MAS Launches AI in Finance Challenge for the 2023 Global FinTech Hackcelerator
Singapore, 12 June 2023… The Monetary Authority of Singapore (MAS) today launched the 8th edition of the Global FinTech Hackcelerator, titled “Artificial Intelligence (AI) in Finance Global Challenge”, to produce innovative and market-ready AI solutions that can transform the financial services industry. The competition is conducted in partnership with and powered by Oliver Wyman.
2. Interested parties from around the world are invited to submit innovative solutions to address 16 problem statements that have been collected from financial institutions and industry players. These problem statements focus on four key areas where AI can be better harnessed to achieve stronger outcomes: (i) Elevating Customer Experience; (ii) Enhancing Operational Efficiency; (iii) Strengthening Risk, Compliance and Fraud Monitoring; and (iv) Enabling Environmental, Social and Governance (ESG) solutions.
3. Up to 20 finalists will be shortlisted for a programme where they will be paired with a Corporate Champion
- A technical judging round where finalists are expected to showcase the technical workings of their solutions to a review committee.
- Finalists will pitch their solutions at Demo Day that will be held as part of this year’s Singapore FinTech Festival
Organised by the Monetary Authority of Singapore and Elevandi, in partnership with Constellar and in collaboration with The Association of Banks in Singapore, the will return from 13 to 17 November 2023.. Three winners will be selected, with each receiving S$50,000 in prize money. These winners can also apply for the exclusive AISG Start Up grant to vie for a further prize money of up to S$500,000 Subject to qualifying conditions..
4. Mr Sopnendu Mohanty, Chief FinTech Officer, MAS said, "With the recent breakthrough developments in AI, there is great scope for financial institutions to harness AI's potential to transform financial services. This challenge seeks to discover reliable AI solutions with four characteristics: interoperability, inclusivity, affordability, and fairness. We strongly encourage all innovators to participate in this global competition and showcase their solutions.”
5. Mr Chia Tek Yew, Vice Chairman, Singapore of Oliver Wyman said, “Advancements in AI are driving one of the most exciting revolutions of our time. Oliver Wyman is excited to bring our expertise and work with MAS and AI Singapore to power 2023's AI-focused Global FinTech Hackcelerator. This is a platform for innovators around the world to push their thinking and address financial services challenges centred around four key themes – customer experience, operational efficiency, risk management, and ESG.”
The eighth edition of the Singapore FinTech Festival came to a close on 17 November 2023, drawing a record 66,000 participants, up from 62,000 attendees in 2022.
MAS and Bank Negara Malaysia have jointly launched the real-time payment systems linkage between Singapore’s PayNow and Malaysia’s DuitNow.
MAS and Bank Indonesia have jointly launched the cross-border quick response payment linkage between Indonesia and Singapore.