Fintech Galaxy is a global crowdsourcing platform that empowers the financial technology (fintech) community by connecting startups and entrepreneurs to banks, corporations and government entities to solve innovation challenges.
Fintech Galaxy is built around the concept of crowdsourcing, which is the practice of obtaining ideas, funds, time, expertise etc. from a group of people or a ‘crowd’.
The platform, home to hundreds of fintech startups and individuals, helps organizations reach beyond their own walls to tap into the power of the global crowd. It works through a system of challenges and solutions, where winners are rewarded with contracts or cash rewards.
Fintech Galaxy also encourages peer-to-peer collaboration and acts as a learning platform where entrepreneurs can find examples of best practice, attend events and engage with mentors. With a wealth of content and a virtual gallery of case studies and use cases, Fintech Galaxy supports the MENA region’s most promising entrepreneurs throughout their professional journey, from inspiration to growth. The platform benefits the ecosystem by leveraging the following principles:
Diversity enhances problem-solving - Crowdsourcing of talent and problem-solving increases diversity and the probability of developing innovative solutions to problems.
Governance is critical - Fintech Galaxy is structured to protect intellectual property and specify decision rights and reward distribution in advance.
Teams amplify the power of individuals - On a platform designed to support group and individual problem-solvers, startups are encouraged to collaborate to increase the probability of success in solving big or complex problems.
Friendly Interface - The platform is easy to use and designed to connect with social media outlets like LinkedIn and Facebook.
- Fintech challenges are divided into ten disciplines:
- Infrastructure and cyber security
- Digital currencies and wallets
- Money transfer and digital banking
- Capital markets and trading
- Crowdfunding and peer-to-peer Lending
- Artificial intelligence and robo-advisory
- Regulatory and compliance
- Credit scoring and data analytics