SME Bank Crowns Winners of SME Bank Sandbox Swiss Innovation Challenge 2024 , Leading Team Set For Swiss International Pitch
KUALA LUMPUR: 27 September 2024 – SME Bank Malaysia Berhad (“SME Bank”) today announced the winners of the SME Bank’s Sandbox Swiss Innovation Challenge (“SSSIC”) 2024, culminating in six winning teams taking home over RM100,000 in cash prizes and one winning innovation project to represent Malaysia at the upcoming Swiss Innovation Challenge 2024 International Pitch in Switzerland on 21 October 2024.
Neoteric Engineering came in first under the Open Category, receiving RM30,000 and was crowned the grand champion. Two of their representatives will be representing the country to pitch their winning innovation project in Switzerland. Neoteric Engineering is revolutionising farming and agribusiness with its Data-Driven Precision Plantation initiative. By integrating advanced technologies such as AI, IoT, and satellite data, they are transforming agricultural practices for greater efficiency and sustainability.
Subsequently, under the Open Category, other winners include ProFeather as the first runner-up receiving RM20,000 and Materials in Works as the second runner-up receiving RM15,000. Meanwhile, for the Tertiary Category, Sunshine (FarmE) comprising students from Asia Pacific University of Technology & Innovation took home the Champion spot, taking home RM20,000, whilst Smartlink Innovation (Ecowatch) comprising students from Tunku Abdul Rahman University of Management and Technology was the first runner-up receiving RM15,000 and REMORA comprising students from University of Southampton as the second runner-up receiving RM10,000.
The SSSIC 2024 successfully attracted 439 submissions and through a rigorous screening process. 68 teams were shortlisted with only 19 finalists, comprising 10 from the Open category and 9 from the Tertiary category. The Open Category comprised start-ups, spin-offs and companies with no longer than five years of establishment, whilst the Tertiary Category comprised public and private higher learning learning institutions in Malaysia. This year’s challenge placed a strong focus on innovation, sustainability and social impact, as many of the submissions were aligned with the principles of the Sustainable Development Goals.
YB Datuk Ewon Benedick, Minister of Entrepreneur Development and Cooperatives (“MECD”) said, "I am pleased to see that SME Bank, together with its partners sharing a collective passion that aligns with the Malaysian Government’s agency that is dedicated in the value creation of the SME ecosystem. This collaboration fosters innovation and sustainability within our local entrepreneurial ecosystem and supports the Government's 2030 Sustainable Development Agenda. Furthermore, the SSSIC 2024 is a prime example of the government creating pockets of opportunities, through its agencies, to continue empowering our homegrown entrepreneurs locally and beyond.”
SME Bank Acting Group President/Chief Executive Officer, Datuk Dr. Mohammad Hardee Ibrahim said, “The SME Bank Sandbox Swiss Innovation Challenge 2024 is a partnership between SME Bank and the Swiss Innovation Challenge (“SIC”), a prestigious programme owned by the School of Business of the University of Applied Sciences and Arts Northwestern Switzerland (“FHNW”) that fosters innovation across both ASEAN and European countries. This collaboration has enabled us, along with our strategic partners, to provide a unique platform for entrepreneurs and SMEs to showcase their innovative business ideas. Through this challenge, we seek to inspire new solutions, drive sustainable business models, and make a meaningful and lasting impact in society.”
In partnership with FHNW, together with SME Bank’s subsidiary, Centre for Entrepreneur Development and Research Sdn. Bhd. (“CEDAR”), the SSSIC 2024 serves as a platform aimed at cultivating an ecosystem that empowers SMEs to generate innovative and high impact ideas, emphasising on environmental, social, and economic impact. Through CEDAR, the SSSIC 2024 is equipped with practical knowledge and skill enhancement through experienced coaches and entrepreneurs. The SSSIC 2024 is also supported by the Universiti Malaysia Kelantan, Putra Business School, DRB-HICOM University of Automotive Malaysia and the Swiss Malaysian Chamber of Commerce.
The SSSIC 2024 award ceremony was officiated by YB Datuk Ewon Benedick. Also in attendance was YBhg. Dato’ Sri Khairul Dzaimee Daud, Secretary General of MECD, along with Dato’ Muslim Hussain, Chairman of SME Bank and Datuk Dr. Mohammad Hardee Ibrahim, Acting Group President/Chief Executive Officer of SME Bank to celebrate the winners of this year’s edition.
