MAS unveils Global FinTech Hackcelerator finalists

Global FinTech Hackcelerator 2022

The theme for this year’s Global FinTech Hackcelerator is “Accelerating A Greener Digital Future”, with a dual focus on Web 3.0 and Green Finance. The 17 finalists, comprising FinTech firms and solution providers, will present their solutions at the Global FinTech Hackcelerator Demo Day at SFF on 2 November 2022. All finalists will receive a cash grant of S$20,000 and be eligible for a fast-track application process to receive a cash grant of up to S$200,000, under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme [1] . The top three winners will each receive S$50,000 in prize money.

Ten finalists were nominated through the local program and a further seven from the international partner programme.

Local Program – MAS and Oliver Wyman shortlisted 10 finalists from over 100 submissions that addressed more than 50 high-priority problem statements gathered from financial institutions and industry players in Singapore and globally. Over 70 entries were from the Asia-Pacific region.
International Partner Program – This program attracted solutions from winners of Web 3.0 and Green Finance related competitions organized by selected international partners. This year’s international partners are Accelpoint and the Polish Investment and Trade Agency [2] F10 [3] Economy for tomorrow [4] and FinTech Australia [5] . Seven winners from the programs run by these international partners were placed in the finals of the Global FinTech Hackcelerator.

SFF Global FinTech Awards 2022

The theme of this year’s SFF Global FinTech Awards is “Embracing Digital, Charting the New Normal”. The awards, supported by PwC Singapore, seek to recognize innovative initiatives that have demonstrated the potential to create new growth opportunities, transform industry practices, promote financial inclusion and actively integrate environmental, social and governance (ESG) factors as part of their overall business. model.

The Global FinTech Awards comprise awards presented by MAS and the Singapore FinTech Association (SFA). A total of 223 entries were received in all nine award categories. For the FinTech Awards sponsored by MAS, 131 entries were received divided into four award categories [6] of which 48 finalists were shortlisted. The SFA received 92 entries across its five award categories [7] . The winners of the awards will be announced at the SFF FinTech Awards Dinner on 3 November 2022.

Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “To remain resilient and relevant, FinTech firms must be bold and nimble in implementing innovative solutions that challenge existing norms, inspiring change in the new normal. We see looking forward to seeing our finalists achieve greater success in their businesses as we all contribute to building a strong and sustainable financial services industry.”

Mr Chia Tek Yew, Deputy Head, Singapore at Oliver Wyman, shared: “Web 3.0 and Green Finance solutions are still in the nascent stages of adoption by the financial industry. It has been exciting for us to work with and mentor the finalists of the MAS Global FinTech Hackcelerator future champions early in their journey to solve real-world problems.”

Wong Wanyi, FinTech Leader, PwC Singapore’s Venture Hub, said: “After a few years of digital acceleration and solution development by industry players amid the global pandemic, we are seeing a new level of maturity and innovation in ESG and payments-related solutions at this year’s FinTech Awards. This marks a positive step forward in enabling organizations to advance their sustainability and financial inclusion agenda, which in turn will unlock new opportunities for transformation and growth.”

See Appendix A for more information on the Global FinTech Hackcelerator. See Appendix B for more information on the SFF Global FinTech Awards and the finalists for the 2022 FinTech Awards under MAS [8] .

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About the Singapore FinTech Festival

The Singapore FinTech Festival (SFF) is organized by the Monetary Authority of Singapore (MAS) and Elevandi, in collaboration with Constellar and in collaboration with The Association of Banks in Singapore (ABS). Since its inception in 2016, SFF has become the premier platform for the global FinTech community to engage, connect and collaborate on issues related to the confluence of financial services, public policy and technology. Last year, SFF featured global leaders such as Ben Horowitz, Co-Founder and General Partner, Andreessen Horowitz; Bill Winters, CEO, Standard Chartered Bank; Christopher Young, Executive Vice President Business Development, Strategy and Ventures, Microsoft; François Villeroy de Galhau, Governor, Banque de France; Marc Benioff, Chairman, Co-CEO and Co-Founder, Salesforce; and Dr Marian Croak, Vice President of Engineering, Google. Last year’s edition brought together 60,000 participants from over 160 countries. MAS, Elevandi, Constellar and ABS are proud to jointly deliver this year’s SFF. Visit www.fintechfestival.sg to register for SFF 2022 and receive updates.

[1] The MAS Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) scheme provides funding support for the experimentation, development and diffusion of innovative technologies in the financial sector.
[2] European FinTech Hackcelerator by Accelpoint and the Polish Investment and Trade Agency.
[3] F10 Climate FinTech Incubation Program and Klaytn Web 3 Incubation Program powered by F10.
[4] FinTech for Tomorrow Challenge by Finance for Tomorrow.
[5] Finnies 22 by FinTech Australia.
[6] The award categories of MAS are Singapore FinTech (Singapore Founder); ASEAN FinTech; Singapore Financial Institution; and Global.
[7] The award categories of the SFA are Top 10 FinTech Leaders; ASEAN FinTech Leaders; FinTech Employer of the Year; Partners of FinTech; and the Knowledge Enterprise Award.
[8] The four award categories under MAS include a qualifying round, while the five award categories under SFA do not have a qualifying round and all are assessed.