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The app allows users to compare exchange rates between various money changer outlets, which can fluctuate up to 20 per cent

Mobile app to help users find the best money changer rates Curren$eek has been crowned as the first winner of the Asean Fintech Challenge 2016, competition presented by VISA and Association of Islamic Banking Institutions Malaysia (AIBIM).

Held in conjunction with the Global Islamic Finance Forum 5.0, in this competition Curren$eek managed to beat seven contestants from various Asean member countries to win a cash prize of US$3,000 and a chance to attract potential investors at the biennial event.

Curren$eek is an app that allows users to compare exchange rates between various money changer outlets. According to Founder Hakim Karim in his five minute pitch, rates can sometimes fluctute up to 20 per cent between outlets.

Claiming to have been downloaded 7,000 times, the app has raised US$150,000 of government grant and is currently planning to enable money-changers to bid for the business of users who request to change a particular currency.

It also plans to work with banks to allow direct payment from the users’ account.

At the event which was organised by Nxt Bnk KL, contestants were judged by a panel that consists of James Lim (Visa Head of Products for Southeast Asia); Amran Hassan, (Maybank Head of Innovation); Rob Findlay (Next Bank Founder); Mohamed Izam Mohamed Yusof (Investment Account Platform (IAP) CEO); and Gopi Ganesalingam (Malaysia Digital Economy Corporation (MDec) Vice President of Entrepreneur Development).

Also Read: Visa, Malaysian Islamic banking association on the lookout for best fintech startups in ASEAN

The second winner of the competition was Kapital Boost, which claimed to be the first Islamic crowdfunding platform in Asia. Carrying home the cash prize of US$2,000, the platform matches potential investors with SMEs under Islamic financing structures.

According to Kapital Boost business development/governance manager Norliana Hamber, the company has raised S$500,000 (US$365,000) in 14 deals since its launch last year.

The third winner is Prime Keeper, an app that aims to enable seamless digital banking service for all kinds of payments from paying bills, loans, insurance, traffic summons and EPF contributions; topping up phone credits and TouchNGo cards; transferring money; to making charitable donations, and managing loyalty points.

According to Prime Keeper CEO Jeremy Chong, the app will be launched by the year-end.

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Image Credit: Yuriy Kovalev on Unsplash

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