- FutureX Hackathon backed by Plug & Play & Amazon . com Web Services
- Open to tertiary students, is designed to reimagine upcoming of insurance
NTUC Income is starting its inaugural regional FutureX Hackathon, backed by Plug and Play APAC and Amazon Internet Services, which will take place virtually from July 25 to Come july 1st 27.
In a statement, the insurance firm said FutureX is open to almost all tertiary students through Southeast Asia who will come together to reimagine the future of insurance via blockchain technology, beneath the mentorship and assistance of industry frontrunners.
The company said the hackathon aims to seek solutions to embed blockchain in insurance advancement, including applications in new insurance business models, which Revenue said it hopes to bring to markets overseas via the Insurance-as- a-Service (IaaS) platform, HIVE by Income.
It said electronic consumption is growing in a unprecedented speed within Southeast Asia (SEA), with some 40 mil new internet users arriving online in 2021 alone.
This brings Web penetration in Southeast Asia (SEA) in order to 75% and electronic users in SEA now consume an average of 2 . 9 to 4 times more on-line services since the pandemic, it said.
Digital insurance is also picking up at a remarkable pace and it is estimated that the market in SEA is definitely forecasted to reach US$9 billion (RM40 billion) in annual high quality equivalent by 2025, it added.
Edlyn Khoo, vice president, electronic transformation office, NTUC Income said, “We recognise that blockchain technology has massive potential to fundamentally transform insurance business models and reinvent the insurance value string.
“With FutureX, we aim to foster a community of like-minded individuals plus groom the next era of changemakers who can continue to shape the continuing future of insurance. ”
Vikram Rao, head of business, ASEAN, Amazon Internet Services Singapore Private Limited said, “AWS is proud to be the cloud provider powering FutureX Hackathon, enabling the students to construct on AWS Impair and solve company challenges. ”
Manav Narang, corporate partnerships movie director and financial services lead, Plug and Play APAC stated, “We look forward to this particular hackathon and how the energy, creativity plus innovation will favorably catalyse the ecosystem over the three-day program. ”
The final round on Aug 10 is going to be judged by an esteemed panel composed of senior executives from NTUC Income, AWS, and Plug and Play APAC.
Individuals stand a chance to earn the top prize of US$5, 700 (RM25, 000), second prize of US$3500 (RM15, 500), or third prize of US$2, 000 (RM9, 000), as well as one of 3 Special Category prizes at US$360 (RM1, 600) each.
Winners will also score personalised workshops by AWS, complimentary passes in order to 101 Start-up workshops by Plug and Play APAC, as well as tickets towards the APAC Summit within November 2022.
To take part, tertiary students can form teams of up to 4 people and sign up their interest by 23 July with the HIVE by Revenue website