I-Sprint'23
IFSC Regulator Backed Global Hackathons
Sprint13 - Longevity Economy CohortOrganised By IFSCA
Program Partners
Overview
International Financial Services Centres Authority (IFSCA) is a unified regulatory authority vested with the powers of all four financial sector regulators in India namely, the RBI, SEBI, IRDAI and PFRDA for the purpose of enabling regulatory framework towards the development of International Financial Services Centres (IFSCs) in India. The aim of IFSCA is to provide an efficient and facilitative regulatory system comparable with the best in the world that is complemented with complete ease of doing business to develop IFSCs as a preferred global hub for international financial services.
Globally, FinTech hubs have been successful when FinTechs are able to collaborate with Financial Institutions (Banks, Insurance Companies, Stock Exchanges, Funds, etc.) and Regulators. Government and government agencies around the world have supported various types of initiatives to enable and augment such collaboration and have fostered ecosystems for the FinTechs.
...In the Union Budget 2021, the Hon’ble Finance Minister announced that Government of India would be supporting a world class FinTech hub at GIFT IFSC. In line with this mandate, IFSCA held the flagship FinTech event “InFinity Forum” in Dec’2021 and organised a series of Hackathon (“I-Sprint” Series) as a part of the InFinity Forum’21. Continuing with the Series, IFSCA has launched twelve (12) I-Sprints on diverse themes so far and next in the series is the Longevity Economy Cohort, which shall will focus on “Integrating Age-Tech” with financial services by adapting multi-dimensional elements such as AI, FinTech, BankTech, WealthTech, PensionTech, InsureTech, etc.
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Cohort Details
Entities satisfying any of the following eligibility criteria may apply to the I-Sprint’23: Sprint 13 – Longevity Economy Cohort Program.
A. The Cohort is open to: Entities/Teams satisfying any of the following eligibility criteria may submit their technology solution for participation in Cohort through their Representative:- All entities registered with Securities & Exchange Board of India (SEBI), Reserve Bank of India (RBI), Insurance Regulatory Development Authority of India (IRDAI) and Pension Fund Regulatory and Development Authority (PFRDA);
- All start-ups registered with Start-up India and meeting the criteria of a start-up as defined in the Gazette notification of the Department for Promotion of Industry and Internal Trade dated February 19, 2019, or later versions;
- The Companies incorporated and registered in India, if an individual is entering on behalf of a company these Terms are binding on such individual and the company;
- International Entities / Companies incorporated and regulated in Financial Action Task Force (FATF) compliant jurisdictions by a financial services or banking or capital market or insurance or pensions regulator; OR B. The Cohort IS NOT open to:
- The Hosts / Partners of the Event (“Promotion Entities”).
- Employees, representatives and agents* of such Promotion Entities, and all members of their immediate family or household**
- Any parent company, subsidiary, or other affiliate*** of such Promotion Entities
- Any other individual or organization whose participation in the Cohort would create, in the sole discretion of the Hosts, a real or apparent conflict of interest
*Agents include individuals or organizations that in creating a Submission to the Cohort, are acting on behalf of, and at the direction of, a Promotion Entity through a contractual or similar relationship.
**The members of an individual’s immediate family include the individual’s spouse, children and stepchildren, parents and stepparents, and siblings and stepsiblings. The members of an individual’s household include any other person that shares the same residence as the individual for at least three (3) months out of the year.
***An affiliate is: a) an organization that is under common control, sharing a common majority or controlling owner, or common management; or b) an organization that has a substantial ownership in or is substantially owned by the other organization.
- Age-Tech banking: Banking products, solutions and services suited to the needs of the elderly, use of AI for robo-advisory, and protection/prevention/mitigation against online frauds which is a vulnerable area for the elderly population wrt digital banking
- Life-stage suitable insurance solutions: Products offerings based on the life stage and health status of the elderly which may cater to holistic wellness, legacy creation, retirement planning, preventive care initiatives and document vaults, using artificial intelligence.
- Health-Savings product: Indemnity-based solutions modelled on liquidity/saving requirements based on age analytics.
- Risk management solutions: Products that provide for layering of risk and reward depending on the risk appetite of the elderly.
- New Savings solutions for older generations- solutions akin to micro-pension, reverse mortgage etc. so as to ensure a stable fixed monthly pay-out for the elderly not covered under formal pension system.
- Silver Entrepreneurship- product/solution to facilitate silver entrepreneurship eg. entrepreneur loans for senior citizens (via whole life term policies/ stock/ bond portfolio or reverse mortgages)
- Women in Investing- Investment solutions targeted at elderly women as women generally outlive men and this segment of the aging population presents a challenge as well as an opportunity.
- Cyber Silver: Cybersecurity solutions for the Senior population.
- WealthTech and InvestTech: Capital market solutions catering to longevity like longevity-linked bonds, longevity stock exchange & instruments etc.
- Age-friendly financial products and services (care & preventive) that improve the quality of life of older people.
- The Participant to the Cohort shall be required to register themselves during the Cohort Period, without any fees or other charges.
- The Participant shall register for the Cohort by clicking on the “Start Sprinting” button as available on the official webpage of the Cohort.
- The Participant will then be directed to the ‘Cohort Platform’ wherein a detailed application form will be available to be filled and submitted.
- The Participant then needs to enter correct details in all of the required fields (including uploading details like product presentation, product video, etc.).
- The application shall be accepted only after submission of completed form with all required documents/testimonials. No physical form shall be accepted.
- No modifications would be allowed after submission of the application form.
- Direct-Entry into IFSCA Regulatory/Innovation Sandbox. After successful exit from the Sandbox, the FinTechs get an opportunity to set up businesses at GIFT IFSC.
- Oppurtunity to avail various grants under the “IFSCA FinTech Incentive Scheme, 2022” during the sandbox experimentation stage, subject to IFSCA’s terms and conditions.
- Regulatory guidance and handholding.
- Opportunity to get mentoring and guidance from Partner and Mentors.
| Steps | Description |
| Mentoring Sessions | Mentoring sessions may be given to the Applicants. |
| Screening & Evaluation | The applications will be screened for relevance to the problem statement and the stage of the product/solution. |
| The screened applications will be subjected to detailed evaluation on the basis of technology / business model / scalability. | |
| The evaluated applicants will be required to present/pitch before the Jury. | |
| Handholding by Program partners | The selected startups will undergo a mentoring to fine-tune solutions. |
| Demo Day | The selected startups will give a final presentation / pitch to the Jury. |
Cohort Program Launch and Announcement
Application Open Date
Application Open Date
December 9, 2023
First Mentor Session*
January 2024
Second Mentor Session*
February 2024
Application close date
End-February 2024
Application screening and scrutiny
March 2024
Third Mentor Session (shortlisted candidates)*
April 2024
Handholding by Program partners and Mentoring session
April-May 2024
- End of Cohort Program
- Demo Day
- Selection of Finalists
July 2024
*The Date and Time of the sessions will be shared with Cohort members.
