Recently, many discussions were focused on how to accelerate progress toward the Sustainable Development Goals (SDGs). As a community, we have accepted that in order for it to happen we need an integrated approach. A key answer has emerged from witnessing the power of technology, especially when its applied to Finance. There was a realisation that there were several positive trends associated with FinTech, which fit in well with the SDGs agenda. The FinTech disruption will ultimately lead to more financial inclusion, transparency, and grant access
to the whole population. FinTech is now viewed as a key enabler of achieving the SDGs, to achieve a better and more sustainable future for all. In efforts to better the world through FinTech, the Benefit Fintech Award in partnership with Bahrain FinTech Bay and the Global Shapers Manama Hub launched the FinTech for Sustainability Hackathon during March.

The Benefit Fintech Award is an initiative introduced by BENEFIT with the aim of highlighting the potential of disruptive FinTech technologies as a key driver for innovation as well as its impact on Sustainable Development Goals. The FinTech for Sustainability Hackathon, in strategic partnership with the Central Bank of Bahrain and Tamkeen, gives innovative university students the opportunity to play a part in making the world a better place. The hackathon fosters development and drives innovation, using sustainable FinTech solutions as a vehicle to support the growth of Sustainable Development Goals (SDGs). The hackathon kicked off its operations on 23rd March with over seven teams and mentors from the StartUp Bahrain ecosystem. Until 13th of April, the teams will meet on a weekly basis to discuss and develop promising ideas that could potentially tackle SDGs. BEntrepreneur sat down with the team behind this initiative to learn more about the purpose of the hackathon and how FinTech could be used as a foundation to empower sustainability.

1. Can you tell us more about the FinTech for Sustainability Hackathon, and the idea behind it?”

Hanan Hasan, Assistant Manager – Business Development Marketing of BENEFIT said, “We have seen some initiatives that have been made blending in financial technology and sustainability. In the near future, we will be applying FinTech to help solve some great challenges, and it will go beyond financial services to tackle sustainability-related business issues. We wanted to host a month-long hackathon focused on this convergence on FinTech and Sustainability building awareness of the SDG goals, the 2030 agenda and what tools we can learn to build for the future.” “The agenda for each week focuses on specific elements like mentorship, workshops on design thinking methodologies that foster innovation and creativity, one-on-one discussions and we have professionals with entrepreneurial background delivering these sessions. We want the youth, especially students in educational institutions in Bahrain to be in that space and see what they can bring to the table. Our partners for this event will offer them all the tools and methods to allow them to create and innovate. This could push them to do more beyond the hackathon,” she added.

2. How can FinTech be combined with sustainability?

The Head of Marketing and Ecosystem at Bahrain FinTech Bay, Ali Abdulla, explained that, “FinTech solutions at their core focus on the consumer with an emphasis on providing financial products that are efficient, user-friendly, and transparent. Within global FinTech ecosystems, the focus on the highlighted features promote financial inclusion, especially among the unbanked population. The tie between FinTech solutions and financial inclusion has presently been acknowledged by key entities in varied jurisdictions. For example in the case of Sierra Leone, a country with a high concentration of unbanked individuals, their regulatory sandbox program is linked to the national financial inclusion strategy highlighting a national push towards promoting innovative financial solutions.” “Additionally, FinTech products such as blockchain technology provide sustainability solutions for emerging issues that are apparent in our present time. During September 2017, Finland was able to deploy the necessary infrastructure to process the residency of refugees by entering identity records into the blockchain.

Additionally, in the same year a similar program was implemented in Jordan called Building Blocks to assist the World Food Program in the distribution of aid to a refugee camp in Jordan. Through the program, refugees were assisted in processing vouchers for the purchase of basic goods through the integration of blockchain into a biometrics authentication platform.”

3. The Global Shapers Manama hub has conducted a roadshow to raise awareness on the hackathon. How has this worked out so far?

“We have run roadshows across university campuses in Bahrain, where we pitched the concept to students from different backgrounds. Students were very keen to learn about the event, and more broadly, they were eager to learn about the FinTech industry and how it can be connected to sustainability. The traction was pleasantly surprising, to see young Bahrainis eager to learn and driven to be part of developing creative solutions for a broader cause. The university faculty were very supportive, and made the process seamless and helped us tremendously on the outreach,” said Shaheen Shaheen, Outgoing Curator of the Global Shapers Manama Hub.

The winning teams received benefits beyond cash prizes!

1. First Place Winners
• BHD 2,000 Cash Prize
• Bahrain FinTech Bay Membership: 3 Months
• 5,000 Credit Hours by Amazon Web Services (AWS)
• Trip to Dubai: EY Wave Space + AWS Summit

2. Second Place Winners
• BHD 1,000 Cash Prize
• Bahrain FinTech Bay Membership: 2 Months
• 3,000 Credit Hours by Amazon Web Services (AWS)

3. Third Place Winners
• BHD 1,000 Cash Prize
• Bahrain Fintech Bay Membership: 1 Month
• 1,000 Credit Hours by Amazon Web Services (AWS)

4. What are your tips for participants to this event?

Shaheen Shaheen, Outgoing Curator of the Global Shapers Manama Hub, shared a tip with the community:

“The main tip I would give the students is to embrace the learning journey. Our aim is to provide students with the right tools and platforms in order for them to transition to the professional world, either as an aspiring entrepreneur, or career professional. Moreover, team work will be essential during the hackathon. There will be key deliverables which each team needs to achieve, which good teams will be able to tackle with relative ease” The goal of the FinTech for Sustainability Hackathon is to raise awareness on how to leverage disruptive financial technologies to accelerate progress on the SDGs. In addition, the hackathon will promote Bahrain’s ecosystem within the FinTech industry by giving Bahrainibased university students exposure and opportunities within the financial industry.

Learn more about the FinTech for Sustainability hackathon by visiting
www.bahrainfintechbay.com/bfa
#FinTechSDG #FintasticBahrain