MAS and the Reserve Bank of India announced plans to link Singapore’s PayNow and India’s Unified Payments Interface (UPI) real-time payment systems by July 2022.
MAS Announces 20 Finalists for the 2020 Global FinTech Hackcelerator
Singapore, 25 November 2020... The Monetary Authority of Singapore (MAS) announced today the 20 finalists for the 2020 Global FinTech Hackcelerator. The finalists this year comprise several unique solutions that seek to drive positive social and environmental impact within the financial sector, in response to the challenges posed by COVID-19 and climate change. The Global FinTech Hackcelerator identifies innovative market-ready solutions to address real industry needs. The finalists will pitch their solutions at the Global FinTech Hackcelerator Demo Day at the 2020 Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH).
2 The finalists were selected through two parallel segments – the Local Programme, which addressed high-priority problem statements collated from the finance industry in Singapore and globally; and the International Programme, which comprised solutions from winners of FinTech competitions organised by international partners.
- In the Local Programme, supported by KPMG Digital Village, 10 finalists were shortlisted from over 270 submissions from across more than 40 countries. These submissions addressed a record 107 problem statements across four categories: (i) Responding to a Global Pandemic; (ii) Green Finance Solutions; (iii) Green Finance Enablers; and (iv) Sustainability. More than 150 of the submissions came from Asia and about a third were from Singapore.
- The International Programme participants comprised 10 winners from six independent FinTech competitions organised by our international partners. This year, the Global FinTech Hackcelerator’s international partners are Abu Dhabi Global Market
FinTech Abu Dhabi Innovation Challenge., Accelpoint European FinTech Hackcelerator., the Saudi G20 Presidency and the Bank for International Settlements Innovation Hub G20 TechSprint 2020., the Central Bank of Kenya Virtual Africa Hackathon., the United Nations Capital Development Fund (UNCDF) COVID-19 Financial Health Challenge., and Women’s World Banking Making Finance Work for Women FinTech Innovation Challenge.. In total, more than 700 FinTechs spanning across the globe participated in the International Programme.
For more details on the Local and International Programmes, refer to Annex A. For details on the finalists, judging panel and corporate mentors for the Local Programme, refer to Annexes B and C.
3 During Demo Day on 10 December, finalists will present their innovations and the top three winners will win S$50,000 in prize money each. All 20 finalists will also receive a S$20,000 cash stipend and be fast-tracked in their applications to receive grant funding under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme
4 Mr Sopnendu Mohanty, Chief FinTech Officer, MAS said, “Over the past four years, the Global FinTech Hackcelerator has provided FinTechs from Singapore and around the world with an excellent platform to showcase innovative solutions that can solve key problems within the financial industry. This year, there is added urgency to address pressing challenges brought about by COVID-19 and climate change. This is evident from the record number of problem statements submitted by the industry. We look forward to seeing our finalists use the Global FinTech Hackcelerator as a launchpad towards greater success while helping the financial industry tackle the health, economic, and climate crises facing our generation.”
5 Mr Allwyn Barreto, Partner, Financial Services Advisory, KPMG in Singapore said, “COVID-19 has presented an opportunity to reflect on how an accelerated pace of life has impacted our environment and social fabric. This pause presents an opportune moment for the brightest entrepreneurial minds to define what KPMG believes will be the emergence of a new normal. As we take our partnership forward with MAS with a shift to a fully digital Global FinTech Hackcelerator programme this year, we look forward to more innovative ideas that will address our biggest challenges today. Through KPMG Digital Village, key resources and mentors will be at participants’ disposal, assisting to sharpen and scale solutions that will help the financial industry and community at large, to ensure a sustainable and resilient planet for future generations.”
About the Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a 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 Singapore FinTech Festival
Singapore FinTech Festival (SFF) is the world’s largest FinTech event and a global platform for the FinTech community comprising FinTech players, technopreneurs, policy makers, financial industry leaders, investors including private equity players and venture capitalists, and academics. In 2019, SFF and the Singapore Week of Innovation and Technology (SWITCH) saw more than 60,000 participants from almost 140 countries and featured highlights such as the FinTech Conference, the FinTech Awards, Global FinTech Hackcelerator, Innovation Lab Crawl and Industry Networking and Workshops. The SFF is organised by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings. Find out more at .
The Singapore Week of Innovation & TeCHnology (SWITCH) is the leading tech festival for the Global-Asia innovation ecosystem. It is a one-stop platform where innovation meets enterprise, with access to global startups, investors, corporates, innovation community and ecosystem players. It focuses on these key industries – Health & Biomedical Sciences, Smart Cities & Urban Solutions, and Trade & Connectivity.
SWITCH is a week-long event featuring Exhibitions, Conferences, Workshops, Lab Crawls, and partner activities such as startups pitching competition, SLINGSHOT 2020, and open innovation platform, TechInnovation. Together with the Singapore FinTech Festival (SFF), SFF x SWITCH convened over 60,000 participants from 140 countries, hosted 569 speakers and 1,000 exhibitors in 2019.
SWITCH is supported by the National Research Foundation Singapore (NRF).