RHB Bank Hosts 1st Ever FinTechathon With Startupbootcamp
RHB Bank (“RHB”) with Startupbootcamp (“SBC”) FinTech fuelled financial innovation through its first Financial Technology Hackathon (“FinTechathon”) in Malaysia last weekend. Themed ‘FinTechathon – Hacking the Wealth Management Industry’, the event was organised to spark the interest of coders, university students and fintech startups to produce innovative technology-driven inventions.
Held from 13 to 15 May 2016, the FinTechathon brought together digital and technology-savvy individuals from the financial services sector and non-financial backgrounds to synergise on new ideas and solutions for the Wealth Management industry. Through FinTechathon, RHB as a partner of SBC in Malaysia, is able to support and mentor fintech startups locally and within the region.
RHB Banking Group’s Chief Operations Officer, Rohan Krishnalingam said, “We recognise that our customers’ needs are always changing, especially now with new digital capabilities growing at a rapid speed.
“We are also cognizant that our customers, specifically the millennials are now banking, saving and investing in different ways, looking for simpler, faster and seamless ways to meet their financial needs. Hence, the FinTechathon is aimed at identifying innovative digital solutions to serve the changing wealth management needs of our different segments of customers. The FinTechathon is part of our Digital Strategy, as we seek to tap into the Fintech ecosystem to find solutions that deliver superior customer experience for our clients.”
For this challenge, participants were given 48 hours, to generate ideas on how to use technology to innovatively attract millennials to invest in wealth related products; how to leverage big data and analytics to strengthen the advisor-client relationship and improve customer experience; and finally how to creatively use technology to encourage customers to save and grow their wealth. The 19 teams were provided API’s by Thomson Reuters, guided by mentors made up of experienced RHB leaders among other sponsors and partners of the event.
“The FinTechathon presented excellent exposure to new ideas and concepts around wealth management. We are very excited to explore some of the solutions further as we develop our wealth management proposition that will be increasingly digital led,” added Rohan.
Managing Director of Startupbootcamp FinTech Singapore, Steven Tong said “We are very happy with the solutions we saw today. There were ideas that could potentially be a good viable business in innovating areas of wealth management in the future. We will definitely watch out and monitor these talents and hopefully see their applications in our 2017 program!”
The winners were announced on day 3 of the event under the categories of Best Overall Innovation, Best Challenge Fit and Best Technical Solution, with cash prizes up to RM15,000, which were sponsored by RHB. The winners of the FinTechathon are as follows:
- Overall Innovation – won by team AgentHero with members Bobby Ong Chong Eu and Lee Teik Ming. The app is designed to teleport a financial advisor to customer’s doorstep.
- Best Technical Solution – won by team Muin Bot with members Raja Hafify and Jonathan Wong. Muin Bot is an intelligence chat interface that works as another channel for millennials to engage the bank and financial advisors. It is also an avenue for banks to capture or reach millennials.
- Best Fit to a Challenge – won by Team A with members Leong Yok Tien, Tan Khai Ping and Chew Chit Siang. The app acts as a goal oriented wealth assistant.
The FinTechathon this year was the first, held in Malaysia with RHB and SBC promising to host more.
Startupbootcamp FinTech is a world-leading financial innovation accelerator dedicated to helping startups scale globally through direct access to an international network of mentors, partners and investors.
The Startupbootcamp Accelerator programme in Singapore offers SGD25,000 seed investment during the 3-month programme and access to more than 200 mentors, investors and venture capitalists to selected startups. Recently, the top 10 selected startups participating in this programme flew into Kuala Lumpur to meet with RHB and its heads of business to gain more insights into the financial services industry in a separate session.
For more information, please log on to http://www.startupbootcamp.org/accelerator/fintech-singapore.html.
About the RHB Banking Group
The RHB Banking Group is the fourth largest fully integrated financial services group in Malaysia. The Group’s core businesses are streamlined into seven main business pillars, namely Group Retail Banking, Group Business & Transaction Banking, Group Corporate and Investment Banking, Group Shariah Business, Group Treasury and Global Markets, Group International Business and Group Insurance. These businesses are offered through its main subsidiaries -RHB Bank Berhad, RHB Investment Bank Berhad, RHB Islamic Bank Berhad and RHB Insurance Berhad, while its asset management and unit trust businesses are undertaken by RHB Asset Management Sdn. Bhd. and RHB Islamic International Asset Management Berhad. The Group’s regional presence now spans ten countries including Malaysia, Singapore, Indonesia, Thailand, Brunei, Cambodia, Hong Kong, Vietnam, Lao PDR and Myanmar. It is RHB Banking Group’s aspiration to continue to deliver superior customer experience and shareholder value; and to be recognised as a Leading Multinational Financial Services Group.
About Startupbootcamp FinTech
Launched in 2014, Startupbootcamp FinTech is the leading FinTech accelerator, and the only programme of its kind to attract such wide industry support. Based in London, New York and Singapore, its partners include Lloyds Banking Group, MasterCard, Rabobank, Thomson Reuters, Bank of Scotland, arvato Financial Services, Halifax, My Order, DLL Financial Solutions, MJ Hudson, Route66 Ventures, Intesa Sanpaolo, DBS Bank, RHB Bank, CIMB Bank, PwC, Infocomm Investments, Jungle Ventures and Pix Vine Capital, as well as an extensive mentor and alumni network from more than 50 countries across the globe. The award-winning accelerator offers FinTech startups access to world class industry expertise during an intensive three month programme. At the end of the programme, startups pitch at Demo Day to more than 500 investors and individuals from financial services.
Founded in 2010, Startupbootcamp is a global startup accelerator with 14 programs in Amsterdam, Barcelona, Berlin, Copenhagen, Eindhoven, Istanbul, London, Rome, Miami, New York and Singapore. More than 300 startups have been accelerated by Startupbootcamp of which 79% are still active. For more information visit:
- Facebook: https://www.facebook.com/startupbootcamp
- Twitter: https://twitter.com/sbcFinTech