Bursa Malaysia, CGS-CIMB to host InvestHack virtual hackathon to boost retail investor participation
By Digital News Asia November 3, 2020
- Teams of 3 to 5, guided by mentors will vie to be top 3 winners
- Participation open to global entries, total cash prize of US$8.4k
Bursa Malaysia Bhd in partnership with CGS-CIMB Securities Sdn Bhd, will host the inaugural “InvestHack” hackathon from 20–22 November 2020. Themed “InvestHack: Reimagine Investing”, the contest aims to develop innovative solutions and offerings that can enhance retail investor participation in the marketplace. Joining in as community partners to support the competition are Malaysia Digital Economy Corporation (MDEC) and the Malaysian Global Innovation & Creative Centre (MAGIC).
Retail participation on Bursa Malaysia has seen significant growth this year, attributable to a variety of factors arising from the COVID-19 pandemic. As at end-September 2020, retail participation recorded a 10-year high of 33.2%, while Average Daily Value (ADV) was RM1.327 billion representing a 231.4% increase compared to the same period in 2019.
Sustaining active participation by retail investors is essential towards a vibrant securities market, and the Bursa Malaysia plans to focus on the use of technology to develop a more energetic marketplace. Towards this end, Bursa Malaysia and CGS-CIMB would like to invite all interested parties from around the world to join this competition. For more information and to register, please visit https://www.bursamarketplace.com/investhack-2020/.
Registration for InvestHack is free and the event will offer a total cash prize of US$8,420 (RM35,000). Teams will be required to work on four different challenges to improve the retail investor ecosystem, which are as follows:
Challenge 1: Attracting more retail investors to share investment in the stock market
Challenge 2: Improving financial literacy among retail investors
Challenge 3: Assist retail investors to overcome herd behaviour when investing in the stock market
Challenge 4: Addressing the commonly asked question: “Do you have any stock tips?”
Commenting on the initiative, Muhamad Umar Swift (pic, right), Chief Executive Officer of Bursa Malaysia said, “We are excited to host this event with our partner, CGS-CIMB Securities to create new opportunities to better serve the needs of the investing public. Technology is a critical enabler of growth and the Exchange is constantly looking for new ideas and technology solutions. We hope this platform can encourage and inspire creative ideas that will deliver value to the marketplace.”
Ruzi Ajith (pic, left), Chief Executive Officer of CGS-CIMB added, “We are honoured to be part of this event with Bursa Malaysia, as this platform encourages us to see investing from a different perspective. We look forward to the new ideas and innovative solutions that can improve the retail market place.”
The 3-day virtual hackathon will be conducted via an interactive platform comprising teams of three to five people. Registered teams will be invited for a virtual briefing on 16 November 2020 to dive into the problem statements. During the main event, teams will be guided by knowledgeable and experienced mentors, to be followed by two rounds of pitching sessions to select the top three winners.