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.