MAS Announces Winners of the Global FinTech Hackcelerator
Singapore, 16 November 2017… The Monetary Authority of Singapore (MAS) announced the three winners of the Global FinTech Hackcelerator. The three winners were selected from a pool of 20 finalists that presented their solutions at Demo Day today, as part of the 2nd Singapore FinTech Festival.
2 The winners are (in no order of merit):
Description of winning solution
Moxtra is an embeddable Secure Messaging and Business Collaboration Service for the mobile on-demand era that helps transform business critical applications for mobile and web with powerful collaboration.
SQREEM offers a platform that delivers asymmetric information in real-time on virtually any market, economy, or company around the world. SQREEM data can be fed into existing risk management systems and trading platforms, or accessed via custom dashboards developed specifically for individual clients. The firm offers AML and KYC solutions to track external market events, trends and insights.
Trunomi provides customer consent and data rights management technology which enables businesses to request, receive and capture customer consent to the use of their personal data. For the business we create consent receipts and convert them to customer data rights accessible across all data systems. We enable businesses to comply with regulations by putting in place auditable workflows to record and prove lawfulness of processing of customer data.
3 The Global FinTech Hackcelerator, powered by KPMG Digital Village, is a platform for problem statements collected from the financial industry to be matched with innovative market-ready solutions from around the world. This year, MAS published 100 problem statements under four categories (Customer-Facing, Financial Inclusion, RegTech, and General), and received 580 submissions from over 40 countries. Twenty teams were shortlisted by a panel of industry judges to participate in the 12-week programme1. The teams worked with corporate champions and industry mentors to tailor and refine their market-ready solutions into contextualised prototypes and implementable use cases for the industry. (Please refer to Annex A for a list of corporate champions and industry mentors.)
4 On Demo Day, each of the 20 finalists made a 5-minute pitch in front of the judging panel, followed by a question-and-answer segment with the judges. (Please refer to Annex B for the Demo Day judging panel.) The judges selected Moxtra, SQREEM and Trunomi as winners based on their ability to address the problem statement, innovativeness in the application of technology, and ease of adoption and scalability.
5 Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “This year we are happy to have KPMG and more than 100 mentors from the industry work with the 20 finalists to refine and contextualise their solution for this region. We look forward to seeing these innovative solutions implemented and adopted in the coming months.”
6 Moxtra, SQREEM and Trunomi received their awards from MAS Managing Director, Mr Ravi Menon, at the FinTech Awards ceremony this evening. Each team received a cash prize of S$50,000. Mr Menon also handed out awards to the five winners in the student category of the Global FinTech Hackcelerator. (Please refer to Annex C for the list of winners.) This category was introduced this year to encourage innovation and creative-thinking amongst students around the world in solving industry problems. MAS thanks KPMG Digital Village for their dedication and support to the Global FinTech Hackcelerator.
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.