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HaRBInger 2024: Innovation Hackathon for India's Financial Future

Introduction
The Reserve Bank of India (RBI) has officially launched its third global hackathon, HaRBInger 2024 – Innovation for Transformation, as announced by the RBI Governor during the Monetary Policy Committee (MPC) statement on June 7, 2024. The initiative reflects the central bank’s commitment to fostering technological innovation aimed at strengthening the safety, security, and inclusivity of India’s financial ecosystem.

Objective and Vision of HaRBInger 2024

The primary goal of HaRBInger 2024 is to invite innovative solutions that address critical challenges in the financial sector. RBI continues to leverage technology not only to expand access to financial services but also to counter rising incidents of financial fraud.

Key Objectives:

  • Enhance digital financial inclusion
  • Strengthen fraud detection and prevention mechanisms
  • Encourage technology-driven solutions for vulnerable communities
  • Promote collaborative innovation within India’s FinTech landscape

India’s FinTech Growth and Emerging Challenges

India is among the world's fastest-growing FinTech markets. According to projections:

  • The global FinTech industry is expected to grow from $245 billion to $1.5 trillion in annual revenue by 2030.
  • The Indian FinTech sector alone is projected to generate $200 billion in annual revenue by 2030, potentially contributing 13% to the global FinTech market.

Key Initiatives Supporting FinTech Growth:

  • Central Bank Digital Currency (CBDC):
    The RBI launched pilot programs for the e-rupee in both wholesale and retail segments, marking a significant milestone in digital payments.

However, technological advancements also increase vulnerabilities. RBI reported a 334% year-on-year rise in online financial frauds in FY24, underscoring the need for targeted initiatives like HaRBInger 2024.

Themes of HaRBInger 2024 – Innovation for Transformation

RBI has partnered with APIX, a global innovation platform, to host HaRBInger 2024. Participants had access to advanced tools such as APIs and AI/ML models to aid solution development.

Main Themes:

1. Zero Financial Frauds

  • Real-time prediction, detection, and prevention of fraudulent transactions
  • Maintaining transaction anonymity
  • Identifying mule accounts and suspicious wallets

2. Being Divyang-Friendly

  • Developing accurate methods to help visually impaired individuals identify banknotes

Recap: HaRBInger 2023 Highlights

The second edition of the hackathon saw 154 entries from teams across India and abroad. Key problem statements included:

  • Digital banking solutions for the differently-abled (Divyaang)
  • RegTech solutions for regulated entities
  • CBDC use cases including offline transactions
  • Enhancing blockchain scalability and TPS (transactions per second)

HaRBInger 2024: Participation and Rewards

HaRBInger 2024 saw significant growth with 534 proposals, including 39 international entries from countries such as the USA, UK, Singapore, Brazil, and Morocco.

Hackathon Timeline and Phases

The event was conducted in three stages:

  1. Screening Phase:
    From 534 submissions, 70 teams were shortlisted.

  2. Solution Development:
    28 teams developed prototypes over eight weeks.

  3. Final Evaluation:
    The final round took place on January 2–3, 2025, in Bengaluru

Digital Payments Intelligence Platform: A Parallel Initiative

Alongside HaRBInger 2024, RBI announced its intent to launch a Digital Payments Intelligence Platform. This initiative aims to curb online frauds by facilitating real-time data sharing and network-level intelligence among stakeholders.

Conclusion
Through HaRBInger 2024, the RBI reaffirms its proactive approach to technological innovation in the financial sector. By focusing on fraud prevention and inclusivity, this global hackathon not only addresses emerging risks but also encourages collaborative problem-solving. To further broaden participation and spark more diverse innovation, RBI could consider hosting smaller-scale or individual-focused hackathons in the future.