The Reserve Bank of India (RBI) concluded the third edition of its global hackathon, HaRBInGer 2024, which focused on driving innovation to address key challenges in the financial ecosystem. This year’s hackathon was themed around “Zero Financial Frauds” and “Being Divyang Friendly,” featuring four critical problem statements. The competition saw a phenomenal response, with 534 proposals submitted from across the globe, including countries like the United States, the United Kingdom, Brazil, and Hong Kong.
HaRBInGer 2024 was conducted in three phases: shortlisting of entries, solution development, and final evaluation. In the first phase, 70 entries were selected, followed by a second phase where 28 teams, seven for each problem statement, were chosen for building prototypes under expert mentorship. The final phase saw these teams presenting their solutions to an independent jury during the grand finale held in Bengaluru on January 4, 2025.
Unveiling the Winners
The winners of HaRBInGer 2024 demonstrated exceptional creativity and technical prowess in addressing the challenges outlined in the competition.
Real-Time Fraud Detection in Financial Transactions
The winner in this category was FPL Technologies Pvt. Ltd. with their solution “OneRadar.” This human-in-the-loop-enabled fraud risk management (FRM) solution aims to minimize fraud while reducing false positives and latency. It uses a color-coded consumer app, a decision strategy model, and expert feedback to predict and prevent fraud in real time.
Transaction Anonymity in CBDC Transactions
Xaults Technologies Pvt. Ltd. won this category with a solution that ensures transaction anonymity while maintaining the integrity of central bank digital currencies (CBDCs). Using technologies like Stealth Addresses and Zero-Knowledge Proofs, the solution safeguards user identity and transaction amounts, fostering greater adoption of CBDCs.
Identifying Mule Bank Accounts and Payment Wallets
Two teams shared the prize in this category. Epifi Technologies Pvt. Ltd. developed “Satark,” a solution that creates a comprehensive digital footprint for each account, using AI and analytics to identify mule accounts in real time. NapID Cybersec Pvt. Ltd. created “Tager AI,” an interoperable platform that tracks transactions and detects suspicious activities across multiple banks, ensuring quicker recovery of fraudulent funds.
Helping the Visually Impaired Identify Banknotes
In this category, two innovative products emerged as joint winners. H Vision India Pvt. Ltd. created a smart wallet that identifies currency notes using features like UV absorption and fluorescence. Rupya Darshini, developed by Parthiban R., Jebaraj V., and Gobika S., is a wallet-sized tool that allows visually challenged individuals to identify Indian banknotes through geometric dimensions and Braille markings.
Best All-Women Team
The prize for the best all-women team went to VisAst (Krimisha Deore), whose solution is a lightweight, wearable device that detects currency notes and provides voice-based declarations. This AI/ML-driven device is also capable of performing object detection tasks.
Impact on Financial Security and Inclusion
These groundbreaking solutions represent a major leap forward in addressing pressing issues within the financial sector. From fighting fraud to making financial services more accessible, these innovations are set to enhance the overall security and efficiency of the financial ecosystem. In particular, the use of advanced technologies such as AI, blockchain, and machine learning in these solutions holds significant potential for scaling and implementation across global financial systems.
HaRBInGer 2024 has not only showcased the immense talent and creativity of innovators worldwide but also highlighted the RBI’s commitment to fostering a safe, inclusive, and forward-thinking financial landscape. As these solutions move toward adoption, they promise to contribute to a more secure and accessible financial world for everyone, regardless of their abilities or location.
The third edition of HaRBInGer reinforces the vital role of collaboration and innovation in transforming the financial industry for the better.
