Friday, 19 April 2024
Razer Fintech launches digital hackathon to create original banking solutions amid COVID-19
Razer’s financial technology arm, Razer Fintech, is launching its first ever digital hackathon in Singapore, scheduled for 15 to 17 May 2020, where the fintech arm will continue to support and resolve issues faced by the youth and local startups due to the COVID-19 crisis. These objectives are in line with the $50 million COVID-19 support fund announced by Razer on 9 April 2020.
The Razer Fintech Digital Hackathon will encourage Singapore tertiary students, young professionals and the startup community to think outside the box and address critical financial challenges that have been exacerbated by COVID-19.
Winning participants will have the opportunity to implement and operationalise their original banking solutions within Razer Fintech’s financial services ecosystem or with its partners, through securing full-time employment, internships, investments or commercial partnerships.
The COVID-19 pandemic negatively impacted the global economy and livelihoods of many. The Singapore government, alike governments around the world, introduced multiple stimulus packages to maintain the financial stability of Singapore as a country. As the pandemic continues to worsen, however, many businesses and individuals are facing unprecedented issues especially in the following areas:
- Job and knowledge opportunities are shrinking for the youth and millennials as companies facing cash flow issues arising from severe loss of income and availability of liquidity have accelerated right-sizing of work force
- Consumers are underinsured and unfamiliar with the use of cashless solutions
- Funding options are limited for small and medium-sized enterprises in the capital markets due to volatile market conditions and access to traditional funding sources
- Urgent need for traditional businesses to go digital has become clear
- Companies in need have expressed frustration on the difficulties in accessing grants and support schemes in a timely and efficient manner
Participating teams will be encouraged to solve these financial challenges, utilising the fintech industry’s latest technologies and solutions. Teams will stand to win cash prizes of $14,137 (SGD 20,000) in total and other prizes sponsored by Razer Fintech. Other prominent sponsors include Amazon Web Services (AWS), Mambu, Visa, PricewaterhouseCoopers, FWD and Perx Technologies.
This digital hackathon is also organised with the support of educational and industry bodies, such as Singapore Management University and the Singapore Fintech Association.
“We have been experiencing unprecedented times amid the significant economic impacts exacerbated by COVID-19,” Lee Li Meng, chief strategy officer of Razer Inc and chief executive officer of Razer Fintech, said. “The need for the evolution of the financial services industry to be able to react efficiently and effectively has become even more apparent. Digital financial services with innovative and sustainable solutions will prove to play a critical role in supporting the needs of businesses and individuals during these extraordinary times as well as post COVID-19 as we all band together to rebuild our society and our lives.”
Unique opportunity to explore original banking solutions
The participants of the Razer Fintech Digital Hackathon are expected to form teams of up to four to participate. The hackathon will kick-off with educational sessions hosted by AWS, Mambu and Visa, followed by an opportunity for participants to formulate their proposed solution’s value proposition and product design. They will then embark on a 48-hour hackathon to develop their concepts into prototypes.
Shortlisted teams will be selected to compete in the finals through a virtual pitch session, which will be livestreamed on Twitch on the final day (17 May 2020) of the digital hackathon. Teams will be judged primarily on their technical ability and coding efficiency under significant time pressure, as well as their product value proposition.
“This hackathon is a really exciting project to be involved in, especially during such a difficult time,” Mambu’s managing director for APAC Myles Bertrand said. “Seeing the amazing ways that young people use our platform to create new products and features is always eye opening and we never cease to be amazed by the talent and skill that is out there. We’re really proud to be partnering with Razer on this project that has so much potential to improve financial inclusion for young people in Singapore.”
“We’re pleased to be a part of this initiative with Razer Fintech to encourage young talents in Singapore to unleash their creativity to solve financial challenges during these unprecedented times. The digital payments and fintech landscape is ever-evolving, and we are excited to offer youths and startups the opportunity to leverage Visa’s application programming interfaces to create and design innovative banking solutions to keep pace with the dynamic needs of today’s consumers,” Visa’s country manager for Singapore and Brunei Kunal Chatterjee said.
Re-disseminated by The Asian Banker
