The inaugural MasterCard Masters of Code global hackathon competition has concluded in San Francisco with the winning team from Malaysia.
MoneyRemaid earned the title of Masters of Code by building a software platform to disrupt the way domestic workers in Southeast Asia could receive and manage their salaries.
The team, comprised of a young woman and four young men, 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 in transactions for the first 12 months using Simplify Commerce.
The goal of team MoneyRemaid was to drive financial literacy and inclusion in their home country of Malaysia, focusing on the more than 300,000 migrant domestic workers struggling with a lack of financial access, high remittance costs when sending money home to their families, and a trend of non-payment by employers.
Using the MasterCard Simplify Commerce and MoneySend APIs, the team created a Software as a Service (SaaS) platform to automate salaries and payments, aggregate remittances to lower their overall costs, and open up safe investment opportunities with improved interest rates for the workers.
Leading up to the Grand Finale, the MasterCard Masters of Code competition visited 12 cities around the globe, hosting regional weekend-long events that brought together more than 3,000 of the world’s top developers, designers and entrepreneurs to take on the APIs supplied by MasterCard. Using these APIs, developers had access to unsurpassed assets, data and products from MasterCard focused on driving the next generation of commerce solutions.
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