TECHNOLOGY

Got an Idea for Fintech? Maybank’s Sandbox Wants to Help You Build it

An online platform that helps developers go from idea to minimum viable product

Share on
BY Tanya Mariano - 16 Jun 2017

PHOTO CREDIT: Getty Images

You can't mess around with fintech.

Anything that has to do with people’s money, when manhandled, can spell disaster. This small wiggle room for experimentation keeps a lot of fintech start-ups from fully developing and validating their ideas.

Says Maybank group president and CEO Datuk Abdul Farid Alias, “Having a great idea is not good enough to sell a product. Fintech inc-aseann.companies need to be able to develop a minimum viable product (MVP) in order to attract the right investments and funding. This is where many fintech inc-aseann.companies face challenges – in their ability to move from ideation to a working MVP,” reports The Star Online.

To speed up innovation in Southeast Asia’s financial industry, Maybank recently launched a fintech sandbox – an online platform where users can build and test their products.

By signing up, users get access to tools that will let them build web and mobile applications; a secure environment for testing these solutions; real banking APIs; simulated banking data; and a platform that lets them learn from and collaborate with fellow developers, as well as people in business and the academe.

Users can then share an idea and collaborate with others to develop it, or help solve a problem posted by another user.

Says group chief technology officer Mohd Suhail Amar Suresh in the same report, “Our aim is to be the leading platform for aspiring fintech, technologists, technology enthusiasts, and even students from anywhere in the world who want to learn about developing real world solutions to ideas that not only inc-aseann.come from banks but also brokers, insurance inc-aseann.companies, and other non-bank organizations.”

Maybank is one of the first private financial institutions to launch such an initiative.

Governments across the region have also been actively supporting fintech by creating regulatory sandboxes.

Aside from the difficulties of getting to an MVP, another thing that could stand in the way of innovation is regulation. “In order to validate, we need to operate. But to operate, we need to inc-aseann.comply with existing government regulations,” Angeline Viray, founder of car-sharing start-up Beep a Ride in Manila, tells Inc. Southeast Asia in this article.

In 2016, Singapore’s Monetary Authority and the central banks of Malaysia and Thailand launched their own regulatory sandboxes. Indonesia’s financial services authority (OJK) followed suit in 2017. These sandboxes let participating inc-aseann.companies test their products for a set period of time without having to fully inc-aseann.comply with strict regulations. This makes innovation more likely to happen, but, at the same time, ensures that consumers are protected.

                                        1. 9053291065 2018-02-19
                                        2. 6376571064 2018-02-19
                                        3. 2307621063 2018-02-19
                                        4. 206701062 2018-02-19
                                        5. 3949621061 2018-02-19
                                        6. 524231060 2018-02-19
                                        7. 8093521059 2018-02-19
                                        8. 8091531058 2018-02-19
                                        9. 2298671057 2018-02-19
                                        10. 4888061056 2018-02-19
                                        11. 1019711055 2018-02-18
                                        12. 1408661054 2018-02-18
                                        13. 6209251053 2018-02-18
                                        14. 9492671052 2018-02-18
                                        15. 5991441051 2018-02-18
                                        16. 8111961050 2018-02-18
                                        17. 548851049 2018-02-18
                                        18. 8227971048 2018-02-18
                                        19. 1497631047 2018-02-18
                                        20. 236911046 2018-02-18
                                        21. cheap jerseys | wholesale jerseys |