Covering Disruptive Technology Powering Business in The Digital Age

Payments Network Malaysia (PayNet), the national retail payments network infrastructure provider, has successfully launched the X2 (eXperimentation eXchange) Hackathon, a groundbreaking initiative aimed at attracting and nurturing future talent in the Financial Services Industry (FSI). This event, held at Asia Pacific University of Technology & Innovation (APU) recently, underscores PayNet’s broader Environmental, Social, and Governance (ESG) commitment, PayNet Akar.

The X2 Hackathon stands out due to its unique participation requirement: each team must include at least one student from non-technology programmes and at least one female member. This approach promotes diversity of thought and enhances creativity, setting a new benchmark for hackathons in the region.

Hackathons are highly regarded among STEM students for offering hands-on experience, collaboration and networking opportunities, exposure to new technologies, and a platform for innovation and portfolio building. This year’s challenges tackled critical industry topics such as streamlining access to microfinance for small businesses, improving government disbursement processes, enhancing financial literacy and education, and advancing digital transaction security and fraud prevention.

Over the course of 24 hours, 125 students engaged in a dynamic environment, brainstorming, developing, and presenting innovative solutions. They demonstrated resilience and creativity in addressing complex industry issues, benefiting significantly from mentorship provided by experts from PayNet and APU. This guidance enhanced the quality of the solutions and offered invaluable learning experiences, preparing participants for future challenges in the FSI.

Participants presented their projects to a distinguished panel of judges, who provided feedback and identified opportunities for improvement. This year’s judges included prominent fintech leaders: Xing Cheng, Chief Product Officer at PayNet; Nicholas Lim, Chief Technology Officer at Soft Space; and Rajasuriya Letchimanan, Director of Paymatic.

Prof. Jun Maria Tan Abdullah, Senior Director of PayNet Akar, GCEO Office, stated, “The Experimentation Exchange (X2) hackathon bridges academia with industry, offering experiential learning guided by industry leaders and academia. This initiative enhances undergraduates’ understanding of industry challenges and immerses them in solution-oriented activities. It’s a crucial part of PayNet Akar’s commitment to nurturing industry talent.”

Leo Wai Yei, Technology Graduate Associate at PayNet and Organiser of PayNet Akar’s X2 Hackathon, added, “Hackathons provide opportunities for fresh ideas to blossom and pitch these ideas to relevant stakeholders, often revealing innovative solutions to existing challenges.”

Jason Chin Thean Soo, whose team Pay-Jaja won the platinum prize and RM5,000 in cash, shared his advice for future participants: “Keep an open mind to new ideas, strengthen collaboration within your team, and understand the pain points in the FSI. Our team’s diverse backgrounds in IT, accounting, and finance were key to our success.”

(0)(0)