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The hackathon is designed to empower the participants with knowledge acquisition and professional development that keep pace with future and its challenges. It particularly focuses on Open Banking (OB) services, its technologies, and how to innovate market-influencing financial applications leveraging a virtual environment based on the Kingdom’s open banking services criteria. The OB Hack features a selection of expert coaches and mentors who will support and guide participants throughout the event stages until they pitch their projects/prototypes to the judging panel on the Demo Day.
Learn the Open Finance (OF) basics with a focus on OB services.
Understand the technological infrastructure of OB systems.
Analyze the regulatory framework and compliance requirements.
Examine the impacts of OB services on the financial institutions and consumers.
Evaluate the potential benefits and risks associated with OB services.
Develop the practical skills necessary to implement OB solutions and applications.
Leverage Open API interfaces
Advanced classification of transactions to calculate environmental impact for individuals or companies
Enhancing eco-friendly choices based on calculated carbon impacts
Integrate non-conventional data like income and bill payments into credit evaluation models
Provide a comprehensive view of the applicant’s financial reliability and evaluate creditworthiness with greater accuracy
Design educational tools or platforms leveraging AIS (Account Information Service) open banking data
Educate users on financial products, investments, savings, and healthy financial habits
Develop Sharia-compliant financial products
Leverage Payment Initiation Service (PIS) for transactions like charity and Zakat through third parties
Consolidate multiple accounts into one wallet for better understanding of consumer behavior and needs
Enable seamless transactions within platforms
Use open banking APIs to create suitable financing options for SMEs
Apply AI and ML in collecting the financial data necessary for accurate and robust creditworthiness assessments
Leverage Payment Initiation Service for smoother loan disbursement and repayment processes
Banking and financial sector professionals.
KSA-based Fintech companies professionals.
Software developers.
Introducing the participants to the OF and OB services, explaining how they evolved
The key principles and basic components of OF and OB services
A comparison to the traditional banking models
The advantages and challenges associated with the OB services
The Application Programming Interfaces (APIs) and its role in the OB services
Data security and encryption in the OB services
Authentication and authorization mechanisms
Case studies on successful OB platforms
An overview on the global regulations of OB services (such as the PSD2 in Europe and the CMA in the UK)
Compliance requirements and data protection laws
The role of regulatory bodies in monitoring and controlling the OB practices
The ethical considerations in OB services
The changes of bank and financial institution business models
Fintech partnerships and collaborations
Risk management in OB services
Case studies on how to adapt conventional banks with OB services
Enhancing customer experiences and providing improved personal services
The OB services and the financial inclusion
Consumer data rights and privacy concerns
OB applications in companies and startups
The Blockchain technology and its potentials in terms of the OF and OB services
The AI and machine learning applications in the OB services
The Decentralized Finance (DeFi) and its relationship with the OB services
The digital currencies and the consumer dependence on the central banks
The evolving predictions and trends related to the OF and OB services (including topics like the Environmental, Social and Governance (ESG) factors)
A two-hour open test covering the six modules
Dividing the participants into 4-5 person groups, with each group including at least a scrum master/project leader or a UX designer, a front-end developer and a back-end developer.
Setting up and providing an Oracle Cloud KSA (free tier) account for each team. Sign-ups will be arranged before starting the practical phase.
Our shared values keep us connected and guide us as a team.
20 Program
Have at least a two-year experience in financial services/fintech sector, or software development.
A group of up to four people can also apply as a team, provided that they include a member who has a software development background.
