Global IME Bank’s AI/ML hackathon concludes, showcases Nepal’s tech talent

KATHMANDU: Global IME Bank Limited has successfully concluded its pioneering “Global IME AI/ML Hackathon,” a first-of-its-kind event in Nepal focused on Artificial Intelligence (AI) and Machine Learning (ML). Held under the patronage of Nepal Rastra Bank’s Deputy Governor Bam Bahadur Mishra, the event drew the bank’s top executives, including CEO Surendra Raj Regmi, and representatives from various institutions, spotlighting Nepal’s burgeoning tech innovation.

The hackathon targeted students, startups, developers, data scientists, and researchers, encouraging the development of cutting-edge banking services powered by AI and ML. From numerous applicants, 21 teams from cities including Kathmandu, Mahendranagar, Pokhara, Birgunj, Kavre, and Dharan were shortlisted for online paper presentations. The competition, conducted in two phases—coding and an onsite hackathon—saw participants present innovative solutions for banking challenges.

Team Calculus emerged as the winner, securing NPR 100,000. Teams WDK, Larke Pass, Team Janakpur, and Team Frodeks claimed second to fifth places, receiving NPR 75,000, NPR 50,000, NPR 15,000, and NPR 15,000, respectively. DigiWits won NPR 15,000 for Best Presentation. Deputy Governor Mishra presented the awards, lauding Global IME Bank for fostering tech-driven innovation. “This hackathon empowers youth and enhances banking services through advanced technology, expanding access,” Mishra said, affirming Nepal Rastra Bank’s support.

CEO Regmi highlighted the event’s role in addressing digital banking challenges and fostering innovative services. “This hackathon will drive the development of next-generation banking solutions, and we’re excited to collaborate with winning teams,” he said. The bank, a leader in tech-driven financial services, views the initiative as a catalyst for integrating groundbreaking concepts into digital banking, aligning with global fintech trends.

Participants tackled themes set by the bank, showcasing solutions to enhance banking efficiency and customer experience. Applications were submitted via the bank’s website, reflecting strong interest from Nepal’s tech community. The hackathon’s success underscores the country’s growing talent pool in AI and ML, critical for Nepal’s digital transformation ambitions.

Global IME Bank, recognized as Nepal’s best bank in Global Finance’s Best Bank Award 2024 and Euromoney Awards for Excellence 2024, operates a vast network across all 77 districts. With 354 branches, 385 ATMs, 221 branchless banking units, 67 extension counters, and three overseas offices, it serves over 1,100 service points. The bank also facilitates remittances from countries like the US, UK, Canada, Australia, and the Middle East, strengthening Nepal’s financial ecosystem.

The hackathon’s success highlights Nepal’s potential in fintech innovation, but experts stress the need for sustained investment in tech education and infrastructure to compete globally. With only 3% of Nepal’s GDP invested in tech development, scaling such initiatives could position the country as a regional fintech hub. The private sector urged the government to support similar programs to nurture talent and drive economic growth.

As Nepal embraces digital banking, Global IME Bank’s hackathon sets a precedent for fostering innovation and collaboration. The winning solutions are expected to influence the bank’s future services, potentially transforming how Nepalis access financial tools in an increasingly digital economy.