“Our aim is to be the leading platform for aspiring fintechs, technologists, technology enthusiasts and even students...”

MOHD SUHAIL AMAR SURESH, Maybank group chief technology officer

KUALA LUMPUR: Malayan Banking Bhd (Maybank) has launched a regional, collaborative financial technology (fintech) sandbox to provide opportunities for start-ups and innovators to develop and test new ideas, in a bid to boost fintech development in Asean.

The first of its kind in Asean, the Maybank Sandbox is a complete fintech ecosystem that provides all the essential components for free, to fast-track the growth of fintech developers across the region.

Group president and chief executive officer Datuk Abdul Farid Alias said the fintech industry in Asean was full of potential and talent, and Maybank Sandbox aimed to fill the gap by providing the tools and ability to collaborate with the smartest and brightest talents in Asean.

He said while many Asean members countries were investing in developing and nurturing fintechs, growth was still slow compared with more establish fintech hubs like the United States and Europe.

“Having a great idea is not good enough to sell a product. Fintechs need to be able to develop a minimum viable product (MVP) in order to attract the right investments and funding.

“This is where many fintechs face challenges — in their ability to move from ideation to a working MVP,” he said in a statement yesterday.

Maybank group chief technology officer Mohd Suhail Amar Suresh said the Maybank sandbox filled this gap by providing fintechs with environments, tools, simulated data, application programming interface and the ability to reach out for talent within a secure environment.

“What Maybank is offering is a platform for start-ups, fintech companies and any interested party to collaborate, experiment, incubate and prototype any idea or innovative solution they may have,” he said.

Suhail said Maybank Sandbox would enable team members from different countries to collaborate on the same virtual environment, thereby enhancing regional cooperation through exchange of ideas and expertise.

“Our aim is to be the leading platform for aspiring fintechs, technologists, technology enthusiasts and even students from anywhere in the world who want to learn about developing realworld solutions to ideas that not only come from banks but also brokers, insurance companies and other non-bank organisations,” he said.

Maybank said an idea put forward in the sandbox could include a new service, product, tool, game or code fix.

Maybank Sandbox can be accessed at www.maybanksandbox.com. Farah Adilla

Fintechs need to be able to develop a minimum viable product in order to attract the right investments and funding. DATUK ABDUL FARID ALIAS Malayan Banking Bhd group president and chief executive officer