The Monetary Authority of Singapore (MAS) announced today the 65 finalists for the Global FinTech Hackcelerator, and the Singapore FinTech Festival (SFF) Global FinTech Awards. These Awards are among the highlights of SFF 2022, which will take place from 2 to 4 November 2022.
Global FinTech Hackcelerator 2022
The theme for this year’s Global FinTech Hackcelerator is “Accelerating A Greener Digital Future”, with a dual focus on Web 3.0 and Green Finance. The 17 finalists, comprising FinTech firms and solution providers, will pitch their solutions at the Global FinTech Hackcelerator Demo Day at SFF on 2 November 2022. All finalists will receive a S$20,000 cash stipend and be eligible for a fast-tracked application process to receive a cash grant of up to S$200,000, under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme [1] . The top three winners will each receive S$50,000 in prize money.
Ten finalists were shortlisted through the Local Programme and another seven from the International Partner Programme.
Local Programme – MAS and Oliver Wyman shortlisted 10 finalists from over 100 submissions which addressed more than 50 high-priority problem statements collated from financial institutions and industry players in Singapore and globally. Over 70 submissions were from the Asia Pacific region.
International Partner Programme – This programme attracted solutions from winners of Web 3.0 and Green Finance-related competitions organised by selected international partners. This year’s international partners are Accelpoint and the Polish Investment & Trade Agency [2] , F10 [3] , Finance for Tomorrow [4] , and FinTech Australia [5] . Seven winners from the programmes run by these international partners were placed in the finals of the Global FinTech Hackcelerator.
SFF Global FinTech Awards 2022
The theme for this year’s SFF Global FinTech Awards is “Embracing Digital, Charting the New Normal”. The Awards, supported by PwC Singapore, seeks to recognise innovative initiatives that have demonstrated potential to create new growth opportunities, transform industry practices, promote financial inclusion, and actively integrate environmental, social, and governance (ESG) factors as part of their overall business model.
The Global FinTech Awards comprise awards presented by MAS and the Singapore FinTech Association (SFA). A total of 223 submissions were received across all nine award categories. For the FinTech Awards sponsored by MAS, 131 submissions were received across four award categories [6] of which 48 finalists were shortlisted. SFA received 92 submissions across their five award categories [7] . Winners of the Awards will be announced at the SFF FinTech Awards Dinner on 3 November 2022.
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “To stay resilient and relevant, FinTech firms must be bold and nimble in implementing innovative solutions that challenge existing norms, and inspire change in the new normal. We look forward to seeing our finalists achieve greater success in their business as we all contribute towards building a strong and sustainable financial industry.”
Mr Chia Tek Yew, Vice Chairman, Singapore of Oliver Wyman shared, “Web 3.0 and Green Finance solutions are still in nascent stages of adoption by the financial industry. It has been exciting for us to work with finalists of the MAS Global FinTech Hackcelerator and guide these future champions early in their journey to solve real world issues.”
Ms Wong Wanyi, FinTech Leader, PwC Singapore’s Venture Hub, said, “Following a few years of digital acceleration and solution development by industry players amid the global pandemic, we are seeing a new level of maturity and innovation in ESG and payments-related solutions at this year's FinTech Awards. This marks a positive progress in enabling organisations to advance their sustainability and financial inclusion agenda which will in turn unlock new transformation and growth opportunities."
Please refer to Annex A for more information on the Global FinTech Hackcelerator. Please refer to Annex B for more details on the SFF Global FinTech Awards and the finalists for the 2022 FinTech Awards under MAS [8] .
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About the Singapore FinTech Festival
The Singapore FinTech Festival (SFF) is organised by the Monetary Authority of Singapore (MAS) and Elevandi, in partnership with Constellar and in collaboration with The Association of Banks in Singapore (ABS). Since its inception in 2016, SFF has become the premier platform for the global FinTech community to engage, connect, and collaborate on issues relating to the confluence of financial services, public policy, and technology. Last year, SFF featured global leaders such as Ben Horowitz, Co-Founder and General Partner, Andreessen Horowitz; Bill Winters, Group Chief Executive, Standard Chartered Bank; Christopher Young, Executive Vice President Business Development, Strategy and Ventures, Microsoft; François Villeroy de Galhau, Governor, Banque de France; Marc Benioff, Chair, Co-CEO, and Co-Founder, Salesforce; and Dr Marian Croak, Vice President of Engineering, Google. Last year’s edition brought together 60,000 participants from over 160 countries. MAS, Elevandi, Constellar and ABS are proud to jointly deliver this year’s SFF. Visit www.fintechfestival.sg to register for SFF 2022 and receive updates.
[1] The MAS Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) scheme provides funding support for experimentation, development, and dissemination of nascent innovative technologies in the financial services sector.
[2] European FinTech Hackcelerator by Accelpoint and the Polish Investment & Trade Agency .
[3] F10 Climate FinTech Incubation Program and Klaytn Web 3 Incubation Program powered by F10 .
[4] FinTech for Tomorrow Challenge by Finance for Tomorrow.
[5] Finnies 22 by FinTech Australia .
[6] The award categories by MAS are Singapore FinTech (Singapore Founder); ASEAN FinTech; Singapore Financial Institution; and Global.
[7] The award categories by SFA are Top 10 FinTech Leaders; ASEAN FinTech Leaders; FinTech Employer of the Year; Partners of FinTech; and Knowledge Enterprise Award.
[8] The four award categories under MAS includes a qualifying round, while the five award categories under SFA do not have a qualifying round and all are considered.