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
[2] , F10 and New Energy Nexus[3] , Banca d’Italia / G20 Italian Presidency and the Bank for International Settlements Innovation Hub[4] , and Finance for Tomorrow[5] . 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
[1] The MAS Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) scheme provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector.
[2] European FinTech Hackcelerator by Accelpoint and the Polish Investment & Trade Agency .
[3] Green & Climate FinTech Program by F10 and New Energy Nexus .
[4] G20 TechSprint 2021 by Banca d'Italia / G20 Italian Presidency and the Bank for International Settlements Innovation Hub .
[5] Challenge FinTech for Tomorrow by Finance for Tomorrow .
[6] The award categories by MAS are Singapore FinTech (Singapore Founder); ASEAN FinTech; Singapore Financial Institution; and Global.
[7] The award categories by SFA are Top 10 FinTech Leaders; ASEAN FinTech Leaders; Women in FinTech; FinTech Leaders under 30; FinTech Employer of the Year; Partners of FinTech; Social Impact Award; Knowledge Enterprise Award.
[8] The four award categories under MAS includes a qualifying round, while the eight award categories under SFA do not have a qualifying round and all are considered. The winners of SFF Global FinTech Awards will be announced on 11 November 2021, at SFF.
