---
title: "Leveling the AI Readiness Playing Field: API Innovation Hackathon"
description: This hackathon, Supported by FINOS, focused on developing a cutting-edge API builder for financial supervision, leveraging open standards and tools to revolutionize regulatory frameworks. The goal was to create efficient, adaptable, and future-ready solutions that enhance financial authorities' ability to manage data and intelligence flows.
image: https://www.finos.org/hubfs/Community%20Blog/2025-01%20-%20Leveling%20the%20AI%20Readiness%20Playing%20Field%20API%20Innovation%20Hackathon-2.png
---
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# Community Blog
# Leveling the AI Readiness Playing Field: API Innovation Hackathon
March 18, 2025
[FINOS Team](https://www.finos.org/blog/author/finos-team)
The 2024 API Innovation Hackathon, part of the annual SupTech Week organized by [Cambridge SupTech Lab](https://lab.ccaf.io), ran virtually from December 3 to December 13. This year, the hackathon attracted 104 participants from 16 countries, forming 18 registered teams, with 4 teams reaching the final showcase during SupTech Week.
[Explore Cambridge SupTech Lab Hackathon & community engagement opportunities here](https://lab.ccaf.io/hackathons/).
This hackathon, Supported by FINOS, focused on developing a **cutting-edge API builder for financial supervision**, leveraging open standards and tools to revolutionize regulatory frameworks. The goal was to create efficient, adaptable, and future-ready solutions that enhance financial authorities' ability to manage data and intelligence flows.
## Participation
Participants brought a wide range of expertise, including data engineers, database architects, product developers, data visualization designers, data scientists, data analysts, and business analysts. The event welcomed teams from **16 countries**, showcasing a truly global reach: Canada, Egypt, Germany, Ghana, Greece, India, Japan, Kenya, Nigeria, Saudi Arabia, South Africa, South Korea, Sudan, Uganda, United Kingdom, United States of America.
**Timeline**
- **Intro & Kick-Off**: December 2 (1 hour)
- **Online Hackathon**: December 3–12 (self-paced team-based collaboration)
- **Demo Day**: December 13 (1.5 hours)
## Challenges Addressed
The hackathon addressed key challenges faced by financial authorities:
1. Designing open-source APIs to accommodate diverse regulatory needs.
2. Transitioning from aggregate data reporting to granular data exchange.
3. Integrating next-generation suptech tools with standardized APIs.
4. Enabling effective communication of climate-related financial risks.
5. Fostering collaboration through API standards and open-source tools.
## Solutions
Teams were expected to present working demos that showcased solutions addressing three core components:
- **Schema:** Streamlining the development of data standards, utilizing tools such as FINOS’s Morphir, OS-C, and Legend.
- **Builder:** Crafting API documentation and libraries with tools like Swagger’s open-source editor and the Open API Specification.
- **Intelligence:** Demonstrating how unified APIs can drive deeper and more efficient analysis, powered by the Lab’s Data Gymnasium.
## Awards
An esteemed panel of judges evaluated the prototypes, including:
- Jane Gavronsky, COO, FINOS
- Parimal Kumar Shivendu, Assistant General Manager, Fintech Department, Reserve Bank of India
- Jochen Papenbrock, Head of Financial Technology, NVIDIA
- Muhammad Gouda, Head of Software Engineering, Link Development
The following awards were presented:
1. **Best Data Schema Design**: ***Team BOT***– For seamlessly integrating financial and environmental risk data, enabling smarter, more resilient financial decision-making.
2. **Best API Builder**: ***Team AI-Phalanx***– For building APIs and dashboards to track progress on climate finance indicators, integrating IMF climate finance data, and defining API schemas per Open API standards.
3. **Best Use of Open Standards**: ***Team SupTech Newbies*** – For creating tools to detect and prevent mis-selling practices, protecting consumers and supporting financial system integrity.
4. **Best Insight**: ***Team SupTech Newbies***– For demonstrating how unified APIs can enhance analytical depth and efficiency in financial supervision.
5. **People’s Choice Award**: ***Team AI-Phalanx*** – For their innovative approach to climate finance data integration and visualization.
**Impact: With 23 hackers actively contributing to 4 finalist teams**, the hackathon sparked innovative solutions that addressed critical challenges in financial supervision. The ideas and prototypes will guide future initiatives at [Cambridge SupTech Lab](https://lab.ccaf.io) and potentially influence broader financial regulatory practices.
Are you a FINOS member interested in partnering with FINOS on a tech event? Email [marketing@finos.org](mailto:marketing@finos.org)
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