Singapore, 17 November 2016… 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. Organised as part of the Singapore FinTech Festival, the FinTech Awards recognise innovative FinTech solutions that have been implemented by FinTech start-ups, financial institutions, and technology companies.

2     The FinTech Awards comprise the MAS FinTech Awards and ABS Global FinTech Award. Deputy Prime Minister and Chairman of MAS, Tharman Shanmugaratnam, and ABS Chairman, Wee Ee Cheong, presented the awards to the 10 FinTech companies in a ceremony that was attended by more than 1,000 attendees. The 10 awardees are:

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

3     The FinTech Awards received over 200 global submissions, with the bulk coming from Asia Pacific, and the list was narrowed to 40 finalists. The winners were selected by a panel of 13 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.

4     Mr Ravi Menon, Managing Director, MAS, presented prizes to the winners of the Global FinTech Hackcelerator, which was earlier held on Tuesday. The top three teams each won a cash prize of S$50,000. 

5     Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “The MAS FinTech Awards celebrate the spirit of innovation and creativity within Singapore’s financial sector. We were impressed by the technical quality and breadth of the solutions, many of which span multiple business areas. We look forward to seeing how these solutions can redefine and improve the way we experience financial services.”

6     Mrs Ong-Ang Ai Boon, ABS Director, added, “The ABS Global FinTech Award is a true manifestation of collaboration between FinTech companies and our members. The generation and incubation of new ideas and solutions for the industry plays an important role in strengthening strategic competitiveness in this digital age. ABS hopes for sustained collaborative efforts within the industry, 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 Monetary Authority of Singapore

As Singapore’s central bank, the Monetary Authority of Singapore promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to the international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial centre.

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 .

About the Singapore FinTech Festival

Organised by the Monetary Authority of Singapore in partnership with The Association of Banks in Singapore, the Singapore FinTech Festival – the first of its kind in Asia – 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 sponsors include Citibank, Deloitte, Mastercard, MUFG, UOB, and V-Key.

A series of back-to-back events that will take place from 14 – 18 November 2016. The Festival will comprise the Global FinTech Hackcelerator, Innovation Lab Crawl, FinTech Awards, FinTech Conference, Tech Risk Conference, and the RegTech Forum.

For more information, please visit www.fintechfestival.sg .