Financial Technology,riskregulation,technology,

Financial Technology,riskregulation,technology,

The Monetary Authority of Singapore announced the finalists for the 2017 Global FinTech Hackcelerator and FinTech Awards. The Global FinTech Hackcelerator and FinTech Awards are among the highlights of this year’s Singapore FinTech Festival, which will take place in Singapore from 13 to 17 November 2017. Global FinTech Hackcelerator

In May 2017, MAS published a catalogue of 100 problem statements gathered from the financial industry and invited the global FinTech community to develop new and innovative solutions to any of the problems for the Global FinTech Hackcelerator. The problem statements fall under 4 categories: Customer-Facing, Financial Inclusion, RegTech, and General.

MAS received 580 submissions from over 40 countries. From the submissions, 20 teams were shortlisted by a panel of industry judges (See Annex A for the panel of judges). The entries were evaluated on (i) Relevance, (ii) Competitive Advantage, (iii) Revenue, (iv) Scalability, (v) Business Stage, and (vi) Team Experience.

The Global FinTech Hackcelerator provides a platform for the finalists to work with corporate champions and industry mentors to convert their proposals into market-ready solutions by the time of the FinTech Festival.

The teams will undergo a 12-week programme, led by KPMG Digital Village, during which they will work and meet with corporates, investors, partners and regulators. The teams will present a working prototype of their solutions at Demo Day, which will be held on 16 November 2017 (Day 4 of the FinTech Festival). This will be followed by a Q&A session with the judges. The Demo Day judging panel, which represents a cross-section of the financial industry, will evaluate teams on their relevance to address the problem statement, company’s business potential, innovativeness of idea, and team profile and ability to execute.

FinTech Awards

The FinTech Awards, comprising the MAS FinTech Awards and ABS Global FinTech Award, recognisesinnovative FinTech solutions that have been implemented by FinTech startups, financial institutions, and technology companies. 30 finalists were shortlisted by a panel of industry judges from 309 submissions. 

Up to 10 winners will be selected by a panel of judges comprising international experts across multiple domains. All finalists will be evaluated on 4 criteria: (i) Impact, (ii) Practicality, (iii) Interoperability, and (iv) Uniqueness and Creativity. The selection process for the FinTech Awards is led by PwC.

The winners of the Global FinTech Hackcelerator and FinTech Awards will be announced at the FinTech Awards Night, to be held at Singapore Expo on 16 November 2017. Holders of the 3-day FinTech Conference pass will have access to the FinTech Awards Night.

Sopnendu Mohanty, Chief FinTech Officer, MAS,said: “When we first conceived of the Global FinTech Hackcelerator and the FinTech Awards in 2016, our goal was to encourage innovation in Singapore. One year on, we are pleased to see an improvement in the quality and variety of submissions for both the Global FinTech Hackcelerator and the FinTech Awards. The sustained interest in these initiatives reflects the growth and evolution of the Singapore FinTech ecosystem.”

Re-disseminated by The Asian Banker