As part of Finextra’s fifth Sustainable Finance Live conference, a simultaneous Hackathon is currently underway. This collaborative event, taking place from the 29th of November to the 2nd of December, provides teams with access to workshops, panels, and the necessary technology to develop real-time projects.
The primary objectives of this event revolve around three key areas: enhancing data accuracy, adopting a forward-looking risk approach, and implementing impact-oriented financial instruments. Ultimately, the goal is for participants to devise novel ways of evaluating risk and allocating capital that are influenced by sustainability principles.
With COP27 looming, the urgency to foster innovation in ESG technology has never been greater. According to a recent report from the IPCC, climate change is projected to push an additional 32 to 132 million people into extreme poverty over the next decade. This alarming prediction also highlights the potential increase in food insecurity and extreme weather events.
In a conversation with Finextra, Ambar Vitelli, Strategic Partnerships at NayaOne, a key partner of the Hackathon, shed light on their involvement. For many in the financial community, the benefits of a collaborative event like this may not be immediately apparent. However, Vitelli explained that the hackathon platform provides an environment that offers pre-integrated technology and datasets, enabling participants to build functional prototypes. This platform fosters community collaboration and harnesses the power of co-creation, encouraging the development and adoption of ESG solutions that drive us towards a sustainable future.
When explaining NayaOne’s motivation for participating in this event, Vitelli emphasized the crucial role that banks and fintechs play in transitioning to a green economy as financial intermediaries. She further highlighted that investors and consumers are actively demanding active participation from financial institutions and fintechs to lead and catalyze this transition. Regulatory bodies worldwide are also implementing climate risk management mandates, climate stress testing, and climate-related disclosures for financial institutions.
To facilitate the event, NayaOne has provided its own technology. Vitelli underscored the importance of this technological support, noting that participants have access to a DIY sandbox for building prototypes. This comprehensive sandbox offers over 500 APIs, more than 100 Datasets, a data science experimentation environment, and collaboration and communication features to enhance team coordination and efficiency.
Vitelli emphasized the significance of equipping developer communities with the necessary tools, including datasets, APIs, and a developer environment, to foster collaboration and partnership. This approach ensures that we are actively nurturing innovation and development towards a greener future.
Access to such technology creates an ideal environment for nurturing innovation in technical prototypes. This presents an excellent opportunity for participants to gain valuable experience and focus on areas they are passionate about. Notably, winning teams will receive support through incubation and investment, assisting them in developing an operational solution that can be embraced by the industry. This presents an incredible opportunity, particularly as VC firms are now diversifying their portfolios with a strong focus on companies that prioritize ESG values.
In conclusion, Vitelli expressed great excitement to witness the incredible outcomes that teams will produce during the event. NayaOne is committed to driving sustainable innovation and looks forward to the positive impact that these collaborations will have on our collective future.
As the Hackathon progresses, we eagerly anticipate the groundbreaking solutions that will emerge from this dynamic platform.
