Regional CBCG Fintech Hackathon “Know Your Customer - Easy and Secure”
For the second year in a row, the Central Bank of Montenegro (CBCG), in cooperation with ICT Cortex and the Association of Montenegrin Banks, is organising the international CBCG Fintech Conference and the CBCG Fintech Hackathon, a competition in the field of application of financial technologies. The Hackathon will be held from the 7th until the 9th of October 2022 in an online format.
The theme of the Hackathon is “Know Your Customer (KYC) - Easy and Secure”, which should be answered with an idea and a programming solution that would enable a simple and secure method of identification with a view to providing faster and simpler citizens/clients’ access when using services, both of the private and the public sector. KYC stands as the basis of numerous digital services that are already in use, resulting in reduced costs, wider range of benefits, and the speed of use, without compromising the security and privacy of users.
The KYC process already represents the basis of numerous digital services, such as: the opening of bank accounts, confirmation of transactions, loan management, e-Government service, insurance services, signing of documents.
The competing teams are expected to come up with an idea and a programming solution with great potential in the financial and banking markets that will provide the citizens - as the end users, an easier access to financial and/or other institutions. Teams can choose an existing, or a completely new approach to implementing KYC.
The competition is open to three-to-five member teams from Montenegro, Serbia, Albania, Bosnia and Herzegovina, Kosovo and North Macedonia. The jury will select five applicant teams to be given the opportunity to compete for the prizes.
The CBCG will reward the best team with a cash prize of 12,000 euros, while Mastercard will reward the best Montenegrin team with 3,000 euros.
Applications for the CBCG Fintech Hackathon can be submitted starting from today at the link.
The Hackathon opening ceremony will be held on 7 October 2022, as part of the CBCG Fintech conference “The role of fintech in the democratization of the financial landscape”, to be attended by the representatives of the central banks from Europe and Asia, international fintech companies, as well as by the European Bank for Reconstruction and Development, the Mastercard company, and the Montenegrin banking and ICT sector.
By organising the Hackathon, the CBCG strives to promote and encourage innovations in financial technologies, and to contribute to the improvement of digital, primarily banking and payment services.