Innotribe, SWIFT's initiative to enable collaborative innovation in financial services, announced that Playmoolah and Pendo Systems have been awarded "Top Startup" and "Top Innovator" respectively, at the second Innotribe Startup Challenge Regional Showcase held on April 24, 2012 in Singapore.
Playmoolah won the title of "Top Startup" with innovation in real financial education for children and parents. Playmoolah has developed technology for children that ties money management to real life, real dollars and real impact. They leverage game mechanics for behavioural change, empowering children with the curiosity, knowledge, skills and tools needed for financial capability and access.
Pendo Systems won the title of "Top Innovator" with innovation in investment accounting. BasisPoint® from Pendo Systems is the enabling infrastructure for the modern era of global financial services focusing on the most critical piece of data within any financial institution.
As "Top Startup" and "Top Innovator" for the Asia Showcase, Playmoolah and Pendo Systems will now advance to the Innotribe Startup Challenge finals to be held at Sibos - SWIFT's annual conference - in Osaka in October 2012 where they will compete for a $50,000 prize. In addition, both Singapore winners will be flown to Bangkok to be introduced to some of the industry's top corporates and bankers at the Innotribe Bangkok event held at the Asian Banker Summit this week.
Lee Min Xuan, Co-founder, Playmoolah said: "We're very humbled by the audiences' overwhelming reaction, proving that now more than ever, people are starting to rethink the purpose of banks and the need for effective financial education across the world. We hope to partner with many more schools, organisations and banks to bring fun financial education to more children and their families."
Pamela Pecs Cytron, CEO, Pendo Systems said: "We have developed one of the most innovative applications to hit the market in decades. We have had some great early success, but it's no secret the financial crisis has affected everyone - including Pendo. Far too often, those considered 'too big to fail' view us as 'too small to succeed'. That is not only unfair, it's wrong. To win 'top innovator' at the Innotribe Startup Challenge is an honour and I look forward to the opportunity of meeting key players in the industry at Innotribe Bangkok and Sibos."
The Innotribe Startup Challenge saw 15 of the region's most promising FinTech and Financial Services startups present their businesses to an audience of dozens of the financial industry's most influential innovation executives, early-stage investors and press.
Kosta Peric, Head of Innovation at SWIFT and Co-founder of Innotribe said: "Excellent event, excellent venue and excellent pitches! The scope and breadth of the subjects went into social and ethical domains, which was a pleasant surprise. The winners, Playmoolah and Pendo, can be proud as there was fierce competition! It's a tribute to the Startup Challenges, which I feel are becoming a cornerstone of innovation in the financial industry."
The Singapore Startup Challenge was the second of three regional challenges held in 2012 and was sponsored by Sberbank, Invest Northern Ireland, Cisco and Guidewire Group. Entries for the Startup Challenge Showcase in Belfast in June 2012 are now open. This will be followed by Sibos in October.