SARB and KPMG Matchi invite entries for FinTech Hackcelerator

28 August 2019 2 min. read
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Entries are being invited for the 2019 Global Fintech Hackcelerator @ Southern Africa, which is organised collaboratively by the South African Reserve Bank (SARB) and KPMG Matchi. The event is designed to support innovative and creative financial technology (FinTech) ideas that might solve real world challenges. 

South Africa is among the fastest growing FinTech markets in the world, and the small and medium enterprise (SME) sector has a large part to play in this. The advent of FinTech has levelled the playing field in the financial services sector to a large extent, as smaller firms can use innovative solutions to challenge dominant players in the financial sector.

In South Africa, a handful of major banks that has traditionally occupied a central position in the financial sector is now facing disruption from these smaller players. For the South African economy as a whole, such innovation is encouraged, as it enables growth of the SME sector, while simultaneously making the financial sector more efficient.

The 2019 Global Fintech Hackcelerator @ Southern Africa is designed to support smaller firms that have an innovative solution for the financial sector across Southern Africa. The event is organised by the SARB in collaboration with KPMG Matchi, and will take place in October this year.

2019 Global Fintech Hackcelerator @ Southern Africa

SARB’s involvement in the event is motivated by a desire to promote economic growth and innovation on the one hand, while simultaneously keeping abreast of the latest in Fintech technology so as to prepare for potential regulatory challenges. KPMG Matchi, meanwhile, functions specifically to serve FinTech startups.

The firm plays a matchmaking role in the FinTech domain, facilitating interaction between larger financial corporations and smaller FinTech innovators across the globe that can offer promising solutions. Currently, the firm has a global database that contains more than 5,000 digital solutions for the financial sector.

The Hackcelerator is open to innovators from across the globe that have relevant solutions for the Southern African context. Entries are now open for the contest, following which a shortlist will be prepared of promising firms that can demonstrate their solutions on Demo Day on October 29th.

Demo Day will produce two winners, who will then receive a grant – including travel – to go to the 2019 Singapore FinTech Festival, where they will get to present their solution as well as network with some of the leading Fintech experts from across the globe.