Ministry of Electronics and Information Technology (MeitY) and The Hongkong& Shanghai Banking Corporation, India (HSBC) announce the “HSBC Fintech Innovation Challenge for devising a solution to help reach and assist students aspiring to study overseas”

Problem Statement

There are many students who wish to go and study overseas. The entire process and preparation for studies abroad starts much in advance of the desired academic year and is daunting for aspiring students and their parents alike.  This process involves, amongst other things, taking decisions relating to choice of overseas education institution, financing for education, travel preparations and appreciation/understanding of overseas cultural and living context.

We are seeking a solution that will help us identify such key decision points, the place where students/their parents source such information from and the key considerations for such decisions.  Such a solution should primarily address the financial aspects while taking into consideration how the financial aspect fits in the overall journey.  The solution will also provide insights on having the right set of tools/enablers which can be deployed at relevant points in the customer journey and thus assists such students/parents to make better decisions. 

Possible outcomes

• Identify the overseas education preparatory journey.  These may include popular sites/ social media platforms/ partners/ influencers throughout the journey
• Come up with most effective ways to reach and assist such students/their parent with relevant tools/information/enablers etc.
• Identify the effective point in-time of reaching (exploring, deciding, post moving aboard)
• Focus on how a bank add superior value in this journey
• Identify if there are any corridor nuances - example difference in requirements/needs of students going for studies to USA, UK, Australia, Canada etc.

Scope of the Fintech Innovation Challenge

The challenge will be conducted in three stages: In Stage-1, the focus will be on the idea and design, and in Stage-2, the focus will be on detailed implementation strategy and in Stage 3 a Proof of Concept (POC) to test/ verify the functionality of the proposed solution.

The solution should be proposed keeping in view the complexity involved.

Eligibility :

1. The contest is open for all, including fintech companies, start-ups, students or individual/ group of individuals.
2. All the participants must be Indian Nationals of minimum 18 years of age.