Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Monetary Authority of Singapore announces finalists for 2017 Global FinTech Hackcelerator and FinTech Awards

Monetary Authority of Singapore announces finalists for 2017 Global FinTech Hackcelerator and FinTech Awards

The Monetary Authority of Singapore (MAS) has 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.

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.

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, 5 in each category, by a panel of industry judges. The entries were evaluated on (i) Relevance, (ii) Competitive Advantage, (iii) Revenue, (iv) Scalability, (v) Business Stage, and (vi) Team Experience.

The customer-facing category includes a first smart piggy bank (ERNIT, Denmark), which connecting a piggy bank to an app with a real-time bank account. The system makes digital money tangible by letting children set goals, do chores and follow their long-term progress. Within ‘financial inclusion’, an Israeli data analytics startup, called ConfirmU, helps lenders score people with no credit history or a thin file,  based on conversational UI/Chatbot, payment history, potential employment opportunities, and geolocation history.

In the ‘regtech’ category, Solus Connect from Malaysia is providing of operating system and device agnostic, multifactor authentication software that seamlessly integrates biometric security solutions across multiple platforms. Solus is also developing adaptive machine-learning behavioural tools that will utilise user’s device behaviour to detect and predict fraudulent behaviour.

Within ‘general’, Kyckr from Ireland has created a global network providing unique real-time access to over 80 million legal entities, from over 190 business registers in 88 countries, guaranteeing the veracity of data and providing the building blocks to ensure AML/CTF (Anti-money laundering/ Counter terrorism financing) compliance.

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, on 16 November 2017. 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.

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.

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.”

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit www.ibm.com