The MAS Global FinTech Innovation Challenge will seek innovative solutions that can help financial institutions respond to two critical global challenges: COVID-19 and climate change
The Monetary Authority of Singapore (MAS) announced today the launch of a S$1.75 million MAS Global FinTech Innovation Challenge. The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: COVID-19 and climate change.
The theme for the MAS Global FinTech Innovation Challenge is “Building Resilience, Seizing Opportunities, Emerging Stronger”.
Through the MAS Global FinTech Innovation Challenge, MAS aims to promote FinTech solutions that will help financial institutions adapt effectively to the new operating environment precipitated by the COVID-19 pandemic as well as apply FinTech capabilities to spur the development of green finance in Asia and globally.
The MAS Global FinTech Innovation Challenge comprises the revamped MAS FinTech Awards and the MAS Global FinTech Hackcelerator. It will be hosted entirely on the API Exchange (APIX), a cloud-based innovation platform, which will not only help to source for FinTech solutions for specific focus areas but also allow these solutions to be curated, contextualised, and validated.
MAS FinTech Awards
The MAS FinTech Awards, supported by PwC Singapore, recognise innovative FinTech solutions that have been implemented to address the two global challenges. The FinTech Awards are open to FinTech firms, financial institutions, and solution providers worldwide.
This year, there will be two new award categories – ASEAN FinTech and Singapore Financial Institution – which will celebrate innovative projects from FinTechs in ASEAN and Singapore-based financial institutions respectively. Interested parties can submit applications through APIX to demonstrate how their implemented projects have successfully enabled financial institutions to respond effectively to the pandemic or climate change.
In all, up to 12 winners will be selected to receive a total of S$1.2 million in prize money.
The MAS FinTech Awards recognises innovative FinTech solutions that have been implemented by FinTech companies, financial institutions and solutions providers worldwide to enable the financial industry to respond better to pandemic, green, transition and climate risks.
Up to 12 winners will be selected in four categories – Singapore Founder, ASEAN FinTech, Singapore Financial Institution and Global – by an international panel comprising industry experts across multiple domains. Finalists are evaluated on four criteria: (i) Impact, (ii) Practicality, (iii) Interoperability, and (iv) Uniqueness and Creativity.
MAS Global FinTech Hackcelerator
The MAS Global FinTech Hackcelerator matches innovative market-ready solutions with industry’s actual technology needs. It comprises two segments: the Local Programme and the International Programme.
The Local Programme, supported by KPMG Digital Village, will publish high-priority problem statements collated from the finance industry in Singapore and globally. A record 107 problem statements were received this year, across four categories: (i) Responding to a global pandemic; (ii) Green finance solutions; (iii) Green finance enablers; and (iv) Sustainability. FinTech solution providers from across the world are invited to submit their proprietary solutions to any of these problem statements. The finalists will be mentored by industry experts to strengthen their proposals and to develop customised prototypes on APIX, which will provide them access to a development sandbox rich in data and Application Programming Interfaces (APIs).
The International Programme comprises winners of FinTech competitions organised by international partners, including the Saudi G20 Presidency, the Bank for International Settlements Innovation Hub, Women’s World Banking, and the United Nations Capital Development Fund (UNCDF). The winners of these partner competitions will be fast-tracked into the finals of the Global FinTech Hackcelerator.
Up to 20 finalists of the Global FinTech Hackcelerator will each receive a S$20,000 cash stipend for their preparations for the Hackcelerator Demo Day. From these finalists, up to three winners will be selected on Demo Day at the Singapore FinTech Festival, with each receiving S$50,000 in prize money.
The MAS Global FinTech Hackcelerator publishes high-priority business challenges and invites all FinTech solutions providers with a market-ready solution from around the world to submit their applications on how they intend to solve these challenges with their proprietary solutions.
The competition comprises two parallel scouting programmes – the Local and International Programmes. The Local Programme tackles problem statements originating from the finance industry in Singapore and globally; and the International Programme comprises of FinTech challenges organised by international partners.
Organised by MAS and supported by KPMG Digital Village, the programme seeks to match innovative market-ready solutions with real industry needs. MAS invited its industry partners to submit problem statements or business challenges that their organisation or the industry faces.
The Global FinTech Hackcelerator’s International Programme features independent challenges run by selected international partners around the world.
All 20 finalist teams from the Local and International Programmes will each receive cash stipends of S$20,000, mentorship by industry experts and access to potential clients and investors. They will then present their solutions during the Global FinTech Hackcelerator Demo Day to an esteemed panel of judges. The top three solutions will receive cash prizes totalling S$150,000. Additionally, applications for MAS’ Financial Sector Technology and Innovation (FSTI) Proof-of-Concept grant (up to S$200,000) will be fast-tracked for all 20 finalists.
Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “The unique challenges posed by the health, economic, and climate crises which we are facing will inspire bold innovations and solutions. MAS is delighted to recognise through the FinTech Awards effective solutions that have already been implemented, as well as help match industry partners with innovative FinTech firms seeking more support for their ideas through the Hackcelerator programme. We strongly encourage all innovators to take part in this global competition and showcase their solutions to the world.”