news 1 week ago

Top Three Malaysian Startups Emerged as Regional Finalists in Alipay-NUS Enterprise Social Innovation Challenge

The Associated Press

KUALA LUMPUR--(BUSINESS WIRE)--Mar 15, 2019--Three Malaysian startups were announced as regional finalists in the Alipay-NUS Enterprise Social Innovation Challenge (The Challenge) today thanks to their innovative waste management solutions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190314005959/en/

ERTH: E-waste Recycling Through Heroes is a service that provides free on-demand pickup of electronic waste and pays a portion of the recycling revenue to consumers and businesses to incentivize a high recycling rate. (Photo: Business Wire)

The finalists, BlueBee Technologies, FatHopes Energy, and Grub Cycle were selected for their ability to leverage digital technology to create environmentally sustainable solutions that drive positive impact and improve lives.

Launched in November 2018, The Challenge, jointly organised by the world’s leading payment and lifestyle platform, Alipay and the entrepreneurial arm of the National University of Singapore, NUS Enterprise, aims to identify and support the growth of startups in Southeast Asia that are using digital technology to build an inclusive society.

During the preliminary rounds, contestants from each country demonstrated how they used digital technology to solve challenges across a wide range of sectors. These include financial services, agriculture, health & wellness, education & training, food & beverage, energy & environment, logistics & transportation, and communications.

The regional finalists will each receive a cash prize of S$10,000 (approx. RM30,000) to support their future growth. They will also proceed to compete in the grand finale in April where they will face off against other finalists from Singapore and Indonesia for the grand prize of S$50,000 (approx. RM151,000).

The Malaysia finalists were selected for the following projects:

BlueBee Technologies develops ERTH, an E-waste Recycling digital platform that offers competitive prices to buy end-of-life personal electronics such as PCs, laptops and smartphones from consumers in Malaysia for recycling. According to a  2019 United Nations Report, each year, approximately 50 million tons of e-waste are discarded, the weight of which is more than all commercial airliners ever made combined. Only 20% of the e-waste is formally recycled. The United Nations University predicts e-waste could nearly triple to 120 million tons by 2050 if nothing changes.

FatHopes Energy deploys Internet of Things (IoT) devices to automate waste cooking oil collection, and efficiently communicate to collection fleets for pickups and delivery to refineries for production into biofuel, which car owners can buy at a competitive price. Working with restaurants and F&B outlets, FatHopes ensures all the used cooking oil collected is solely used for the purpose of sustainable biofuel production. Every year, Malaysians consume hundreds of millions litres of cooking oil, and if not disposed properly, they will clog up the drains and pollute the water.

Grub Cycle develops digital platforms that help supermarkets, farms and restaurants reduce food wastage. On the platforms, users can find surplus food from supermarkets and farms at a discounted price. They can also find deals on the overproduced food from the restaurants. Not only does this help reduce food wastage, but also provides a solution for people in need to reduce the burden of increasing cost of living. So far Grub Cycle has reduced 7,000 kilograms of food wastage, which translates into RM 45,000 worth of savings for its users.

Speaking of the challenge, Geoff Jiang, Vice President, General Manager of Technology and Business Innovation Group at Ant Financial said, “Since its inception, the Challenge has received several hundred applications from Singapore, Malaysia and Indonesia, and we are pleased to see so many teams utilising digital technology in innovative ways to solve some of the biggest societal problems in Southeast Asia. ”

He further added, “We firmly believe that technology should be used to improve lives and look forward to supporting the future growth of these teams so that more people across Southeast Asia can benefit from their innovations.”

Finalists will also be eligible to join the 10x1000 Tech for Inclusion programme, jointly set up by International Financial Corporation (“IFC”), a member of the World Bank Group, and Alipay. The comprehensive training programme will support the cultivation of 1,000 technology experts in emerging markets from both public and private sectors over the next 10 years.

“Digital technologies have had a profound impact on the global economic landscape. They are spawning new firms and sectors and transforming business models in traditional industries. To ride on the wave of this digital transformation and make sure there are inclusive opportunities to all participants, we need a supportive environment for local innovations to flourish in Southeast Asia. This is why we are bringing together partners from across the region to identify and support the growth of local innovation,” said Professor Wong Poh Kam, Senior Director, NUS Entrepreneurship Centre, a division of NUS Enterprise.

In addition to receiving financial rewards to further their businesses’ social impact, the finalists will also receive mentorship and incubation support from NUS Enterprise for a period of three months. They will also enjoy access to its BLOCK71, an ecosystem builder and global connector community with co-working spaces in Singapore, Bandung, Jakarta, Yogyakarta, Suzhou and San Francisco.

###

About Alipay

Operated by Ant Financial Services Group, Alipay is the world’s leading payment and lifestyle platform. Launched in 2004, Alipay currently serves over 1 billion users with its local e-wallets partners. Over the years, Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Alipay’s in-store payment service covers over 50 markets across the world, and tax reimbursement via Alipay is supported in 35 markets. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.

About National University of Singapore (NUS)

The National University of Singapore (NUS) is Singapore’s flagship university, which offers a global approach to education, research and entrepreneurship, with a focus on Asian perspectives and expertise. We have 17 faculties across three campuses in Singapore, as well as 12 NUS Overseas Colleges across the world. Close to 40,000 students from 100 countries enrich our vibrant and diverse campus community.

Our multidisciplinary and real-world approach to education, research and entrepreneurship enables us to work closely with industry, governments and academia to address crucial and complex issues relevant to Asia and the world. Researchers in our faculties, 29 university-level research institutes, research centres of excellence and corporate labs focus on themes that include energy, environmental and urban sustainability; treatment and prevention of diseases common among Asians; active ageing; advanced materials; as well as risk management and resilience of financial systems. Our latest research focus is on the use of data science, operations research and cybersecurity to support Singapore's Smart Nation initiative.

For more information on NUS, please visit www.nus.edu.sg.

About NUS Enterprise

NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), plays a pivotal role in advancing innovation and entrepreneurship at NUS and beyond. It actively promotes entrepreneurship and cultivates global mind-sets and talents through the synergies of experiential entrepreneurial education, active industry partnerships, holistic entrepreneurship support and catalytic entrepreneurship outreach. Its initiatives and global connections support a range of entrepreneurial journeys and foster ecosystem building in new markets. These initiatives augment and complement the University’s academic programmes and act as a unique bridge to industry well beyond Singapore’s shores. For more information, please visit www.enterprise.nus.edu.sg

View source version on businesswire.com:https://www.businesswire.com/news/home/20190314005959/en/

CONTACT: Media Enquires

NUS Enterprise

Carol Lo

+65 6516 1003

carol.lo@nus.edu.sg

Archetype

Henry Khoo / Jonathan Yap

+603 2282 2152

MalaysiaAlipay@archetype.co

KEYWORD: MALAYSIA ASIA PACIFIC

INDUSTRY KEYWORD: ENERGY OTHER ENERGY TECHNOLOGY DATA MANAGEMENT HARDWARE NETWORKS SOFTWARE OTHER TECHNOLOGY PROFESSIONAL SERVICES BANKING FINANCE OTHER PROFESSIONAL SERVICES

SOURCE: Alipay

Copyright Business Wire 2019.

PUB: 03/15/2019 02:00 AM/DISC: 03/15/2019 02:01 AM

http://www.businesswire.com/news/home/20190314005959/en