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Press Release
25 Apr | Monday
Visa & AIBIM on the lookout for fintech startups

Kuala Lumpur (18th April 2016): Visa and the Association of Islamic Banking Institutions Malaysia (AIBIM) have partnered to launch the ASEAN Fintech Challenge in conjunction with the Global Islamic Finance Forum 2016 (GIFF) from 10th to 12th May in Kuala Lumpur.

The challenge, organised by Nxt Bnk KL, aims to bring the best and most innovative fintech startups from the region to compete in the capital city, with teams having the opportunity to present their ideas to over 500 GIFF delegates from all over the world. Cash prizes await the three winners of this inaugural competition.

“The most exciting innovations happen at the edge of the payments network. The partnership with the Association of Islamic Banking Institutions Malaysia (AIBIM) will enable us to collaborate with the FinTech community and speed up the cycle of financial innovation in the country and the Southeast Asia region,” said Mr. Ng Kong Boon, Visa Country Manager for Malaysia.

“GIFF presents a great opportunity for fintech startups to showcase their offerings for Islamic finance, which is rapidly gaining traction in Muslim-majority nations and international financial centres. The forum has attracted over 500 delegates, many of them in the Islamic finance industry, who will be able to partner with these startups to take their services to the next level,” said AIBIM’s Executive Director, Yusry Yusoff.

Seven teams will be selected for the semi-finals, with three shortlisted for the finals. The pitching sessions are open to the delegates, with decisions made by a panel of judges.

The ASEAN Fintech Challenge is open to residents of the 10 member states; Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.

For more information, please go to http://goo.gl/forms/M7742FFp9c.

Media Contacts:
Tan Wai Fong
Media Coordinator
Global Islamic Finance Forum 5.0
Email: waifong@twfcomms.com
Tel: +6017 3000 032
 


About Visa
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit, or set rates and fees for consumers. Visa's innovations; however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit www.visa.com.my, http://visaapnews.asia/ and @VisaNews.

About AIBIM
The Association of Islamic Banking Institutions Malaysia (AIBIM) was established in 1996 as the Association of Interest Free Banking Institutions Malaysia. Currently, AIBIM has 25 member banks. The organisation promotes sound Islamic banking system and practice in Malaysia; represents interest of members locally and abroad; provides advice and assistance to members pertinent in the development on Islamic banking and finance at local, regional and global level; coordinates human capital development initiatives, and promotes public awareness.

About Nxt Bnk Kuala Lumpur
Nxt Bnk KL is an independent, open and collaborative community driving change for the better in financial services through design, innovation and entrepreneurship. Its network includes startups, early stage to institutional investors, regulators, financial institutions, government agencies and members of the FinTech community. It is part of a global community with presence in six global regions, having hosted more than 16 events worldwide with association to 64 global brands. It has also held up to 243 talks within the community of 10,000 Next Bankers. Nxt Bnk KL was launched on 6 November 2015.
 

source: Global Islamic Finance Forum
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