10 innovative FinTech solutions recognised at the 2017 FinTech Awards

MAS ABS

Singapore, 16 November 2017…The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today awarded 10 FinTech companies a total of S$1.15 million at the FinTech Awards.

2   Reflecting the growth in the FinTech ecosystem, this year’s winning solutions span multiple business areas, such as digital advisory, investment analytics, blockchain-based biometrics, and e-payments. Deputy Prime Minister and Chairman, MAS, Mr Tharman Shanmugaratnam, and ABS Vice-Chairman, Mr Samuel Tsien, Group CEO, OCBC Bank, presented the awards to the 10 FinTech companies in a ceremony that was attended by more than 3,000 attendees. The 10 awardees are:

Award 

Company Name

Prize

 ABS Global FinTech Award1

 Blocko

S$150,000

 MAS FinTech Awards (Singapore Open)2

 1st place - FlyWire

S$250,000

 2nd place - Silent Eight

S$100,000

 3rd place - Instarem

S$50,000

 MAS FinTech Awards (Singapore SME)3

 1st place - AGDelta

S$150,000

 2nd place - Fomopay

S$100,000

 3rd place - HedgeSPA

S$50,000

 MAS FinTech Awards (Singapore Founder)4

 1st place - Spark Systems

S$150,000

 2nd place - Singx

S$100,000

 3rd place - Aida Technologies

S$50,000

Please refer to Annex A for the top winners’ solutions and their quotes.

3   Organised as part of the Singapore FinTech Festival, the FinTech Awards recognises innovative FinTech solutions that have been implemented by FinTech start-ups, financial institutions and technology companies. The FinTech Awards comprise the MAS FinTech Awards and ABS Global FinTech Award.

4   This year, the FinTech Awards received over 300 global submissions, with the bulk coming from the Asia Pacific. Thirty finalists were shortlisted from these submissions. The winners were selected by a panel of 11 judges, representing a cross-section of international and local experts from the private and public sector. The entries were evaluated based on criteria such as impact, practicality, interoperability, and uniqueness and creativity. (Please refer to Annex B for the list of judges.)

5    Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “This year’s FinTech Awards shows how quickly the FinTech industry has developed and evolved in the last year. The winners managed to apply FinTech solutions to a wide-range of sectors. We are excited to see more submissions coming from the Asia Pacific. It is an opportunity for Singapore to leverage and nurture a more vibrant FinTech ecosystem.”

6    Mrs Ong-Ang Ai Boon, ABS Director, added, “We are glad to recognise the efforts of innovators who got out of the comfort zone, applied new ideas and created more effective and efficient solutions. The generation and incubation of new ideas and solutions for the Financial Industry play important roles in strengthening strategic competitiveness in this digital age. ABS hopes for such continual efforts, as Singapore strives towards innovation and excellence as an international financial hub.”

1 FinTech project implemented in any part of the world by any company.

2 Singapore-based companies of any size. The company must have a physical office registered in Singapore, and the solution must have been implemented in Singapore.

3 Singapore-based SMEs (Small-Medium Enterprises). SMEs, as defined by SPRING, are enterprises with an annual sales turnover of not more than SGD$100 million OR an employment size of not more than 200 workers. Enterprises qualify as SMEs as long as they satisfy at least one of the two parameters.

4 Singapore-based SMEs with at least one Singaporean founder. The term ‘founder’ is defined as an individual who was instrumental in setting up the SME. There is no need for majority share-ownership. The SME must have a physical office registered in Singapore, and the solution must have been implemented in Singapore.

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About the Singapore FinTech Festival
Organised by the Monetary Authority of Singapore in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings, the Singapore FinTech Festival will provide a platform for collaborations, connections and co-creations within the FinTech ecosystem in Singapore and beyond. In keeping with this spirit, the Festival is supported by the industry. Festival Grand sponsors include AMTD, Deloitte, and Prudential. A series of back-to-back events that will take place from 13 – 17 November 2017, the Festival will comprise the Global FinTech Hackcelerator, Innovation Lab Crawl, FinTech Awards, FinTech Conference, and Investor Summit. For more information, please visit www.fintechfestival.sg. To receive updates, please subscribe to the 2017 Singapore FinTech Festival YouTube channel.
 
About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator.  As central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

About The Association of Banks in Singapore
The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities towards the development of a sound financial system in Singapore. Since its establishment in 1973, ABS has promoted common understanding among its members and projected a unifying voice on banking issues. It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. Today, ABS has a membership of 154 local and foreign banks. Further information on ABS is available on the website: www.abs.org.sg.

Last Modified on 03/12/2017