A total of seven fintech startups will compete in the semifinals of the Visa and the Association of Islamic Banking Institutions Malaysia (AIBIM)’s ASEAN Fintech Challenge, held in conjunction with the Global Islamic Finance Forum 2016 (GIFF 5.0) from 10th to 12th May in Kuala Lumpur.
The challenge, organised by Nxt Bnk KL, aims to bring the best and most innovative fintech startups from the region to compete in the capital city, with teams having the opportunity to present their ideas to over 500 GIFF 5.0 delegates from all over the world. Cash prizes await the three winners of this competition.
“At Visa, we are excited to hear the ideas presented by the various startups competing in the ASEAN Fintech Challenge. As the leader in promoting Innovation and Islamic Cards product in ASEAN region, we believe that this is an opportune time for us to partner with the Association of Islamic Banking Institutions Malaysia (AIBIM) to collaborate with the FinTech community so that we can bring financial innovation to Malaysia and the ASEAN region. We wish all the startups competing in this challenge the best of luck,” said Mr. Ng Kong Boon, Visa Country Manager for Malaysia.
The seven startups include Currenseek, which helps travelers locate the best exchange rates close to them; Berrypay, which focuses on mobile payments and fund transfers, and is connected to 85 banks in Indonesia; and Kapital Boost, a Shariah-focused crowdfunding platform for SMEs.
Meanwhile, SoftPay Mobile provides small businesses with the ability to accept credit card payments; Pconnex offers peer to peer funding, Araysun, cheque processing; and PrimeKeeper, which aims to bring banks together to enable payments to virtually anyone.
Three out of these seven teams will be selected for the finals. The pitching sessions are open to the delegates, with decisions made by a panel of judges comprising of representatives from VISA, AIBIM, Maybank, Nxt Bnk and the Investment Account Platform.
The semi-finals which will take place on Tuesday, 10th May and the finals on Wednesday, 11th May.