Team Phoenix from the Prin. L. N. Welingkar Institute of Management Development and Research in Mumbai wowed the judges of the SWIFT Institute Student Challenge with their innovative and collaborative solution to minimise paper based trade and mitigate the risk of paperless trade. Here they tell us more about their experience. </em></p> Please give us the elevator pitch for your solution to the Student Challenge.</strong></p> To reduce paper based trade, we proposed to integrate the InterPlanetary File System (IPFS) with the R3 Corda blockchain. The main challenge we wanted to address was the scalability of the infrastructure. As more data is shared and stored, the cost of operating blockchain nodes rises.</p> The Corda blockchain would contain only the name, sender, timestamp and location of the document in IPFS through smart-contract. The document would be uploaded on IPFS - enabling users to view and verify the document in one simple click. Our solution would enable current infrastructure to be scaled, and simultaneously mitigate certain risk management issues persistent in the industry.</p> What have you enjoyed most about taking part in the challenge?</strong></p> For us, peer learning during the competition was the most enjoyable aspect. Our team of eight hail from different educational backgrounds and are currently pursuing different specialisations. The competition definitely accelerated our learning about the current market scenario and our research helped us to identify the pain points. </p> We learnt that upcoming technologies would disrupt the industry. Based on our learnings, we decided to come up with a feasible solution that would help scale innovation. ‘From disruption to adoption' was our moto. Peer learning fostered curiosity and helped us come up with an innovative solution. </p> What’s your outlook for the future of the Indian financial services industry?</strong></p> India's fintech industry is on the verge of creating tremendous value. According to Boston Consulting Group by 2025, the industry's capitalisation is estimated to reach USD 150-160 billion, with incremental value-creation potential of approximately USD 100 billion.</p> Winning players in India's fintech sector will need to improve their existing offers through product innovation, user experience enhancement, or deep tech capabilities. Ecosystem orchestrators and international fintechs are expected to emerge in India, transforming it into a worldwide fintech powerhouse. Fintechs, financial institutions, and the government can work together to build a best-in-class ecosystem that will allow fintechs to write the next chapter in this global success story. </p> What’s your advice to students taking part in the challenge in future?</strong></p> The SWIFT Student Challenge is rigorous and demands a considerable investment of your time. That said, it is an enriching learning experience that makes it worthwhile. You need to study the market, understand pain points and come up with innovative solutions that are scalable and help bridge the gap. </p> The feedback offered by mentors on the coaching day is extremely helpful to tailor your presentation for the final. You get the opportunity to connect with leaders of the industry, hopefully next year in person. Teams should definitely participate, give it their best and enjoy the ride! </p> You can meet the winners and learn more about their solution in their interview for Sibos TV</a>.</p>