Flagright shines as finalist in MAS’s 2023 AI in Finance challenge


Flagright is one of the 19 finalists in the “Artificial Intelligence in Finance Global Challenge” as part of the 2023 Global FinTech Hackcelerator.

The challenge, conducted by the Monetary Authority of Singapore (MAS) and endorsed by international management consulting firm Oliver Wyman, recognises groundbreaking applications of generative AI in enhancing Anti-Money Laundering (AML) compliance efforts.

Flagright’s innovation stood out among more than 160 global submissions. A select 12 were chosen via the Local Programme, crediting Flagright as one of the exceptional participants. Further, the International Partner Programme recognised seven additional finalists, all of whom demonstrated remarkable prowess in various AI-related disciplines.

The upcoming journey for the finalists, including Flagright, entails a comprehensive 10-week programme steered by Oliver Wyman. The course is designed to be highly collaborative, allowing participants to refine their AI-driven solutions with input from industry connoisseurs, strategise business enhancements, and expand their network within the global FinTech community. The programme culminates in the Global FinTech Hackcelerator Demo Day, set for 15 November 2023, as part of the anticipated Singapore FinTech Festival.

In recognition of their achievement, all finalists will receive a S$20,000 cash stipend along with a dedicated platform at the Singapore FinTech Festival for presenting their innovative solutions. Additionally, the event promises further incentives for stand-out participants, with the top three winners receiving S$50,000 and eligibility to apply for the exclusive AISG Start-Up grant for additional financial backing.

Chief FinTech Officer at MAS, Mr Sopnendu Mohanty, emphasised the sector’s commitment to nurturing advanced AI solutions in finance. Reflecting on this, Flagright expressed immense pride in its recognition and is prepared to demonstrate its dedication to ensuring transactional integrity through its avant-garde AI solutions at the forthcoming festival.

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