The largest banking group in Malaysia has essentially created a global crowdsourcing platform for fintech ideas and solutions.
At a time when regulators around the world are building sandboxes for a selective few, Maybank has instead opened its sandbox to the world. Positioning it as a regional collaborative fintech platform, the parent of Maybank Islamic is hoping to not only court fintech developers but also the public, particularly those from the world of academia, businesses and ideators.
Maybank Sandbox, according to Group Chief Technology Officer Mohd Suhail Amar Suresh, is an ecosystem supporting emerging technology trends (digital, internet of things, social, cloud and open source for example) by allowing its community to collaborate, experiment, incubate and prototype ideas. All while providing members with access to development tools, simulated data and APIs (application programming interface).
This basically means that anybody could share an idea on the online platform and have other members work on the idea by providing feedback; in theory, the sandbox could be a treasure trove of ideas waiting to be picked – allowing developers to pursue a concept either individually or collaboratively with multiple others. Crowdsourcing for ideas, feedback and solutions is likely to facilitate bringing an idea to life as ideators often struggle to properly translate an intangible concept into a real-life functional product. As Maybank Group President and CEO Abdul Farid Alias said: “Having a great idea is not good enough to sell a product.”
“Fintech companies need to be able to develop a minimum viable product (MVP) in order to attract the right investments and funding. This is where many fintech companies face challenges – in their ability to move from ideation to a working MVP.”
If anything, the platform also allows technologists to connect with their global peers and for enthusiasts to learn about developing real fintech solutions.