Malaysian team MoneyRemaid has won MasterCard’s inaugural Masters of Code global hackathon competition.
Competing on December 5 - 6 in San Francisco against the winning teams from each of the 12 regional events held throughout the year,
The team behind MoneyRemaid earned the title of Masters of Code by building a software platform to enhance the way domestic workers in Malaysia and Southeast Asia receive and manage their salaries.
The team of five was awarded the grand prize of $100,000 seed funding, incubation in the MasterCard StartPath program, six months of executive mentoring and free payment processing for up to $250,000 (RM1.06 million) in transactions for the first 12 months using Simplify Commerce.
The goal of team MoneyRemaid was to drive financial literacy and inclusion in Malaysia by focusing on the more than 300,000 migrant domestic workers struggling with a lack of financial access and high remittance costs when sending money home to their families. U
sing the MasterCard Simplify Commerce and MoneySend APIs, the team created a Software as a Service (SaaS) platform to automate salaries and payments through the linking of employers’ credit cards to maids’ bank accounts, aggregate remittances to lower their overall costs, and open up safe investment opportunities with improved interest rates for the workers.
Overall, the software looks to enable domestic workers to better assess and plan their finances at a glance.