As part of Finextra’s fifth Sustainable Finance Live conference, an engaging Hackathon will occur from November 29 to December 2. This collaborative event is designed to foster innovation by providing participants with workshops, panel discussions, and the technological resources necessary to develop projects in real-time.
The Hackathon aims to achieve three primary objectives: enhancing data accuracy, promoting forward-looking risk assessments, and creating impact-driven financial instruments. These goals are geared towards inspiring participants to devise innovative, sustainability-focused methods for assessing risk and allocating capital.
In light of the ongoing discussions at COP27, there is a heightened urgency to cultivate innovation within ESG technology. A recent report from the IPCC projects that climate change could push an additional 32 to 132 million people into extreme poverty over the next decade, exacerbate food insecurity, and result in increasingly severe weather events.
Ambar Vitelli, from strategic partnerships at NayaOne—a partner of the Hackathon—discussed their role in this initiative. Many in the financial sector may not fully recognize the advantages of such collaborative events. Vitelli emphasized that “the Hackathon platform offers a comprehensive environment equipped with onboarded technologies and datasets, allowing participants to create functional prototypes. This platform encourages community collaboration and harnesses the power of co-creation, advancing ESG solutions and steering us towards a sustainable future.”
Vitelli also highlighted the vital contribution of banks and fintech companies in transitioning to a green economy. She noted, “Investors and consumers are increasingly demanding active involvement from financial institutions and fintechs in leading and catalyzing the transition towards sustainable practices. Regulators worldwide are implementing mandates for climate risk management, stress testing, and climate-related disclosures within financial institutions.”
To facilitate the event, NayaOne is providing its own technological resources. Vitelli elaborated on the significance of this technology: “Participants will have access to a DIY sandbox to build their prototypes, featuring over 500 APIs, more than 100 datasets, a data science experimentation environment, and collaboration tools that enhance team coordination and overall efficiency.”
Moreover, she stated, “Equipping our developer communities with the necessary tools—including datasets, APIs, and a supportive development environment—is crucial for fostering collaboration and partnerships that drive innovation toward a greener future.”
Access to these technologies cultivates an ideal environment for nurturing the development of technical prototypes, offering participants valuable experience in areas that interest them. Vitelli emphasized that “winning teams will receive support through incubation and investment, aiding them in the progression towards creating operational solutions for the industry. This presents an exceptional opportunity for teams targeting the MVP stage during the Hackathon, particularly as venture capital firms are now diversifying their portfolios to include firms with strong ESG profiles.”
In closing, Vitelli expressed enthusiasm for the event, stating that NayaOne is “eager to see the innovations that emerge from the teams participating.”
To learn more from industry experts, register for Finextra’s fifth Sustainable Finance Live conference and Hackathon, taking place on November 29.