Malaysia smartphone app Curren$eek has taken the first place award at the Association of Islamic Banking Institutions Malaysia (AIBIM)’s fintech challenge.

The Curren$eek app has proved a market hit, helping users find the best money conversion rates. Now, it has taken out the top prize at the AIBIM fintech challenge ahead of Singaporean crowdfunding platform Kapital Boost and Malaysian digital payments solution provider, Prime Keeper.

The app, which has a $150,000 government grant, as well as having recently sought funding via an equity crowdfunding platform in Malaysia, has been downloaded more than 7000 times. Chief executive Hakim Karim said that while currency conversion annually is in the trillions, few people knew how to get a solid deal.

The awards were determined by a judging panel including Visa head of products for Southeast Asia, James Lim; Maybank head of innovation, Amran Hassan; Next Bank founder Rob Findlay; Investment Account Platform (IAP) chief executive officer Mohamed Izam Mohamed Yusof; and Malaysia Digital Economy Corporation (MDec) vice president of entrepreneur development, Gopi Ganesalingam.

A total of seven fintech start-ups competed for the top placement, with Curren$eek taking home a modest cash prize of US $3000.