25 April 2012

Playmoolah and Pendo Systems win Singapore Innotribe Startup Challenge showcase

SINGAPORE 25 April 2012 - Innotribe, SWIFT's initiative to enable collaborative innovation in financial services, announced that Playmoolah and Pendo Systems have been awarded "Top Startup" and "Top Innovator" respectively, at the second Innotribe Startup Challenge Regional Showcase held on April 24, 2012 in Singapore.

Playmoolah won the title of "Top Startup" with innovation in real financial education for children and parents. Playmoolah has developed technology for children that ties money management to real life, real dollars and real impact. They leverage game mechanics for behavioural change, empowering children with the curiosity, knowledge, skills and tools needed for financial capability and access.

Pendo Systems won the title of "Top Innovator" with innovation in investment accounting. BasisPoint® from Pendo Systems is the enabling infrastructure for the modern era of global financial services focusing on the most critical piece of data within any financial institution.

As "Top Startup" and "Top Innovator" for the Asia Showcase, Playmoolah and Pendo Systems will now advance to the Innotribe Startup Challenge finals to be held at Sibos - SWIFT's annual conference - in Osaka in October 2012 where they will compete for a $50,000 prize. In addition, both Singapore winners will be flown to Bangkok to be introduced to some of the industry's top corporates and bankers at the Innotribe Bangkok event held at the Asian Banker Summit this week.

Lee Min Xuan, Co-founder, Playmoolah said: "We're very humbled by the audiences' overwhelming reaction, proving that now more than ever, people are starting to rethink the purpose of banks and the need for effective financial education across the world. We hope to partner with many more schools, organisations and banks to bring fun financial education to more children and their families."

Pamela Pecs Clayton, CEO, Pendo Systems said: "We have developed one of the most innovative applications to hit the market in decades. We have had some great early success, but it's no secret the financial crisis has affected everyone - including Pendo. Far too often, those considered ‘too big to fail' view us as ‘too small to succeed'. That is not only unfair, it's wrong. To win ‘top innovator' at the Innotribe Startup Challenge is an honour and I look forward to the opportunity of meeting key players in the industry at Innotribe Bangkok and Sibos."

The Innotribe Startup Challenge saw 15 of the region's most promising FinTech and Financial Services startups present their businesses to an audience of dozens of the financial industry's most influential innovation executives, early-stage investors and press.

Kosta Peric, Head of Innovation at SWIFT and Co-founder of Innotribe said: "Excellent event, excellent venue and excellent pitches! The scope and breadth of the subjects went into social and ethical domains, which was a pleasant surprise. The winners, Playmoolah and Pendo, can be proud as there was fierce competition! It's a tribute to the Startup Challenges, which I feel are becoming a cornerstone of innovation in the financial industry."

The Singapore Startup Challenge was the second of three regional challenges held in 2012 and was sponsored by Sberbank, Invest Northern Ireland, Cisco and Guidewire Group. Entries for the Startup Challenge Showcase in Belfast in June 2012 are now open. This will be followed by Sibos in October.

 

About Innotribe
Launched in 2009, Innotribe is SWIFT's initiative to enable collaborative innovation in financial services.  Innotribe presents an energising mix of education, new perspectives, collaboration, facilitation and incubation to professionals and entrepreneurs who are willing to drive change within their industry. It fosters creative thinking in financial services, through debating the options (at Innotribe events) and supporting the creation of innovative new solutions (through the Incubator, Startup Challenge and Proof of Concepts (POCs). It is through this approach, the Innotribe team at SWIFT is able to generate a platform that enables innovation across SWIFT and the financial community. For more information, please visit http://www.innotribe.com/.

About SWIFT
SWIFT is a member-owned cooperative that provides the communications platform, products and services to connect more than 10,000 financial institutions and corporations in 210 countries. SWIFT enables its users to exchange automated, standardised financial information securely and reliably, thereby lowering costs, reducing operational risk and eliminating operational inefficiencies. SWIFT also brings the financial community together to work collaboratively to shape market practice, define standards and debate issues of mutual interest.

For more information, please refer to http://www.swift.com/ or contact:

Cognito Europe
Paul Bowhay / Claudia Coleman
Tel: +44 (0) 207 438 1100
innotribe@cognitomedia.com