Bursa Malaysia and CGS-CIMB Securities to Host InvestHack Virtual Hackathon to Improve Retail Investor Participation in the Marketplace
KUALA LUMPUR, Malaysia, Oct. 30, 2020 /PRNewswire/ -- Bursa Malaysia Berhad ("Bursa Malaysia" or the "Exchange") in partnership with CGS-CIMB Securities Sdn Bhd ("CGS-CIMB"), will host the inaugural "InvestHack" hackathon event from 20 – 22 November 2020. Themed "InvestHack: Reimagine Investing", the contest aims to develop innovative solutions and offerings that can enhance retail investor participation in the marketplace. Joining in as community partners to support the competition are Malaysia Digital Economy Corporation (MDEC) and the Malaysian Global Innovation & Creative Centre (MAGIC).
Retail participation on Bursa Malaysia has seen significant growth this year, attributable to a variety of factors arising from the COVID-19 pandemic. As at end-September 2020, the retail participation recorded a 10-year high of 33.2%, while Average Daily Value (ADV) was RM1.327 billion representing a 231.4% increase compared to the same period in 2019.
Sustaining active participation by retail investors is essential towards a vibrant securities market, and the Exchange plans to focus on the use of technology to develop a more energetic marketplace. Towards this end, Bursa Malaysia and CGS-CIMB would like to invite all interested parties from around the world to join this competition. Registration for InvestHack is free and will offer a total cash prize of RM35,000. Teams will be required to work on four different challenges to improve the retail investor ecosystem. For more information and to register, please visit https://www.bursamarketplace.com/investhack-2020/.
Commenting on the initiative, Datuk Muhamad Umar Swift, Chief Executive Officer of Bursa Malaysia said, "We are excited to host this event with our partner, CGS-CIMB Securities to create new opportunities to better serve the needs of the investing public. Technology is a critical enabler of growth and the Exchange is constantly looking for new ideas and technology solutions. We hope this platform can encourage and inspire creative ideas that will deliver value to the marketplace."
Ruzi Ajith, Chief Executive Officer of CGS-CIMB added, "We are honoured to be part of this event with Bursa Malaysia, as this platform encourages us to see investing from a different perspective. We look forward to the new ideas and innovative solutions that can improve the retail market place."