The South African Reserve Bank announced the 2019 Global Fintech Hackcelerator @ Southern Africa competition winners – Ukheshe and Mindbridge. File Photo: IOL

JOHANNESBURG - The South African Reserve Bank announced the 2019 Global Fintech Hackcelerator for Southern Africa competition winners – Ukheshe and Mindbridge. 

The Global Fintech Hackcelerator, powered by KPMG Matchi, is a fintech acceleration programme that creates a platform for fintech firms to demonstrate their innovative solutions to complex financial challenges in the Southern African region.

The competition gave fintech firms from all over the world an opportunity to submit an application in response to problem statements constructed by the Sarb in collaboration with other local and international industry experts.

The regional hackcelerator received 95 entries from interested fintech firms located across the globe. All responding firms were validated by KPMG Matchi and scored by a team of 24 industry executives from organisations such as  Absa, Discovery, Investec, National Treasury, Nedbank, SARB and the Technology Innovation Agency.

The top 12 innovative and sustainable fintech solutions were announced in early October and today the respondents showcased their solutions at the Fintech Demo Day.

A panel of judges from the Sarb, FSCA, KPMG Singapore as well as local financial industry experts formed a team that selected the two winning solutions.

Ukheshe empowers informal merchants, traders, street vendors and casual labourers to accept real-time digital payments from cardholders or different payment apps, without needing to have a bank account. 

UKheshe also launched the uKheshe Health Benefits card, an innovative and affordable medical aid solution for as little as R99 per month.

The company a host of rich benefits to bring greater healthcare inclusion for individuals and families, including cover for private ground and air ambulance, private stabilisation and hospitalisation cover as a result of an accident or emergency.

MindBridge Analytics’ AI Auditor platform automates the ingestion and analysis of data, and learns from user interaction to identify fraud.

Leveraging machine learning, artificial intelligence and natural language processing, 100 percent of transactions are reviewed, and results are easily searchable.

Sarb congratulates all participants and the winning solutions. Sarb views such global fintech acceleration programmes as enabling processes to embrace fintech, while affording the opportunity for regulators to appraise benefits and risks in a balanced manner.