The Digital Penang Fintech Hackathon is offering RM75,000 in prizes for winners

If you’ve ever wanted to build your own fintech solution, here’s your chance to do so and win some prizes too. Digital Penang, an agency under the Penang State govt, is partnering up with TNG Digital and the Finexus Group to bring to you their first ever hackathon event.

This hackathon event will offer up to RM75,000 in prizes and you can sign up for it from now till the 5th of November. The actual event itself will happen from the 12th of November onwards till the 10th of December. As for what participants will be up to, they’ll use one of the 40 MyXaaS APIs on Finexus’ MyXaaS Innovation Platform to create a fintech digital product, which will include stuff like eWallets, automated background checking and credit scoring, eCommerce merchant plug-ins as well as provide technical guidance and advisory.

The MyXaaS Innovation Platform being used for the Digital Penang Hackathon is a new platform that offers infrastructure, software and finance as a service. It caters to startup and mid-sized companies to help accelerate and further develop their digital business ideas. Their APIs will also be part of the prize pool, as you’ll get credit which can then be used for APIs on the MyXaaS Innovation Platform.

The prize pool will be as follows:

• Champion: RM20,000 in API Credits and RM10,000 in cash
• First runner-up: RM10,000 in API Credits and RM5,000 in cash
• Second runner-up: RM6,000 in API Credits and RM3,000 in cash
• 7x Consolation: RM2,000 in API Credits and RM1,000 in cash

Winners will be selected based on how innovative and viable their digital products are, as well as its business viability. On top of the prizes listed above, they’ll also be eligible to be fast-tracked into a Finexus partnership program and Digital Penang’s Basic Living Entrepreneurship Support Scheme that’ll get you a six-month stipend to grow your business idea.

For more information on the Digital Penang Virtual Hackathon, you can click here to visit its event page.

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