MAS launches $1.75m global fintech innovation challenge

It comprises the MAS FinTech Awards and the Global FinTech Hackcelerator.

The Monetary Authority of Singapore (MAS) has launched the $1.75m MAS Global FinTech Innovation Challenge, which seeks innovative solutions that can help financial institutions respond to COVID-19 and climate change, the regulator announced in a press release.

The competition comprises the revamped MAS FinTech Awards and the MAS Global FinTech Hackcelerator.

The challenge will be hosted in the cloud-based platform API Exchange (APIX), a flagship product of the ASEAN Financial Innovation Network (AFIN), the not-for-profit entity formed by MAS along with the International Finance Corporation (IFC), a member of the World Bank Group, as well as the ASEAN Bankers Association.

This year’s competition carries the theme is “Building Resilience, Seizing Opportunities, Emerging Stronger”.

The MAS FinTech Awards will introduce two new award categories—ASEAN FinTech and Singapore Financial Institution—which aims to celebrate innovative projects from fintechs in ASEAN and Singapore-based financial institutions, respectively. Up to 12 winners will be selected to receive a total of $1.2m in prize money.

Meanwhile, the MAS Global FinTech Hackcelerator aims to match market-ready solutions with the industry’s actual technology needs, according to MAS. It will comprise two segments, with up to 20 finalists receiving a $20,000 cash stipend each 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 $50,000 in prize money.

The first segment is the local programme, supported by KPMG Digital Village, which will publish high-priority problem statements from the finance industry in Singapore and globally. A total of 107 problem statements had been received this year across four categories ranging from global pandemic response, green finance solutions and enablers, and sustainability.

Finalists will be mentored by industry experts to strengthen their proposals and to develop customised prototypes on APIX, added MAS.

On the other hand, 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, the press release said.