The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) are joining together on the Fintech Awards to be presented at the inaugural Singapore Fintech Festival scheduled for November 2016.
Singapore is staking a claim in the Fintech sector and view financial innovation as strategic to their economic growth. Earlier this year, an executive at MAS made the statement;
“We are Fully Committed to Building Up the Fintech Ecosystem.”
Sopnendu Mohanty, Chief FinTech Officer of MAS, described the event as boosting financial innovation;
“The MAS FinTech Awards and ABS Global FinTech Award represent the industry’s highest accolade for FinTech innovation. These awards celebrate the spirit of innovation in the financial sector by providing recognition to innovative FinTech projects that have been implemented in Singapore. It is our belief that such recognition will help foster a culture of innovation within the financial sector.”
As of today, MAS & ABS are accepting the submission of entries for the Fintech awards until August 31st. The Awards will recognise innovative Fintech solutions that have been implemented by Fintech companies, financial institutions, and technology companies.
Entries could fall under any of the following categories:
- MAS FinTech Awards (Singapore Founder): Singapore-based SMEs with at least one Singaporean founder
- MAS FinTech Awards (Singapore SME): Singapore-based SMEs
- MAS FinTech Awards (Singapore Open): Singapore-based companies of any size
- ABS Global FinTech Award: FinTech project implemented in any part of the world
For the MAS Fintech Awards, up to 9 recipients will each receive between S$50,000 and $250,000. The total amount for the MAS Fintech Awards will be up to S$1 million. For the ABS Global Fintech Award, at most one recipient will receive S$150,000.
ABS Director Ong-Ang Ai Boon said that innovation is the heart of the technological revolution. By engaging with external solution providers they will better be able to generate new ideas and meet customer needs. She stated;
“[we hope these] awards will spur more innovation and collaboration between Fintech companies and our members so that Singapore can remain at the vanguard of change and maintain its role as an international financial hub.”