Singapore, 12 November 2021... The Monetary Authority of Singapore (MAS) and the Singapore FinTech Association (SFA) announced the award winners of the Global FinTech Hackcelerator, the SFF Global FinTech Awards and the Most Innovative FinTech e-Gifting Award, at the Singapore FinTech Festival. The winners, comprising financial institutions, FinTechs and solution providers, were recognised for their ground-breaking solutions that promote financial inclusion and sustainable development in the financial industry.  

Global FinTech Hackcelerator

2  The theme for this year’s Global FinTech Hackcelerator is “Harnessing Technology to Power Green Finance”.  The winners of the Global FinTech Hackcelerator were selected at Demo Day, held during SFF on 8 November 2021, where 20 finalists pitched their innovations to an international industry panel. Please refer to Annex A for the details of the competition and the judging panel.  The top three teams are (in no order of merit)The top three winners will receive S$50,000 each in prize money.:

3  Descartes Insurance’s winning solution processes data from satellite imagery, IoT, radars and sensors of partners to provide insurance coverage on natural catastrophic events with guaranteed and pre-determined payouts, which would be disbursed within a few days of the event. RootAnt and Global Initiatives’ solution incorporates sustainability elements onto a digital platform to assess the sustainability preparedness of SMEs suppliers in the value chain, and empower them to raise green financing from banks. YOUKI’s WATTIFY tokenises renewable energy assets into investment products with smaller ticket size to increase its accessibility to a wider pool of investors. It also facilitates the onboarding of investors in a manner conforming to regulations, and matches investors with appropriate investment opportunities.  

SFF Global FinTech Awards 

4  The SFF Global FinTech Awards brings together the FinTech Awards previously presented separately by MAS and SFA. The theme for this year’s Awards is “Emerging from a pandemic, the road to recovery.”

5  The 49 winners across 12 award categories were selected from a total of 298 submissions. The winners were chosen by an international panel comprising industry experts across multiple domains. Please refer to Annex B for the details of the competition and the judging panel.

6 The winners for the SFF Global FinTech Awards 2021 (presented by MAS) areThe prize money for each of the top 3 winners of the respective award categories is as follows: 1st Place: S$150,000; 2nd Place: S$100,000; 3rd Place: S$50,000: 

7 The winners for the SFF Global FinTech Awards 2021 (presented by SFA) are:

Innovative E-Gifting Solution Awards 

8  MAS encourages the public to use e-payments instead of physical notes for gifting during celebratory occasions and festivals, to build a greener and more sustainable future. The winners of the two new e-gifting awards are:  

• DBS Bank – “Most Innovative Bank E-Gifting Solution” award
• Singtel Dash – “Most Innovative Wallet E-Gifting Solution” award 
  

The entries were assessed by the Association of Banks Singapore (ABS) and SFA based on utility, impact, and innovation.The entries were assessed based on the extent to which the solution is simple, safe and speedy to use, how well the solution replicates the experience of traditional gifting methods (taking into account cultural norms and social behaviours) and how engaging and exciting the solution is to incentivise consumer adoption. Additional points were awarded to solutions that helped users reduce their carbon footprint. 

9  Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The Global FinTech Hackcelerator, FinTech Awards and inaugural Innovative E-Gifting Solution Awards seek to champion and recognise innovative, high quality solutions that transform industry practices in the financial industry and develop opportunities for growth.  It is heartening to see many impactful leading-edge digital solutions competing for this year’s Awards. In particular, the winning entries from financial institutions, FinTechs and technology providers displayed strong potential to enhance the growth and resilience of the financial sector as economies recover from the pandemic. Heartiest congratulations to all the winners!”

10  Mr Shadab Taiyabi, President of SFA, said, “The ground-breaking and innovative solutions that were recognised during the Global FinTech Awards are testament to the potential that technology holds in addressing challenges faced by the financial industry. As the economy gradually moves into a post-pandemic recovery phase, SFA remains committed to supporting and encouraging financial innovation that seeks to harness technology to power green finance, create growth opportunities and promote financial inclusion. We wish the heartiest of congratulations to all winners of the Global FinTech Awards, Global FinTech Hackcelerator and E-Gifting Solution Awards, and hope that these are just the start to many more solutions to come in the future.”

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