So what exactly is FinTechathon? Has it got to do with sea life going for a marathon? Nope! 🙂
Heard of hackathons?
Hack + Marathon = Hackathon – where a bunch of coders / programmers / people who sit down and type non-stop on keyboards to create apps and websites based on a certain theme. In most cases, these ‘hackathons’ are done over a super short period of time.
FinTechacthon is Finance Technology Hackathon – the idea is to get groups and groups of coders / hackers to come up with a finance / banking / wealth based solution based on certain set requirements.
This first one in Malaysia was held by RHB Bank @ the RHB Complex, Bandar Baru Bangi from 13th – 15th May 2016 through the help of StartupBootCamp – a global organization doing hackthons.
In just 48 hours, 19 teams of coders are supposed to come up with ideas that…
- Goes around Wealth Management for Millennials – basically getting Millennials to save / invest!
- Attract the millennials to ‘investment’ & ‘saving’ by making it sound or look cool through apps and technology
- Use BIG data – these apps got to connect to huge resources available online like stock market info etc.
- Make us connect iRobot style – imagine, bank and investing with zero human intervention
Starts from 3,500 for Best Challenge Fit & Best Innovative Solution categories to 8,000 ringgit for best overall solution! Oh and not forgetting tonnes of food and drinks through the event. #yum
Some of the cool ideas…
So during my brief visit on the last day, I started snooping around the event hall – some just thought why’s this strange dude speaking to them.. But hey, I’m just here to take your ideas and sell it.. Muahaha! #kidding.
It’s a social network to compete against your friends to see who is saving most! The idea is to take a picture of the things you buy, post it online and tell the world how much you paid for it.
The more info you share and the more you show you’re saving (compared to other friends who bought the same thing) you gain street cred.
Not just that, it’s linked to your bank account so you gain points for every saving & post allowing you to use such bonus points to buy redeem for other items!
The two dudes..
Sorry, I couldn’t find the team name but hey! Their app is cool too…
Since the world of investment to many is complicated – they’ve literally simplified all of it and made it fun in 1 app. You key in your age and how much you’d like to invest.
Based on your risk comfort level, it automatically suggests the different stocks you should buy and automatically proportion it to give you maximum earnings with one click!
With another click, investment is done… and best bit, since it’s socially connected – you get to compete with your friends to see who is earning more with their investments! Super cool.
Then there’s a super creative team called Roasted Peanuts 🙂
The idea is super cool, you start this app called WealthyGen – which is essentially a game, teaching you all about investment. The more you learn, more features will be unlocked.
It allows you to invest using “Virtual Money” against Real Stocks – so if you really did invest the money, that’s the sort of income you’d be getting!
Do realtime comparison..
And once you’re comfortable – once click is all it takes to convert your virtual buys to actual purchases in the real world. Very slick!
And finally – right before I left the hall I met these two dudes… #AgentHero
The financial world has so many consultants, consultants for insurance, banking, loans, wealth planners – the list goes on. Wouldn’t it be easier if you turn on an app, say what services you’re looking for and BAM! A bunch of professionals who are nearby appears on your screen?
Just like that you’ve got an agent at your doorstep. Tada!
That was just 4 of the 19 different teams at the Fintechathon. It was amazing what super talented Malaysian minds can do. I won’t be surprised if one day, the next BIG app will be Malaysia – wait, we already kind’a have that – GrabTaxi? 😛
So who won?
As of 6pm on Sunday – 15th May 2016, congratulations…
- Overall Innovation – won by team AgentHero with members Bobby Ong Chong Eu and Lee Teik Ming. The app featured above!
- Best Technical Solution – won by team Muin Bot with members Raja Hafify and Jonathan Wong. Muin Bot is an intelligent 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.