In Malaysia as in Singapore and Hong Kong Fintech events and incubation programs show no signs of slowing down.
Yesterday in Kuala Lumpur InnoChallenge, an initiative between CIMB Bank Berhad (CIMB Bank), in its own effort and in collaboration with Multimedia Development Corporation (MDeC), selected four winners from the pilot InnoChallenge, to further push CIMB Bank in its aim of revolutionizing digital and mobile banking/financial solutions in the ASEAN region.
InnoChallenge is an incubation program aimed at ideation and conceptualisation of new fintech solutions. It was launched in May 2015 and drew encouraging participation nationwide. Both CIMB Bank and MDeC mentored participants with the aim of fostering entrepreneurship and creating new fintech ventures.
Chosen by a panel of judges from CIMB Bank and MDeC, the winners were selected based on eight criteria, ranging from team strength, market opportunities and competitive advantage to technology innovation and business viability.
InnoChallenge offered prizes of RM25,000 for the grand prize winner and RM5,000 to the consolation prize winners. The grand prize was awarded to a wealth management platform developer while the consolation prizes were given to developers under the categories of SoLoMo (Social, Local and Mobile), social marketplace and bills payment solutions.
Speaking at the event Renzo Viegas, Chief Executive Officer of Group Consumer Banking of CIMB Group said, “We are extremely impressed with the many great talents and ideas we received from MDeC’s ICON developers throughout the duration of this challenge. It has been an interesting experience to witness the insights, innovations and creativity on how we can collaborate to deliver new and improved integrated, comprehensive products as well as services to our customers in their digital ecosystem. We are in the midst of commercialisation and detailed technical discussions with the winners to bring their winning application to our customers in CIMB Bank and beyond to our region wide customer base, thus expanding their businesses to other markets within the ASEAN region.”
