MAS and IFSCA have signed a FinTech Co-operation Agreement (CA) to facilitate regulatory collaboration and partnership in FinTech.
MAS Announces 60 Finalists for the 2021 Global FinTech Hackcelerator and FinTech Awards
Singapore, 29 October 2021… The Monetary Authority of Singapore (MAS) announced today the finalists for the Global FinTech Hackcelerator, as well as the Singapore FinTech Festival (SFF) Global FinTech Awards. These Awards are among the key highlights of SFF 2021, which will take place from 8 to 12 November 2021.
Global FinTech Hackcelerator 2021
2 The theme for this year’s Global FinTech Hackcelerator is “Harnessing Technology to Power Green Finance”. The 20 finalists, comprising FinTech firms and solution providers, have submitted unique FinTech solutions that aim to accelerate Green Finance development in Singapore and the region. The finalists will pitch their solutions at the Global FinTech Hackcelerator Demo Day during the SFF. All finalists will receive a S$20,000 cash stipend and be eligible for a fast-tracked application process to receive a cash grant of up to S$200,000, under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme
3 Ten finalists each were shortlisted through the Local Programme and the International Partner Programme.
- 283 participants in the Local Programme, supported by Oliver Wyman, addressed high-priority problem statements collated from financial institutions and green finance industry players in Singapore and globally. More than 130 of the Local Programme participants are from Asia.
- The International Partner Programme attracted solutions from winners of green finance related competitions organised by selected international partners. This year’s international partners are Accelpoint and the Polish Investment & Trade Agency
by and the ., F10 and New Energy Nexus by and ., Banca d’Italia / G20 Italian Presidency and the Bank for International Settlements Innovation Hub by / G20 Italian Presidency and the ., and Finance for Tomorrow by .. More than 230 FinTechs from around the globe participated in the International Programme.
SFF Global FinTech Awards 2021
4 The SFF Global FinTech Awards, supported by PwC Singapore, brings together the FinTech Awards previously presented separately by MAS and the Singapore FinTech Association (SFA). The Awards recognises ground-breaking solutions that have enabled the financial sector to rebound from the impact of the pandemic, including initiatives that have helped create new growth opportunities, transform industry practices, and promote financial inclusion. The theme for this year’s Awards is “Emerging from a pandemic, the road to recovery”.
5 A total of 298 submissions were received across all award categories. For the FinTech Awards sponsored by MAS, 190 submissions were received across four award categories
6 Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “COVID-19 challenges have catalysed rapid innovation and consumer adoption of digital services. We have also seen sustainability and resiliency becoming key elements of future business operating models. This year’s FinTech Awards will highlight the importance of investing in innovation to foster an inclusive global recovery. In addition, we have focused the Global FinTech Hackcelerator around Green FinTech as we strive to harness technology to support the transition to a low carbon economy, regionally and globally. We look forward to seeing finalists of both initiatives achieve great success and become game-changers in the FinTech community.”
7 Mr Chia Tek Yew, Vice-Chairman, Singapore of Oliver Wyman shared, “We have been amazed by the quality of the submissions and the finalists each come with strong solutions to address pressing challenges in Green Finance. I truly believe that FinTech’s technology and innovative business models will contribute immensely to the development of sustainable finance, just as they have contributed to areas such as financial inclusion through micro-lending solutions and payments.”
8 Ms Wong Wanyi, FinTech Leader, PwC Singapore’s Venture Hub, said, “The future of FinTech is experiencing accelerated growth as industry players continue to bring new ideas to the market, challenging the status quo of traditional players. This year, we are encouraged by game-changers who break away from the norm, transforming industry standards and practices with unique and creative solutions. Organisations that promote interoperability within the ecosystem will be able to realise the beauty of FinTech, increasing efficiency as they connect the dots.”
9 Please refer to Annex A for more information on the Global FinTech Hackcelerator. Please refer to Annex B for more details on the SFF Global FinTech Awards and the finalists for the 2021 FinTech Awards under MAS
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 financial market infrastructures. 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 infrastructures, adoption of technology, and upgrading of skills in the financial industry.
About the Singapore FinTech Festival
Singapore will host two marquee events for the global innovation community from 8 to 12 November 2021 – the Singapore FinTech Festival (SFF) and Singapore Week of Innovation and TeCHnology (SWITCH). 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 2020, SFF and SWITCH saw 60,000 participants from over 160 countries with more than 2,000 speakers, over 1,300 exhibitors, 27 international pavilions, and 45 satellite events hosted by partner cities across the world during the 5-day round-the-clock event. The SFF is organised by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore and in collaboration with Constellar Holdings. Find out more about SFF, the largest and most impactful gathering of FinTech professionals in the world, and SWITCH, Asia’s leading tech festival at and .