NOAH Business Applications advances the JFinex finance competition
December 19, 2019
as featured in Manila Times
NOAH Business Applications has brought the Junior Financial Executives Institute of the Philippines’ (JFinex) Inter-Collegiate Finance Competition (ICFC), the longest running and considered the most prestigious finance competition in the Philippines, to the digital age.
JFinex serves as the vehicle of the 51- year-old Financial Executives Institute of the Philippines (Finex) in promoting advanced learning in business and finance among the youth. It is composed of almost 800 senior finance professionals and practitioners, mainly presidents/chief executive officers, and senior executives of financial institutions, chief financial officers, treasurers and controllers of large corporations, entrepreneurs, public officials, and academicians.
Prior to the partnership of JFinex with NOAH Business Applications, the ICFC was done manually through raising of flash cards.
All that changed in 2018, when NOAH Business Applications, an end-to-end business applications provider for various industries, modernized the competition process from its elimination to final round to maximize the impact of its advocacies.
On the 21st year of the competition, the 22 teams were given tablet devices to use where they examined the questions and electronically relayed their answers. The scoring, tabulation and results were made readily available to the audience and participants.
“I am glad that we have this competition which has been brought to the modern age. Dada del Carmen has brought ICFC from the old antiquated flash card level to computers. Now, we are reaping the benefits of the automation program initiated by our [JFinex] Chair[man], the esteemed Dada del Carmen,” said ICFC Chairman of the Board of Judges Edwin Fernandez during the 21st ICFC Finals.
Digitalization is considered the key to growth and financial inclusion worldwide. “Future workers and leaders in the finance industry will face pressures and challenges such as the increasing digitalization of the financial services industry requiring consumers to learn and use new technology,” said Bangko Sentral ng Pilipinas’ (BSP) Managing Director of the Center for Learning and Inclusion Advocacy Pia Bernadette Tayag during the recently held ICFC Finals.
Since 2018, the elimination round of the ICFC has been supported by an internet connection since the contest is held simultaneously across the seven key cities in the Philippines.
The optimization of the competition system of NOAH Business Applications automation for the 21st ICFC was an instrumental development to improve both the participant and audience experience level while maximizing efficiency.
Now on its third year as a technology partner, it implemented improvements as advised by its ICFC Board of Judges Chairman Emiliano Librea 3rd. Questions were loaded faster and more smoothly compared to earlier years of competition automation.
NOAH Business Applications provided an end-to-end approach to encryption, authorization and authentication for all the sensitive data such as the questions to maintain sensitive data security.
Through its accessibility and approval matrices, it map out the data points through appropriate type of rights to access data from creation, viewing, deletion, deactivation to closing.
Protection from intrusions and unauthorized system access is implemented through its strong security feature in compliance to major system security standards to ensure that all the data is protected and kept confidential.
To ease the tension and engage the participants of the competition, NOAH Business Applications designed a game inspired by a popular game show, which was actively participated in by the both the students and their coaches. The items that were included in the game gave a glimpse of what the hobbies of the Jfinex Committee members are.
“The ICFC aims to promote a significant learning in the area of finance, create a deep rooted awareness on the students on the value of finance. This year’s competition has indeed been as competitive and exciting as ever,” said Finex President Eusebio Tan.
“JFinex has always strived for excellence, and today’s competition is nothing less than excellent because we have the best minds among our youth,” stated Jfinex Liaison Director Benito Soliven 3rd.