Next Saturday (March 28), MasterCard will kick off its third installment of the Masters of Code competition, this time in Singapore. The competition surrounds a series of hackathons where coders engage with MasterCard APIs to create meaningful prototypes that could potentially be used in real-world business cases. PYMNTS caught up with the leader of this event T.V. Seshadri, Group Executive, Global Products & Solutions Asia Pacific at MasterCard, to gain his insight on why MasterCard chose to take innovation to Singapore and what’s in store for the series’ future.
What is unique about the framework/environment of the APAC region that allows for innovative success?
T.V: The Asia Pacific region is extremely diverse and full of untapped potential. Each market has a distinct operating environment and is at different levels of development, scale, and capability. Developing nations such as Vietnam, Indonesia and Malaysia are eager to catch up with markets such as Japan, Singapore and South Korea. These nations have been at the forefront of technological advances in recent decades and have shown how innovation can benefit everyone.
In addition, high levels of government support, low operating costs and a population quick to embrace the latest technology, have encouraged the growth of startups and innovation by established businesses.
In other words, the Asia Pacific region has the right mix of ambition, business environment and customer base to create and scale “the next big thing.”
Can you identify some challenges facing the technology industry in the APAC region?
T.V: In general, the technology industry is heavily dependent on consumer demand driven by local economies. In developed markets, growth in the industry will be dependent on ever-changing consumer preferences and tastes. Consumers have been quick to embrace the latest technology but that also means they’re often looking for “what’s next?” Technology companies will have to stay ahead of the curve in order to maintain growth.
However, in emerging markets the challenges facing the technology industry in Asia Pacific lie not so much with innovation and technology itself but rather with whether a country has the resources to adopt such technology, and if people know how to use a product effectively and efficiently.
How can global technology companies contribute to innovation in the APAC region?
T.V: Global technology companies can contribute through reverse innovation. What this means is, instead of developing a product for global consumption and then localizing it to the market preferences and specifications, global technology companies should develop innovations that meet the specific needs and budgets of local consumers.
Additionally, having the breadth and depth of a global tech company, they should consider sharing some of their knowledge and expertise, gathered over many years of trial and error, with innovators in the Asia Pacific region.
This year, we are hosting a global yearlong hackathon series, Masters of Code, to take innovation beyond the walls of our company. The competition kicked off in Sydney followed by Hong Kong last week and Singapore this weekend, and it will culminate with a grand finale in December in Silicon Valley.
The world’s top developers, designers and entrepreneurs will gather to take on the APIs supplied by MasterCard to create innovative prototypes that drive the next generation of commerce applications. We are opening up our technology to the world to enable developers to utilize our products and platforms to build the next big thing.
What do you hope the regional winners of Masters of Code bring back to their communities?
T.V: More than just the $100,000 prize money or the glory of being named Masters of Code champions, the winner of this series receives something even more valuable – MasterCard’s investment, support, mentorship and vast partner access to help bring the winner’s product idea to life and scale it as a real business on a global scale. We hope that the winners will bring this experience and gained expertise back home and continue to foster innovation and entrepreneurship within their communities.
Why did MasterCard choose to hold Masters of Code in Singapore?
T.V: We chose Singapore for the high concentration of entrepreneurial and developer talent. Our MasterCard Masters of Code developer program is global and we hope to reach top developers, designers and entrepreneurs – the best and brightest coders – anywhere in the world.
What kind of talent are you expecting to find in Singapore?
T.V: The startup scene in Singapore is flourishing. It is a great nurturing ground for technology startups – supported by pro-business policies and high education standards. And the potential for accelerated growth is undeniable.
In just 10 years, the number of active startups in Singapore has grown by 80 percent to more than 40,000, according to SPRING Singapore. The Singapore government is not only boosting the startup sector through grants, it’s also fostering a culture of collaboration through “clustering,” with many more spaces dedicated to fueling the development of innovative new ideas, such as Blk71, The Hub and most recently BASH.
We are excited and looking forward to seeing some of the most innovative solutions from the best coders in the world in Singapore.
How many developers do you hope will participate?
T.V: We expect to have a sold-out event with developers, designers and entrepreneurs from across Singapore – and even traveling in from the surrounding areas – to compete.
What does MasterCard hope to see from the APAC region as an emerging tech hub?
T.V: The Asia Pacific region is one of the most dynamic regions in the world. South Korea and Japan top Bloomberg’s 2015 ranking of the world’s 50 most innovative countries. And three out of the Top 5 countries with the largest number of high-tech public companies are in the Asia Pacific region – China, Japan and South Korea.
The technology industry in emerging markets like India and Indonesia is also expanding fast. They have young populations that are tech savvy and connected.
Technology will continue to transform the region and we expect to see some of the most cutting-edge products and solutions being developed to address the current and future needs of people in the region.
Looking ahead, how can MasterCard leverage the creativity from these hackathons?
T.V: MasterCard has launched the Masters of Code Competition because we want to reach the best and brightest developers and entrepreneurs in each region, this helping us and them think globally and act locally. From these hackathons, we want to get our technology in front of as many people as possible. By opening our platform, the goal at the end of the day is to reach out to segments of the industry we’re not engaged with. Through Masters of Code, we will be engaging with startups, developers and entrepreneurs and creating relationships with those who we think can create the next big thing.
T.V. Seshadri
Group Executive, Global Products & Solutions Asia Pacific at MasterCard
T.V. Seshadri is group executive, GP&S, Asia Pacific for MasterCard.
Sesh is responsible for developing, driving and implementing product strategies and solutions in partnership with our global and regional management and the Asia Pacific division presidents. Sesh’s focus is to maximize the region’s revenue growth, ensure maximum penetration of market segments; and identify strategic business-building opportunities in products and solutions that can be offered to customers in the region.
Sesh has held several management roles within MasterCard over the last 15 years in Singapore and India. In his most recent role as division president, South Asia, Sesh successfully spearheaded several innovative card programs and introduced new payment solutions in the areas of virtual payments and cash displacement. Sesh has also represented MasterCard at various industry forums and was actively engaged with various government agencies and entities to deploy electronic payment systems as an effective financial inclusion tool.
Prior to joining MasterCard, Sesh spent 11 years with Bank of America across India, Hong Kong, & Singapore. Sesh holds a degree in Mechanical Engineering and a Post-Graduate Diploma in Industrial Engineering.
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