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.
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
Preparation Day (from day 7 to day 15)
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.
Each team will work on developing ideas for a platform that is based on the essential principles regulating the Open Banking in Saudi Arabia.
Each team will present their project in front of other teams and the jury.
An award and certificate-giving ceremony.
An intensively
qualitative
training
Expert
professional
guidance
A certificate from
the Financial
Academy (FA)
Certificates from internationally
recognized entities
Silicon Valley Innovation
Center , LAU, Ozone API
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.
A group of up to four persons can also apply as a team as well, provided that they include a member who has a software development background. Otherwise, an applicant must have knowledge of the software development basics.
The program will be presented in English.
A certificate is awarded by the FA in partnership with the Silicon Valley Innovation Center and the Ozone API.
