Innovators must be prepared to compete to secure funding

As many as 685 digital banking innovations were created within 24 hours by 60 selected teams taking part in the 2017 BCA Financial Hackaton in Sentul, Bogor, on Sunday.

The organizers of the event selected eight teams to present their ideas in front of the BCA board of directors.

BCA president director Jahja Setiaatmadja told participants that innovators had to be ready to face tough competition in trying to secure funding because only innovations that offered efficiency in businesses would attract funding.

“There are many brilliant ideas, but not all of them will get funding. You need to create innovations that attract investors,” Jahja said during the event.

QuickTap, a keyboard app that offers direct access to banking information, was announced the winner of the competition.

Earlier this year, BCA established capital venture firm PT Central Capital Ventura (CCV) to increase penetration into the financial technology (fintech) business.

The shareholders of the firm are BCA and its subsidiary multifinance company PT BCA Finance with Rp 200 billion (US$15 million) in capital. BCA deputy president director Armand Hartono said, however, that the capital venture firm had yet to commit to funding any startup, saying it had yet to find a startup worth financing.

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