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18 May 2015

CIMB Bank Announces Collaboration with MDeC

Kuala Lumpur: CIMB Bank Berhad (CIMB Bank) and Multimedia Development Corporation (MDeC) today announced a collaboration to work with application developers to support the innovation agenda through the launch of InnoChallenge.

InnoChallenge will focus on ideation and conceptualization of new innovative ideas and concepts with developers nationwide. Both CIMB Bank and MDeC will mentor and help developers participating in this challenge build, test and deploy their solutions.

“We're excited with the potential of this partnership. CIMB Bank has always led the way in the digital space and we are keen to be at the forefront where spotting 'the next big thing' is concerned. We look forward to working with MDeC as well as the SME's and small businesses out there to create practical solutions for our customers,” said Renzo Viegas, CEO, Group Consumer Banking, CIMB Group.

Dato’ Yasmin Mahmood, CEO of MDeC said, “InnoChallenge complements MDeC’s Integrated Content Development Programme (ICON) in which we grow local talent and companies to capture and meet enterprise demands for ICT and digital solutions. InnoChallenge is a game changer to the banking landscape and we applaud CIMB’s move towards taking digital innovation beyond the Malaysian shores. This transformative use of digital solutions allows robust enablement to the ecosystem in turning Malaysia into a developed digital economy that connects and empowers government, businesses and citizens.”

“There is a need for banks to continue to innovate to stay ahead and this allows CIMB to embrace a more inclusive model where third parties can use our secure and open interfaces to integrate payments and other financial services into their applications. The InnoChallenge is an early step in our overall innovation roadmap,” concluded Iswaraan Suppiah, Group Chief Information and Operations Officer, CIMB Group.

Piloting this month, InnoChallenge will be open to over 600 MDeC's ICON programme developers nationwide for applications to undergo a mentoring, nurturing and possible commercialisation process with CIMB Bank and MDeC. Categories in the InnoChallenge include financial technology, social and lifestyle mobile applications.

Prizes offered are RM25,000 for one grand prize winner and RM4,000 to five consolation prize winners.