MaybankFintech is a programme by a Southeast Asian bank that seeks to support start-ups to generate ideas in the financial technology sphere.
“The global investment in Fintech ventures has tripled from around US$4.05bil in 2013 to nearly US$12.2bil in 2014. During the same period, investments in Asia-Pacific Fintech ventures have also more than tripled, from US$245mil in 2013 to US$767mil in 2014,” said Maybank group chief strategy officer Michael Foong.
He added MaybankFintech was an opportunity for the bank to acquire the best innovation ideas in financial technology.
“Ultimately, we not only want the bank to gain from these innovations, but also for the Asean region to benefit from the economic and social impact of such technological advances,” he noted.
However, Foong said one of the major challenges for technology startups has been to navigate via various financial institutions to pitch ideas.