The Monetary Authority of Singapore (MAS) has launched the S$ 1.75 million MAS Global Fintech Innovation Challenge. The competition seeks Fintech solutions that can help financial institutions respond to COVID-19 and climate change.
MAS said the theme for the competition is “Building Resilience, Seizing Opportunities, Emerging Stronger”. MAS aims to promote Fintech solutions that will help financial institutions adapt effectively to the new operating environment and 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 help to source for Fintech solutions for specific focus areas.
The MAS Fintech Awards are supported by PwC Singapore. MAS states that this year, there will be two new award categories – ASEAN Fintech and Singapore Financial Institution – which will celebrate projects from Fintechs in ASEAN and Singapore-based financial institutions respectively.
In all, up to 12 winners will be selected to receive a total of S$ 1.2 million in prize money.
The MAS Global Fintech Hackcelerator matches market-ready solutions with industry’s actual technology needs. It comprises two segments: the Local Programme and the International Programme. The Local Programme, supported by KPMG Digital Village.
The International Programme comprises winners of Fintech competitions organised by international partners, including the Saudi G20 Presidency, the Bank for International Settlements Innovation Hub, Women’s World Banking, and the United Nations Capital Development Fund (UNCDF). The winners of these partner competitions will be fast-tracked into the finals of the Global FinTech Hackcelerator.
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.