SAS, the global leader in analytics software and services, concluded the SAS FinTech Challenge 2017-2018 in Malaysia.
Organised in partnership with Malaysia Digital Economy Corporation (MDEC) and five partner banks which are; CIMB Bank, Hong Leong Bank, May Bank, Public Bank and RHB Bank.
The competition sought to raise awareness and the adoption of fintech among young talent in Malaysia and a team from Asia Pacific University of Technology & Innovation emerged as the winner for their innovation around digital loan applications for online retailers.
“The FinTech Challenge has been an exciting journey for SAS and it is so rewarding to see our future talent pool empowered to solve the complex challenges of today, using advanced data-driven approaches that will define the analytics economy.
“The forward-looking ideas developed through this competition have been inspiring, together with MDEC and our partner banks in Malaysia, we have unlocked future skills in fintech, while demonstrating how the financial services industry can harness advanced analytics to its greater advantage.
“This is yet another meaningful collaboration with the industry ecosystem that SAS is proud to lead,” said SAS ASEAN vice president, Andy Zook.
The financial services sector in Malaysia is on the brink of transformation as in line with Malaysia’s 2020 digital nation vision, 47 percent of the nation’s financial institutions are ready to embrace fintech and have placed it at the center of their growth strategy.
Similarly, a recent survey by global recruitment firm Randstad showcases the need for innovation and talent as Malaysian banks digitise.
Recognising this evolution, SAS and MDEC partnered with Malaysia’s top local banks and gathered the country’s best academic minds to address current paint-points faced by the industry.
The SAS FinTech Challenge received encouraging responses, with over 80 teams participating to develop innovative fintech business models that will enhance banking experiences.
The winning team from Asia Pacific University of Technology & Innovation was awarded RM 50,000.
“Our warmest congratulations to the team from Asia Pacific University of Technology & Innovation for such an excellent win.
“Indeed, we are uplifted by the innovation and hard work shown by all of the participating teams during the FinTech Challenge: the use of data analytics and creative critical thinking capabilities will be vital as we progress further into the digital economy,” said Growth Ecosystem Development of MDEC, vice president, Norhizam Kadir.
Teams from Universiti Tenaga Nasional and University of Nottingham Malaysia stood at second and third place respectively and all participating universities will have the opportunity for their projects to be implemented by the partner banks.
“We would also like to reaffirm what we said to youths over the last few years, that you are facing the most exciting as well as the most challenging times with the global revolution brought about by emerging technologies and challenges such as the SAS FinTech serves to shine a spotlight on the talent in Malaysia,” he added.