The Monetary Authority of Singapore (MAS) announced today the launch of the 7th edition of the Global FinTech Hackcelerator, with the theme “Accelerating A Greener Digital Future”.
The competition, powered by Oliver Wyman, seeks to leverage the potential of FinTech in accelerating the development of Web 3.0 and Green Finance, in Singapore and the region.
FinTech firms and solution providers around the world are invited to submit innovative solutions to address over 50 problem statements that have been collected from financial institutions and industry players.
The Web 3.0 problem statements focus on embedding blockchain technology to overcome scalability and implementation challenges, as well as expanding decentralised finance to enable the development of real-world use casesExamples of real-world use cases include addressing data privacy and fraud issues to ensure security for users, as well as solving for market efficiency shortcomings..
The Green Finance problem statements focus on enhancing investor and financial institution’s ease of monitoring commitments and measuring impact of loans and investments against their sustainability goalsExamples of problem statements aimed at helping corporates and SMEs meet their sustainability goals include leveraging on technology to create sustainable benchmarks in order to rate companies’ performance on a green scale..
Up to 20 finalists will be shortlisted for a virtual programme where they will be paired with a Corporate ChampionCorporate Champions are teams from Singapore-based financial institutions or organisations that mentor finalists during the Hackcelerator, working with them to refine and contextualise the solution. to develop customised prototypes on the API Exchange (APIX)APIX (), a product of the ASEAN Financial Innovation Network, is a not-for-profit entity formed by the MAS, the International Finance Corporation and the ASEAN Bankers Association, with the objective of supporting financial innovation and inclusion around the world.. Each finalist will also receive a S$20,000 cash stipend and be eligible for a fast-tracked application for the MAS Financial Sector Technology and Innovation Scheme Proof-of-Concept Grant of up to S$200,000.
Finalists will pitch their solutions at the Demo Day that will be held as part of this year’s Singapore FinTech FestivalSFF 2022 will be held from 2 to 4 November, with industry events and the Innovation Lab Crawl taking place on 31 October and 1 November.. Three winners will be selected, with each receiving S$50,000 in prize money.
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS said, "We are at the precipice of a major shift in the delivery of financial services. By addressing issues relating to the scalability and implementation of blockchain technology and decentralised finance across broader areas of finance, this will spur the development of innovative real-world solutions to benefit the financial sector. The FinTech sector is also uniquely-positioned to tackle challenges in climate change and accelerate Asia’s shift towards sustainable finance. We strongly encourage all innovators to take part in this global competition and showcase their solutions to the world."
Mr Chia Tek Yew, Vice Chairman, Singapore of Oliver Wyman said, “The dual themes in this year’s Hackcelerator are a sign of the times. We look forward to the continued pursuit of solutions in Green Finance to minimise negative impact in our physical world, and harness technology to build towards a digital future with advances in Web 3.0. This is the platform for innovators to drive real change in the world we live in for current and future generations.”
All FinTech firms and solution providers are encouraged to submit their applications for the MAS Global FinTech Hackcelerator here by 26 June 2022.