BML Inaugurates Innovation Lab Hackathon

Bank of Maldives (BML) has inaugurated the Innovation Lab Hackathon with more than 30 participants taking part in the 12^th monthly community-based initiative. Themed as ‘Banking Solutions to Enhance Customer Experience’, the Hackathon gives participants 48-hours to develop innovative fintech ideas and solutions aligning with the theme.

Both individuals and teams registered for the Hackathon and are developing ideas to improve customer experience and operational excellence of the bank. After the Hackathon is completed, three winning teams will be selected by the Bank and given the chance to develop their ideas further by working at the Innovation Lab for a period of 6 months.

During the time, the bank will provide winners with a fully-furnished private work space to use as well a monthly allowance of MVR 20,000 for each winning team. A contract will also be signed between the two parties regarding the long-term maintenance of the developed solution. Moreover, the bank and the winner will also mutually agree for the cost of developing the solution as well. BML will be announcing the winners of the Hackathon on 16^th October 2022.