MoneyMatch to represent Malaysia at Singapore FinTech Festival 2018 Fintech Awards
By Kiran Kaur Sidhu August 8, 2018
- The five-day festival includes a hackcelerator, investor-founder meetings and innovation lab crawls
- In just 1 year, MoneyMatch has transacted a total of US$39.9 million
WITH the Singapore FinTech Festival coming up in November, the Monetary Authority of Singapore (MAS) organised an information and networking session in Kuala Lumpur on Aug 6. The Building Global Fintech Connections: Singapore with Kuala Lumpur event, co-hosted by UOB Bank and the Common Ground co-working space, also featured a pitching and panel session.
Executive director from MAS, Roy Teo, talked about the fintech ecosystem in Singapore and the upcoming Nov 12-16 festival. “Last year, about 30,000 people from 109 countries and 5,000 corporates attended the Singapore Fintech Festival.”
Similar to the previous editions, this year’s festival will comprise of Fintech Conference and Exhibition throughout the first three days. On Nov 15 and 16, inspired by the European pub crawl concept, an Innovation Lab Crawl will be held to showcase the various digital innovations.
Some other happenings throughout the five-day event include a hackcelerator aimed at solving real problems within the finance industry, Fintech Awards where startups with industry solutions vie for prize money and the Fintech Deal Day to match potential investors with founders.
Asean Pitchfest session
During the Kuala Lumpur introductory event, a pitching session was held to identify the Malaysian startup solution that will make its way to compete on the Asean stage. The five participating startups were Mobiversa, MyCash Online, Homecrowd, Tootpay and MoneyMatch.
The judges for the session were executive director at UOB Bank, Yap Kok Tee; executive director at MAS, Roy Teo; digital trust leader at PWC Kuala Lumpur, Tan Cheng Yeong; and the treasurer of Fintech Association of Malaysia, Wilson Beh.
The winner of the pitching session was MoneyMatch, a startup under Bank Negara’s Financial Technology Regulatory Sandbox, with its remittance and currency exchange solution. New Su Ann, the client engagements associate at MoneyMatch shared, “In virtually every single industry accessibility has improved but cross-transfers haven’t kept up. It is expensive and slow.”
Although bankers claim that the high costs incurred are due to overheads, New disagrees and presents MoneyMatch as a solution that saves time and money. “We are one of the first fully end-to-end platforms. This means the entire on-boarding process including the Know Your Customer (KYC) check is done digitally.”
One of the early investors in MoneyMatch is Azran Osman-Rani, the former CEO of AirAsia X and iFlix who is no stranger to the tech industry. With hopes to expand within the Asian Pacific region, New shared, “Although we are a young company of one year, we transacted a total of RM162.8 million (US$39.9 million) to date.”
As for the other startups that pitched, Mobiversa provides payment solutions such as Ezywire, a cashless payment system and Ezyway, an online payment gateway service. Tootpay also presented its solution claiming to be a more secure mobile authentication method compared to one-time password (OTP) tokens for banking customers.
Meanwhile, MyCash Online is an e-marketplace that caters to migrant workers offering services such as bus and air ticket purchasing, mobile reloads and bill payments. In the lending space, HomeCrowd hopes to provide social lending as an alternative option to traditional home loans.
The Malaysian representative and winner, MoneyMatch, stands a chance to win a cash prize up from the total cash pool of SG$ 1.2 million (US$876,600) in funding available. The participating startups at the Fintech Awards will be evaluated based on the impact, interoperability, practicality, uniqueness and creativity of their solutions.