Digital Penang in tripartite pact for first Hackathon

Finexus Group and Digital Penang Hackathon Event poster, showing participation categories and prizes to be won. The event which ran from 12th November 2021 to 10th December 2021.


KUALA LUMPUR: Digital Penang, an agency under Penang state government, is partnering with TNG Digital and Finexus Group to launch its first Hackathon.

The hackathon features Finexus’ MyXaaS innovation platform and offers up to RM75,000 in prizes.

This is a virtual Hackathon whereby participants will compete to create a financial technology (fintech) digital product that will be judged based on three criteria including innovation, business viability and integration completeness.

Digital Penang chief executive officer Tony Yeoh said the future of financial services will be disrupted by fintech and digital payments.

“Digital Penang is delighted to partner with leading players to develop our ecosystem and look for the next unicorn,” said Yeoh.

Finexus said the company will be opening up its 40 MyXaaS APIs on its MyXaaS innovation platform for the Hackathon including e-wallet/international prepaid card (Visa or Mastercard) and applicant identification and verification (e-KYC).

The company will also include automated customer due diligence (background check and credit scoring), merchant plug-in (e-commerce) and technical guidance and advisory in its platform.

Finexus’ MyXaaS is a new one-of-a-kind platform offering infrastructure, software and financial as a service.

It is opened to start-up, mid-growth, technopreneur and socialpreneur companies to accelerate, catalyse and enable the development of their digital business ideas for speedier go-to-market presence.

Finexus chief executive officer Clement Loh said the company has started a journey to help start-ups by providing them a combination of enabling technologies, financial services and business advisory support.

“That means guidance from real people with real-world know-hows. We will work alongside these promising entrepreneurs to innovate and turn their ideas into reality, thus creating jobs that drive positive social impact,” said Loh.