Fintech Innovation Challenge

Andhra Pradesh Innovation Society

Relevent Country: India

Andhra Pradesh Innovation Society (APIS) in partnership with APCFSS & FinBlue STPI CoE, Chennai, is launching the “FINTECH Innovation Challenge” for scouting innovations and start-ups engaged in using emerging technologies such as Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), Data Science, Analytics, Smart Decision tools, Blockchain & Robotics to democratize financial services in the state by way of improvement in the existing procedures and identification of bottlenecks and gaps that can be addressed primarily in the stated thematic areas.

Goal

The goal of this challenge is to bring together stakeholders from the Indian start-up ecosystem, such as entrepreneurs, industrialists, investors, experts, government, and aspiring start-ups, to test, refine, and validate their solutions

Benefits

The selected start-ups will be felicitated with financial reward of up to INR 50 Lakhs for creating impact at a scale.

  • Winner- INR 5.00 lakhs (Per each problem statement)
  • First Runner-up- INR 3.00 lakhs (Per each problem statement)
  • Second Runner-up- INR 2.00 lakhs (Per each problem statement)
  • Non-Fiscal Incentives
  • Incubation Support
  • Mentorship Support
  • Access to funding schemes
  • Piloting & Procurement Support
  • Apart from cash incentives of up to INR 50 Lakh distributed among Winners, 1st Runners and 2nd Runners teams the selected start-ups will also get a chance to get incubation, mentoring, access to funding schemes & procurement support for prototyping as well as piloting opportunities in the state.

Problem Statements

The problem statements are devised in close communication with the State Government Departments and industry partners for the start-ups to showcase their capabilities in these emerging technologies.

Problem Statement 1

Detailed Description

  • Government of Andhra Pradesh delivers various services to the citizens through departments like GSWS (Village and Ward Secretariats), Transport Department, APBCL(Beverage outlets) etc. The payments made towards these services are collected via different modes of payment like cash, UPI, POS machines, etc., and each of these departments have their own payment mechanisms & later remitted into the Government Treasury in T+1/2days. In this regard, to streamline & bring in more efficiency & transparency in the process of revenue collection a digital wallet is to be developed that will be integrated to CFMS

Expected Outcome

  • An application to be developed to collect revenue at all the service delivery points through deployment of dynamic QR code that can hold cash in a digital wallet & integrate it with CFMS for remitting the amount to the Government. The payment needs to be tagged as per the department.

Problem Statement 2

Detailed Description

  • The Director of Treasuries, Finance Department audits all the bills before a payment is made to the vendor. This activity is done through the CFMS portal, where each bill is processed through a pre-defined work flow i.e., a bill submitted by a certain DDO in a district is audited by the auditor belonging to the same district. This leads to imbalance in workload to the treasury officers. Hence, an automated process that is intelligent enough to measure the workload of each treasury officer and route it to treasury officers such that there can be workload balance.

Expected Outcome

Automate bill audit assignment to treasury officers based on the workload.

Problem Statement 3

Detailed Description

  • Government of Andhra Pradesh has an SAP ERP for the Treasury operations Bill life cycle management is an SAP Fiori built application used for processing the Bills. Currently a Biometric Authentication is used for Authentication. An Integration of Digital Signature in noting’s of SAP Fiori as in E office.

Expected Outcome

An Integration of Digital Signature in noting’s of SAP Fiori as in E office.

Problem Statement 4

Detailed Description

  • Detecting the fraudulent submission of the invoices to Government of Andhra Pradesh has an SAP ERP for the Treasury operations during the audit of bills. An alert should be sent to the concerned treasury officer that the same invoice has been submitted earlier by comparing all the parameters on the invoice, the data backup available for the current Invoices is from past 4 years.

Expected Outcome

  • Use of Machine Learning (NLP, Semantics) to extract data fields from PDF Files along with API to push info into core system. A utility to read and ingest any PDF documents with minimum training effort with self-services and rapid deployment capabilities Solution should be able to process readable and non-readable PDFs Solution should be able to read key elements of standardized templates e.g. Invoices, agreements, contracts etc Generate alerts to the concerned officials.

Problem Statement 5

Detailed Description

  • Government of Andhra Pradesh has an SAP ERP for the Treasury operations implemented across the departments. It’s a single source of truth for all data and the reporting is handled using the sap BW. An Open source tool which would help in Analyze the revenue receipts data of each department of all the past years under each category and build a decision support system that can readily be used.

Expected Outcome

Forecast the revenue

  • Flagging & Alerting authorities when there is a dip in revenue beyond certain threshold c)Interactive Dashboard.

Eligibility Criteria

  • If you are a start-up, an early-stage organization or working in collaboration to solve problems in the FINTECH Sector, you are eligible to apply meeting the following requirements :
  • Demonstrating the existence of a legal structure: Company should comply with the start-up definition as defined by DPIIT.
  • Products/ Services should not violate/ breach/ copy any product already launched and/or copyrighted or patented.
  • IPR/ Patent registered for the product (if any) should be owned by the nominating Indian company.
  • The product/ Prototype/ MVP submitted should have been designed and developed in India.
  • Participants will have to come up with solutions that can be called ‘innovative’, ‘radical’, ‘unconventional’ or ‘out-of-the-box’. The solutions provided should be thoroughly researched, must not include any sort of plagiarism, carried out as a student effort with a feasible work plan and should be presented with required deliverables.

Source: https://apisinnovationchallenges.ap.gov.in/#/fintech