(Singapore, 8 June 2020) In a bid to address COVID-19 and global climate crisis, the Monetary Authority of Singapore (MAS) has announced the launch of a S$1.75 million fintech competition.
The competition called MAS Global FinTech Innovation Challenge will seek innovative solutions that can help financial institutions respond to the two critical global challenges.

“The unique challenges posed by the health, economic, and climate crises which we are facing will inspire bold innovations and solutions,” said Sopnendu Mohanty, Chief FinTech Officer of MAS.

Source: AFP

“MAS is delighted to recognize 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 program,” he added, noting that MAS strongly encourages all innovators to take part in this global competition and showcase their solutions to the world.

The theme for the competition is “Building Resilience, Seizing Opportunities, Emerging Stronger”. Through the competition, 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 competition 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, contextualized and validated.

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.

In all, up to 12 winners will be selected to receive a total of S$1.2 million in prize money.

Besides, 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.

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.