process?

There will be 2 rounds of judging. The first round will select up to 10 finalists, based on the desirability, feasibility and viability of the proposed solution to the problem statement. Finalists will be selected and informed by 20 August 2021, before they proceed to prototype their proposed solution. In the second round, the top 10 finalists’ solutions will be evaluated to select up to 3 winners.

What kind of support will be provided for participants?

Selected teams will take part in dedicated clinics (workshops) to better understand the women's market proposition and the opportunity behind the female economy. In addition to business and technical workshops. Participating teams will also recieve guidance, expert advice and full sandbox access on the APIX platform.

Can I request for re-evaluation in case I am not satisfied with the Judges' decision?

NO. You cannot request for re-evaluation. The decision of the judges shall be final and binding. Reserve Bank of India reserves all rights with respect to the event.

How do I get technical support ?

Section 1

There are 3 sections where you can any additional details to the hackathon.

Section -2 : HACKATHON CLINICS

The APIXers Challenge will include 6 clinics to support FinTechs:

  • Developing an Intelligent Business Model
  • Coding and developing the Solutions on APIX
  • Scaling through partnerships
  • Pitching Your Way To Success

Mentoring & Technical Expertise
Mentors from various financial institutions will be sharing their expertise and assisting the participating teams in creating impactful solutions.

Each team will be connected with:

  • A business Mentor: A Champion to understand the key drivers to unlock the Economy
  • A Technical Expert: to support in developing the POC

Section - 3 : MEET – UPS

Shortlisted teams will meet with Challengers and market leaders to understand the problem statements

Contact

For

Brainstormers Codefest-2023

related queries, please reach out to
test@robot-mail.com

For technical queries during registration or proposal submission process, please reach out to

support@apixplatform.com