These 12 fintechs have the attention of South Africa’s biggest banks

The South African Reserve Bank (SARB) will host a Fintech Demo Day at the end of October, in Johannesburg, to select two fintech solutions who will attend a ‘Fintech Festival’ in Singapore.

Twelve ‘innovative and sustainable’ fintech solutions have been shortlisted for an acceleration programme called Global Fintech Hackcelerator @ Southern Africa.

In August 2019 the SARB joined up with KPMG Matchi to run the programme that creates a platform for fintech firms to demonstrate their innovative solutions within complex financial challenges.

Fintech firms were invited to submit an application in response to problem statements constructed in collaboration with the SARB.

The regional ‘hackcelerator’ received 95 entries from fintech firms located across the globe, who were then validated by KPMG Matchi’s analysts and scored by a team of 24 industry executives from the following financial service companies:

  • Absa;
  • Capitec;
  • Discovery;
  • Financial Sector Conduct Authority (FSCA);
  • FirstRand Group;
  • Investec;
  • Liberty Group;
  • National Treasury;
  • Nedbank;
  • SARB;
  • Standard Bank;
  • Technology Innovation Agency.

The 12 shortlisted respondents will showcase their solutions on 29 October 2019 in Johannesburg.

The event seeks to explore sustainable financial services innovations that must address real-world financial services challenges. A panel of judges from the SARB, FSCA as well as local and Asian industry experts will select two winning entrants.

Each winner will get an opportunity to pitch their solution live during the Hackcelerator Demo Day at the 2019 Singapore Fintech Festival, and receive a stipend towards travel expenses to attend the event.

They will also receive funding to develop a contextualised proof of concept, to be deployed within a year from the Demo Day; and work with high-value corporates to contextualise a solution to their needs, while obtaining market entry into the Singapore and Asia-Pacific region.

The top three winners at the Singapore Fintech Festival will each receive a cash prize.

The top 12 shortlisted solutions in the Global Fintech Hackcelerator @ Southern Africa are (in alphabetical order):


Ctrl

Ctrl is an independent car and household insurance advice app, where individuals can receive and accept quote options from a variety of insurers on their mobile phones.


e4 Strategic (Pty) Ltd

Virtual Identity, a business app released by e4, is a web/mobile service where the client can complete the FICA process remotely by submitting evidence of identity, which is verified against external data sources and/ or an agent, fulfilling all regulatory obligations.

Its RealRes solution confirms proof of residence through data verification and matching, geolocation verification and matching, and image and optical character recognition processing.


Emerge Analytics

Emerge Analytics is an advanced data analytics solution that helps clients navigate and optimise corporate data to deliver better answers, new insight and improved profitability.


Hydrogen

Hydrogen accelerates digital financial innovation by enabling organisations to build unique solutions and products – across savings, investment, wellness and insurance – by configuring the relevant combination of application programming interfaces and business logic.


MindBridge Analytics Inc

MindBridge Analytics’ AI Auditor platform automates the ingestion and analysis of data, and learns from user interaction to identify fraud. Leveraging machine learning, artificial intelligence and natural language processing, 100% of transactions are reviewed, and results are easily searchable.


Nimbla

Nimbla’s digital insurance platform is designed to protect small- and medium-sized businesses against insolvent customers by insuring invoices against non-payment.


Paycode

Paycode provides financial service access to the unbanked by giving them a biometric identity. Through its technology, Paycode provides solutions that enable, among other things, a national payments infrastructure, social grant distribution, international remittances, card payment infrastructure, and token management systems.


Sedicii

Sedicii monitors customer bank remittances for anti-money laundering through multi-party collaboration without sharing data, while remaining fully compliant with the General Data Protection Regulation (GDPR) and other regulations.


Strands

Strands’ digital banking solution helps small- and medium-sized enterprises to better run their business while helping banks to better understand and serve their business customers through smarter lending.


Tautona AI

The Tautona AI platform automates decisions with artificial intelligence, machine learning, data mining, business rules and analytics to help insurance companies identify which claims can be automatically processed and which should be handled manually.


Ukheshe

Ukheshe empowers informal merchants, traders, street vendors and casual labourers to accept real-time digital payments from cardholders or different payment apps, without needing to have a bank account.


Wealth Migrate

Wealth Migrate drives financial inclusion through a blockchain enabled, global online real estate marketplace that allows people to invest and diversify in global real estate for as little as US$1 000.


Read: 3 South African fintech startups just scored R23 million in loans – including one that invests in cows

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These 12 fintechs have the attention of South Africa’s biggest banks