After emerging second runner-up in the recently-concluded, Zenith Tech Fair Hackathon, reQuid Technologies, a new Nigerian based start-up has bagged its second award in just barely one month of operation and this time, as the overall winner of the maiden edition of the Nigerian Stock Exchange (NSE) X-kathon after an intensive 2-day bootcamp was held for the top 10 applicants in preparation for the grand finale, reported Gaurdian on December 18.
The startup, reQuid which brands itself the ‘Amazon for safe investments’ launched a beta version of its investment aggregator platform, one that carefully profiles and aggregates investment opportunities, making them available in smaller units so that low-income earners could benefit from the investment opportunities.
The 2019 NSE X-kathon whose call for entries ended on 8th October, 2019, was designed to encourage Tech enthusiasts to design innovative Fintech solution that would drive up millennials participation in the capital market. It received over 100 applications from which the top 10 teams (Echo Trade; reQuid; Koin-Jar; King; Finfit; Fantasy Stock Exchange; Stritbid; Trove; Investors Masterclass and Nigeria Learn) were selected and proceeded to a 2-day bootcamp in preparation for the grand finale on October 24th, 2019.
Three winners emerged, from which Team reQuid emerged the overall winner of the competition and went home with the grand prize of N5,000,000. The First runner up team Trove, was a private micro-investing platform that digitalizes onboarding processes to trade and securities and the second runner-up, Investors Masterclass is an online course learning platform on stock market investment through the use of mobile phones. They won the sum of N3,000,000 and N2,000,000 respectively.
The event revealed leading technology innovations and solution that from a cross-application of different technologies such as Artificial Intelligence, Quantum Computing, Machine Learning, Blockchain, Robotics, Big Data, Fintech, Augmented Reality, Data Analytics, 5G and Communication Technologies, amongst others.
Speaking on the outcome of the competition, Mr. Nsikak John, Head, Enterprise Innovation Hub of The Exchange said they were very impressed with the depth and quality of entries received.
“This is proof that Fintechs are indeed critical to the growth of the capital market and we are excited about the emerging possibilities.”
He expressed optimism that the X-Kathon would help leverage technology to harness the disruptive potential of the capital market by identifying solutions that steer the interest and eventual participation of millennials in trading and investment.
The Nigerian Stock Exchange services the largest economy in Africa and is championing the development of Africa’s financial markets. The NSE, a registered company limited by guarantee, was founded in 1960 and it is licensed under the Investments and Securities Act (ISA) and is regulated by the Securities and Exchange Commission (SEC) of Nigeria. The Exchange offers listing and trading services, licensing services, market data solutions, ancillary technology services and more.