On November 16, Alipay launched the mobile and online payment platform Ant Financial, NUS Enterprise, the contractor's heritage from the National University of Singapore, to launch a new initiative aimed at supporting digital technology innovation in Southeast Asia.
The Alipay-NUS Enterprise Social Innovation Challenge aims to support the growth of technically-started companies in Southeast Asia. Their focus areas are, but are not limited to, low income groups gaining access to better education, supporting older people using digital technologies to improve their lifestyle, even helping people with disabilities by estimating and reclaiming initiatives.
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"It's exciting that we are involved in teams that create lasting impact on their communities, addressing real issues such as aging, poverty and lack of access to development opportunities," said Geoff Jiang, vice president and chief of technology and business innovation group at Ant Financial.
"The Alipay-NUS Enterprise Social Innovation Challenge brings together entrepreneurs, technicians, innovators, teachers, investors, mentors and change entrepreneurs, all passionate about building a more inclusive society. Through such collaborative efforts, we can maximize the benefits of digital technology and create a better world for all, "says NUS President Professor Tan Eng Chye.
The initial Alipay-NUS Enterprise Social Innovation Challenge will take place in Singapore, Malaysia and Indonesia. The first round of the assessment will determine the three best winners in each country, each of which gets a cash prize of SGD $ 10,000. The nine finalists will compete for the highest cash prize of SGD $ 50,000 in the finals, held in Singapore in March 2019.
The winning teams will also be supported to accelerate their growth through networking, mentorship and partnership opportunities with Ant Financial, NUS and other partners in the ecosystem. Top teams will also receive three-month incubation support from NUS Enterprise, as well as access to its BLOCK71 community and collaboration space in Singapore, Bandung, Jakarta, Yogyakarta, Suzhou and San Francisco.