HSBC has announced the winners of its Safeguard App Competition, and held a demo day to allow the shortlisted ideas to showcase their ideas to banking and technology experts.
The winner of the competition in the startup category was Earth Channel Limited, a company proposing an e-wallet app that requests information from customers in an efficient way using banks' reward schemes as an incentive.
Earth Channel's solution is secured by two different blockchain technologies to ensure maximum customer privacy.
The winner in the student category was InstaSure, a team proposing an easy-to-navigate interface to allow individual users to monitor and maintain account security.
Applications include verifying phone numbers via SMS, answering questions when the bank notices suspicious activity on their accounts and updating home addresses using optical character recognition (OCR).
Earth Channel has been awarded a cash prize of HK$300,000 while InstaSure has been awarded HK$100,000. BETECH was the runner up in the startup category while Cloud Connect Technology won third prize.
The competition launched in September, and involved contestants developing prototypes for app-based solutions to help banks keep their customer information up to date in secure and convenient for customer ways.
Shortlisted teams used the Demo Day at HSBC's Hong Kong headquarters to pitch their proposals to a panel of banking and technology experts, including HKMA executive director for financial infrastructure Li Shu-pui, ASTRI CTO MeiKei Leong, HKSTP head of EE and ICT Peter Yeung and three HSBC executives.