Summary
DBS Bank, a leading financial institution in Singapore, partnered with AngelHack to spark innovation in financial services and engage with developers. As the sponsor of hacksingapore, DBS Bank engaged with over 300 developers in a 24-hour hackathon. This collaboration resulted in innovative projects aimed at enhancing financial security for Singapore’s aging population, with teams presenting their solutions directly to DBS leadership, paving the way for future collaborations and innovations.
Challenge
With a strong focus in digitalisation and innovation, DBS Bank wanted to explore solutions for underserved demographics in Singapore. This includes demographics such as the elderly, as they face barriers in utilising digital banking services effectively. Additionally, DBS sought to strengthen its engagement with Singapore’s vibrant community of developers and innovators to harness fresh perspectives and ideas that could drive forward its digitalisation efforts.
Solution
Wanting to spark innovation and connect with local tech talent, DBS saw running a hackathon as the perfect solution, and partnering with AngelHack for hacksingapore 2024 turned out to be a game changer. Instead of pouring resources into pulling off their own event, sponsoring the hackathon gave DBS a direct line to AngelHack’s vast network of developers. This meant they could dive right into the innovation without the heavy lifting involved in logistics, planning, and marketing.
AngelHack has this huge community [of developers] and… we see developers as a key resource [for the] digital future so we want to tap on that. – Bidyut Dumra, Group Head of Innovation
The hackathon itself was a hit, hosted at DBS X, their very own innovation hub. It buzzed with energy as over 300 developers rolled up their sleeves to rethink and refine digital banking for the aging population. This wasn’t just about finding new solutions—it was about building bridges with the sharp minds and fresh eyes of Singapore’s tech scene, turning a weekend of coding into ongoing partnerships to push DBS’s tech journey even further.
“DBS Asia X (DAX) is a space where we collaborate with start-ups and the broader fintech community to reimagine, inspire and create the future of innovation”, says DBS Bank’s Group Head of Innovation, Bidyut Dumra.
Impact
hacksingapore garnered 338 participants, leading to the creation of 32 diverse projects in the financial inclusion track. After rigorous pitching to DBS Bank’s leadership and industry professionals, three teams emerged as the top contenders:
- Team Triple-E secured first place with their “Financial Goals Reminder Chrome Extension,” designed to help users make mindful spending decisions and stay aligned with their financial goals.
- Team Brainrot’s SaySum developed an intuitive expense tracking app for older adults in Singapore, featuring voice input, personalised insights, and multilingual support to assist them in managing their finances effectively.
- Team Redemption Arc’s Defendy introduced a mobile app that protects retirement plans by offering a personalised score and tailored advice based on job stability and investments, ensuring users are prepared for future financial challenges.
By sponsoring hacksingapore, DBS Bank not only enhanced its product offerings through the infusion of novel ideas, but also fortified their position as a leading innovative bank in Singapore and beyond.
To explore more success stories from hackglobal 2024 and learn about sponsorship opportunities, visit our hackglobal page here
