Yen May Lee and Jie Si Yee, young talents from Malaysia, have won the ASEAN Data Science Explorers 2023 (ASEAN DSE), the flagship program of the ASEAN Foundation in collaboration with SAP.
Joining Walaoeh’s team, the two students at the University of Nottingham, Malaysia, proposed the MoneyMentor solution, a financial application designed for the unbanked in rural areas.
Their solution stems from the fact that as many as 42 percent of the population in ASEAN is still classified as unbanked (World Bank 2022), who do not have access to traditional financial services, and most are in rural areas.
Low financial inclusion will correlate with low GDP per capita, which will threaten sustainable work and economic health in ASEAN. MoneyMentor is designed to empower rural unbanked people with financial literacy and the adoption of financial services through three solutions: optimized savings, smart budgeting, and personalized loans.
MoneyMentor can improve digital literacy in ASEAN member countries by providing educational and training resources on digital financial literacy. “This app will help individuals develop the skills they need to access, understand, and use digital financial services,” said Yen May Lee and Jie Si Yee.
During their presentation at the Regional Finals, the Team proposed MoneyMentor’s first year plan, which is to make its initial entry into Malaysia and Indonesia, establishing local and international strategic partnership.
The proposal involves commencing operations within the regulatory framework of the respective countries and collaborating with various entities, including banks, non-banks financial institution and telecommunication companies.
For its business continuity, MoneyMentor intends to secure five revenue streams from banks, non-bank financial institutions, insurance & takaful providers, investment banks, and user investment platform fees.
In terms of technology, MoneyMentor is looking forward to working with SAP to support the integration of MoneyMentor’s API and AI infrastructure with two platforms, namely SAP Business Technology Platform, which has a series of features such as advanced analytics, cloud application development tools, data integration, secure data storage, and intelligent automation; and the SAP Data Services platform that maximizes the value of MoneyMentor’s structured and unstructured data with exceptional functionality for integration, quality, and data cleansing to provide better and more holistic financial services to rural residents.
In a concerted effort to fortify the initiative, Walaoeh plans to partner with NGOs. The partnership is envisioned to provide invaluable access to local networks and expertise in community development, along with facilitating financial literacy training.
Carrying the spirit of “Today’s Young Generation for the World of Tomorrow”, ASEAN Data Science Explorers 2023 empowers start-up social enterprises led by young ASEAN talents to create innovative solutions that deliver inclusive economic benefits in the ASEAN region.
Youth representatives representing 10 ASEAN member states (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam) developed data-driven solutions using SAP Analytics Cloud, a single solution for business intelligence and enterprise planning complemented by the power of artificial intelligence, machine learning technology, and predictive analytics.
“The Data Science Explorers (DSE) program focuses on data analysis and problem-solving to generate solutions for society. The program includes capacity building, people-to-people networking, and opportunities to learn business models from the business community. These analytical skills are essential for young people to empower them to have more opportunities to work in the industry. That is why the ASEAN Foundation and SAP are working on important issues, including data literacy,” said Dr. Piti Srisangnam, Executive Director of the ASEAN Foundation.
“Working with the ASEAN Foundation, SAP is proud to bring this program, which brings together our goals of empowering young people, helping them prepare for a digital future and ensuring that we also empower and improve the lives of people in Southeast Asia and address sustainability challenges that we have around the world by helping to solve some of the UNSDG problems. SAP’s active involvement in this undertaking is a testament to our dedication to nation-building, including in Malaysia, where we focus on equipping the youth with essential digital and data analytical skills,” said Verena Siow, President & Managing Director, SAP Southeast Asia.
This competition was initiated by the ASEAN Foundation and SAP in 2017 and has empowered more than 71,000 students in Southeast Asia, from high school to college. SAP has collaborated with over 3,000 educators, 852 higher education and learning institutions across Asia, 228 secondary schools, and 149 NGOs. The competition also demonstrated the commitment of both parties to achieve gender inclusion and greater parity in Southeast Asia, with female participation reaching 54 percent and a winning team fronted by two young women.
The ASEAN SDE program is developed through innovative projects that demonstrate creativity, problem-solving skills, and proficiency in mastering technology. Harnessing technology and creative thinking will result in Future-Focused Solutions that promote considerations about sustainability, diversity, and inclusivity. ASEAN DSE is also prepared to equip ASEAN youth with the data analysis skills needed to thrive and compete in the Industrial Revolution 4.0.
Learn more about ASEAN DSE by visiting www.aseandse.org or its Facebook Group.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP SE in Germany and other countries. Please see https://www.sap.com/copyright for additional trademark information and notices. All other product and service names mentioned are the trademarks of their respective companies.
About ASEAN Foundation
Three decades after ASEAN was established, ASEAN leaders recognised that: there remained inadequate shared prosperity, ASEAN awareness and contact among people of ASEAN. It was of this concern that ASEAN leaders established ASEAN Foundation during ASEAN’s 30th Anniversary Commemorative Summit in Kuala Lumpur Malaysia on 15 December 1997. ASEAN Foundation is an organisation from and for the people of ASEAN. The Foundation exists because of one vision: to build a cohesive and prosperous ASEAN Community. As an ASEAN’s body, the Foundation is tasked to support ASEAN mainly in promoting awareness, identity, interaction and development of the people of ASEAN. For more info about the ASEAN Foundation, visit: www.aseanfoundation.org
About ASEAN Data Science Explorers (ASEAN DSE)
ASEAN DSE is a regional digital literacy program aimed to introduce and equip youths, including underserved youths, with data analytics skills through SAP Analytics Cloud. It also aims to promote ASEAN awareness and United Nations Sustainable Development Goals (UN SDGs) and inspire the youths to actively tackle socio-economic issues across the ASEAN region through data-driven solutions. It has been endorsed by the ASEAN Senior Officials Meeting on Youth (SOMY) and ASEAN Senior Officials Meeting on Education (SOM-ED). It is devoted to ASEAN youths aged 16 – 35, taking full-time education at educational institutions based in the 10 ASEAN Member States, and underserved youths. It is manifested in two primary segments: the regional data analytics competition and enablement session. The competition is organised across all ASEAN member states with a regional final taking place onsite in Jakarta on 24 October 2023. For information on past iterations and participants of the program, please visit https://aseandse.org
