Bank and startups to tackle challenges in food security, gig economy and electronic waste management

KUALA LUMPUR – Hong Leong Bank and Hong Leong Islamic Bank yesterday announced that it has chosen three startups, Food Market Hub, Pay:Watch and ERTH (e-Waste Recycling Through Heroes) to work with on the pilot projects addressing food security, the gig economy and e-waste management respectively in the next six months.

These startups are the winners of the third edition of HLB Launchpad 2020, a startup mentorship platform that brings together collaboration with MDEC, Cradle Fund, MaGIC, Malaysian Business Angel Network (MBAN) and pitchIN under a common vision to cultivate a vibrant and competitive startup community that will disrupt, innovate and bring fresh ideas and solutions to the market.

This year’s Launchpad carried the theme “Reboot: Thriving Together in the New Normal” and was focused on identifying startups with innovative solutions that are Digital, Adaptable and Sustainable to help Malaysians adapt and thrive in this new and next to normal.

Food Market Hub, who emerged as the winner, is a F&B ecosystem provider that integrates the entire value chain of farm-to-restaurant. They use disruptive technology to take the traditional F&B procurement process to the next level, such as using predictive analytics and AI to forecast demand as a means to increase food security and reduce food waste in the country.

The first runner-up Pay:Watch is a startup that partners with employers and banks to provide gig workers instant access to earned wages, in real-time, before payday.

Second runner-up ERTH is a startup that offers an electronic waste recycling service that buys end-of-life personal electronics such as PCs, laptops, smartphones, for recycling.

On top of being able to work with the Bank on pilot projects, Food Market Hub was rewarded with RM50,000 cash prize while the two runners-up Pay:Watch and ERTH received RM25,000 each.

Together with this third edition of HLB LaunchPad, over 50 pitches have been presented to the HLB C-Level on Demo Day with over 1,800 hours of mentorship provided by HLB Division Heads. The Launchpad platform has also successfully helped 80% of startups obtain funding either through the Bank itself or venture capitalists and over 20% of startups are now HLB value partners, providing innovative solutions to jointly go to market.