The KFUPM Business School (KBS) at King Fahd University of Petroleum & Minerals was pleased to kick off its nation-wide first year FinTech Hackathon for all those interested at FinTech topics from April 4 to 6, 2019.
The main objective of this event was to promote FinTech startups and empower business society through awareness and involvement. As well, this Hackathon will leverage the understanding of this emerging industry, accelerate the innovation wave in FinTech, and increase potential investment among banks and other financial players.
Dr. Hesham Jamil Merdad, the Dean of KFUPM Business School, added, “the school was very keen to host, organize, and be amongst the first to promote such a Hackathon because it is in line with the Kingdom’s aspiring vision of 2030 and an essential milestone in the college’s new rebranding strategy. The college recently changed its name from the College of Industrial Management to KFUPM Business School. This change would make us more relevant to reflect our offerings and further strengthen our ties with the industry, which would enhance our student’s learning experience.”
The Hackathon brings together business planners, developers, innovators, designers, and entrepreneurs to develop financial products and discover new technologies that have a potential positive impact on Saudi‘s financial industry.
The event was sponsored by Riyad Bank (Platinum Partner), meem-the retail banking arm of Gulf International Bank, Monsha’at, KFUPM Entrepreneurship Institute (EI), Fintech Saudi, TechBench, and KFUPM Business School Club.
Each participating team focused on one challenge and is required to devise innovative solutions and pitch their demos and prototypes. Potential challenges to solve include smart transactions such as payment solutions, smart settlements, loans, and online currencies. In addition, retail banking challenge which covers money transfers, retail client loyalty, frauds, artificial intelligence applications in investment management.
Eleven prizes were offered for winning teams at a total value of SAR 115,000 in addition to incubation opportunities at KFUPM EI.
Established in 1975, the KFUPM Business School (KBS) offers undergraduate degree programs in Accounting, Finance, Management, Management Information Systems, Marketing, MBA, and EMBA.