Lahore: Allied Bank successfully wrapped up its third Fintech Hackathon, marking the event with a grand finale that showcased a series of innovative financial technology solutions aimed at enhancing Pakistan's fintech ecosystem. The competition highlighted emerging startups that are set to transform the financial sector through creative and impactful technologies.

According to Allied Bank Limited, the event concluded with the announcement of this year's winners, who were selected based on their potential to revolutionize the banking experience and financial services in Pakistan. Kestrl, an AI-driven service designed to improve credit access for the underserved, clinched the top spot. The service integrates with banking applications to generate credit scores by analyzing customers’ financial behaviors, including spending, budgeting, saving, and zakat contributions.

The first runner-up, Mergn, is a customer engagement platform that helps brands strengthen relationships with their customers, enhancing both conversion rates and customer retention. Kistpay, the second runner-up, focuses on digital inclusion by providing secure smartphone financing and digital lending for data and telecommunications services on credit, which supports unbanked individuals in building their credit scores and enhancing their financial health.

The hackathon is part of Allied Bank's ongoing efforts to foster innovation and support the growth of fintech in Pakistan. "The future looks bright for fintech in Pakistan, and Allied Bank is geared up to lead the charge as an enabler for innovative startups," stated a spokesperson from Allied Bank.