PayHack Virtual (November 2024)

Building upon valuable insights gained from previous engagements, Malaysia's inaugural PayHack 2024 Open Finance Hackathon was held on November 23rd and 24th. In partnership with a leading local hackathon organizer, this virtual event served as a crucial steppingstone towards surfacing innovative ideas to solve retail and SME problem statements within the financial services space powered by Open Finance.

Nearly 500 participants formed 110 teams of 3-4 members, encompassing diverse backgrounds including coders, marketers, and business professionals across Malaysia. 57% were students, while 40% were young professionals from the financial services industry.

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PayHack Physical (December 2024)

The Open Finance journey culminated in the physical PayHack 2024 event, held at the Asia Business School from November 30th to December 1st. Thirty-two teams, including 30 semi-finalists and 2 wildcard entries, competed for top honors.

Participants tackled three key challenges:

• Personal Financial Management

• Additional Data for Credit Risk

• Fraud Detection and Prevention

The hackathon yielded a wealth of innovative solutions, including "MoneySmart," a personalized financial planning tool for gig workers, and "Fraud Bot," an AI-powered tool for fraud detection. These creative solutions highlighted the immense potential for innovation within the Open Finance ecosystem.

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