Maybank’s fintech startup programme garners participation from 115 tech firms

Maybank Group Chief Strategy Officer, Michael Foong presents the BootCamper certificate to MaybankFintech 2015 participants, Mohd Firdaus Mahamad (middle) and Mohd Nur Aizad Aziddin (left).

Malayan Banking Bhd‘s (Maybank) fintech startup programme, MaybankFintech has garnered participation of a total 115 technology startups, including 109 from the region since its launch at the end of May this year.

The programme, the first of its kind in Southeast Asia, entries from far-flung areas such as Tunisia, Ukraine, Chile and the United States, the 21 startups shortlisted for the final session were from Malaysia, Indonesia, Singapore, Thailand, the Philippines, Vietnam and Japan.

Maybank Group chief strategy officer Michael Foong said MaybankFintech is a great opportunity for Maybank, Malaysia’s largest lender by asset size, to harness the startups ecosystem regionally and to acquire the best innovation ideas in financial technology.

“Our MaybankFintech programme is a unique platform for aspiring innovators to showcase their ideas,” he said in a statement yesterday.

At the end of May, Maybank partnered accelerator 1337 Ventures to launch the programme.

Related story: 1337 Ventures partners Maybank to unearth best SEA FinTech startups

Maybank aims to help grow and support entrepreneurs by providing them with an avenue to connect directly with the financial industry.

Foong noted that the global investment in fintech ventures has tripled from around $4.05 billion in 2013 to nearly $12.2 billion in 2014.

During the same period, investments in Asia-Pacific fintech ventures have also more than tripled, from $245 million in 2013 to $767 million in 2014.

The lender said the growth of technology startups is boosted by the increasing interest among financial institutions and venture capital companies to fund tech startups. One of the major challenges in the past for fintech startups has been to navigate through the various financial institutions in order to pitch their ideas.

“We are now seeing increasing openness among venture capital firms and banks in this region to listen to these startups and support them, given that these companies themselves stand to benefit should the startups succeed with their projects,” Foong said.

Maybank foresees technology startups to exponentially grow in the Asean region as more businesses seek to expand their digital presence and increase revenue using non-traditional channels.

Also read:

Fintech a growth market, blockchain a game-changer: Steven Tong

KK Fund, Kickstart Ventures invest in LoanSolutions, to advance its fintech business in PH

MAS commits $225m to fintech growth in Singapore

Cryptocurrency and fintech integral to the human economic condition: Jarrod Luo

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.