Lahore: Allied Bank’s third annual Fintech Hackathon culminated in a dynamic finale, showcasing the best of Pakistan’s emerging fintech talent. The event highlighted innovative solutions aimed at enhancing the financial technology ecosystem within the country.

According to Allied Bank Limited announcement issued on 08 October 2024, the hackathon drew a host of startups, each eager to present their fintech solutions designed to revolutionize aspects of digital finance and inclusion. The competition’s winners were chosen for their potential to impact various facets of the financial sector positively.

Kestrl emerged as the winner of the hackathon. This AI-driven service aims to broaden access to credit for underserved communities by integrating with banking apps to analyze users’ financial behaviors such as spending, budgeting, saving, and zakat contributions to generate reliable credit scores.

The first runner-up, Mergn, is a customer engagement platform that helps brands strengthen customer relationships and enhance conversion and retention rates, driving business growth through improved consumer loyalty.

Kistpay claimed the second runner-up position with its focus on fostering digital inclusion. Their platform offers secure smartphone financing and digital lending for data and telecom recharges on credit, enabling unbanked individuals to access essential services and build credit scores, thus promoting financial wellness.

Allied Bank expressed its commitment to continuing its support for fintech innovation, emphasizing the bright future of fintech in Pakistan and its role in catalyzing the success of inventive startups. The bank looks forward to further collaborations with these emerging enterprises to drive forward the nation’s fintech capabilities.