The MAS Global FinTech Innovation Challenge is a new Singapore-based $1.25m innitative that seeks out innovative solutions that can help tackle the effects of the coronavirus and climate change.
As the name suggests, it was launched by the Monetary Authority of Singapore (MAS). The theme of the competition is: “Building Resilience, Seizing Opportunities, Emerging Stronger.”
Through the competition, MAS aims to promote FinTech solutions that will help financial institutions adapt effectively to the new operating environment precipitated by the Covid-19 pandemic as well as apply FinTech capabilities to spur the development of green finance in Asia and globally.
The competition is an amalgamation of 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 not only help to source for FinTech solutions for specific focus areas but also allow these solutions to be curated, contextualised and validated.
The MAS FinTech Awards is run by MAS with the support of PwC Singapore. It is set up to recognise innovative FinTech solutions that have been implemented to address the two global challenges. Up to 12 winners will be selected to receive a total of $863,000 in prize money.
Similarly, the MAS Global FinTech Hackcelerator is also developed to nurture innovative market-ready solutions with industry’s actual technology needs. It is divided into a local and an international programme. This will be looking for solutions that respond to the pandemic and the sustainability challenges. The candidates chosen will be mentored by industry experts to strengthen their proposals and to develop customised prototypes on APIX, which will provide them access to a development sandbox rich in data and application programming interfaces (APIs).
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 $14,390 cash stipend for their preparations for the Hackcelerator Demo Day.
“The unique challenges posed by the health, economic, and climate crises which we are facing will inspire bold innovations and solutions,” said Sopnendu Mohanty, chief FinTech officer of MAS. “MAS is delighted to recognise through the FinTech Awards effective solutions that have already been implemented, as well as help match industry partners with innovative FinTech firms seeking more support for their ideas through the Hackcelerator programme. We strongly encourage all innovators to take part in this global competition and showcase their solutions to the world.”
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