The Monetary Authority of Singapore (MAS) announced the launch of the inaugural Global Veritas Challenge. The competition seeks to accelerate the development of solutions which validate artificial intelligence and data analytics (AIDA) solutions against the fairness, ethics, accountability and transparency (FEAT) principles, to strengthen trust and promote greater adoption of AI solutions in the financial sector.
MAS Launches S$1.75 Million FinTech Innovation Challenge for a Covid-Resilient and Greener Financial Sector
Singapore, 8 June 2020… The Monetary Authority of Singapore (MAS) announced today the launch of a S$1.75 million MAS Global FinTech Innovation Challenge. The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: COVID-19 and climate change.
2. The theme for the competition is “Building Resilience, Seizing Opportunities, Emerging Stronger”. Through the competition, MAS aims to promote FinTech solutions that will help financial institutions adapt effectively to the new operating environment precipitated by the COVID-19 pandemic as well as apply FinTech capabilities to spur the development of green finance in Asia and globally.
3. The competition comprises the revamped MAS FinTech Awards and the MAS Global FinTech Hackcelerator. It will be hosted entirely on the API Exchange (APIX), a cloud-based innovation platform, which will not only help to source for FinTech solutions for specific focus areas but also allow these solutions to be curated, contextualised, and validated.
MAS FinTech Awards
4. The MAS FinTech Awards, supported by PwC Singapore, recognise innovative FinTech solutions that have been implemented to address the two global challenges. The FinTech Awards are open to FinTech firms, financial institutions, and solution providers worldwide.
5. This year, there will be two new award categories – ASEAN FinTech and Singapore Financial Institution – which will celebrate innovative projects from FinTechs in ASEAN and Singapore-based financial institutions respectively. Interested parties can submit applications through APIX to demonstrate how their implemented projects have successfully enabled financial institutions to respond effectively to the pandemic or climate change.
6. In all, up to 12 winners will be selected to receive a total of S$1.2 million in prize money. (See Annex A for more details on the MAS FinTech Awards)
MAS Global FinTech Hackcelerator
7. The MAS Global FinTech Hackcelerator matches innovative market-ready solutions with industry’s actual technology needs. It comprises two segments: the Local Programme and the International Programme.
8. The Local Programme, supported by KPMG Digital Village, will publish high-priority problem statements collated from the finance industry in Singapore and globally. A record 107 problem statements were received this year, across four categories: (i) Responding to a global pandemic; (ii) Green finance solutions; (iii) Green finance enablers; and (iv) Sustainability. FinTech solution providers from across the world are invited to submit their proprietary solutions to any of these problem statements. The finalists will be mentored by industry experts to strengthen their proposals and to develop customised prototypes on APIX, which will provide them access to a development sandbox rich in data and Application Programming Interfaces (APIs).
9. The International Programme comprises winners of FinTech competitions organised by international partners, including the Saudi G20 Presidency, the Bank for International Settlements Innovation Hub, Women’s World Banking, and the United Nations Capital Development Fund (UNCDF). The winners of these partner competitions will be fast-tracked into the finals of the Global FinTech Hackcelerator.
10. Up to 20 finalists of the Global FinTech Hackcelerator will each receive a S$20,000 cash stipend for their preparations for the Hackcelerator Demo Day. From these finalists, up to three winners will be selected on Demo Day at the Singapore FinTech Festival, with each receiving S$50,000 in prize money. For more details on the Local and International Programmes, refer to Annex B.
11. Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “The unique challenges posed by the health, economic, and climate crises which we are facing will inspire bold innovations and solutions. MAS is delighted to recognise through the FinTech Awards effective solutions that have already been implemented, as well as help match industry partners with innovative FinTech firms seeking more support for their ideas through the Hackcelerator programme. We strongly encourage all innovators to take part in this global competition and showcase their solutions to the world.”