Published 03 July, 2019

(From 2nd left) Senang co-founder and CEO Sharian Raj; GoGet co-founder and CEO Francesca Chia; and Pod co-founder and CEO Nadia Ismail

Financial Innovation Lab Malaysia, which is funded by the MetLife Foundation, initiated the Malaysia B40 Challenge. The idea was to find solutions that could drive the usage of financial services by lower- and middle-income customers in Malaysia (or the B40 population), beyond merely granting them access to bank accounts.

Financial Innovation Lab in Malaysia is in collaboration with the United Nations Capital Development Fund (UNCDF), Bank Negara Malaysia and MDEC. The B40 Challenge is the first major initiative by the Financial Innovation Lab created by UNCDF, based at MDEC’s fintech hub The Orbit, located in Bangsar South.

The Challenge saw 18 fintech companies come together in its inaugural cohort to provide fintech solutions for the B40 group in Malaysia, where the companies went through a series of bootcamps to refine their business models and products.

Of the eighteen, five companies were selected to pitch their ideas to a panel of global finance and technology experts at a Demo Day during the recent MyFinTech Week.

Source From DNA