Monetary Authority Of Singapore Announces Finalists For The 2024 Global FinTech Hackcelerator And FinTech Excellence Awards

The Monetary Authority of Singapore (MAS) announced today the 42 finalists for the 2024 Global FinTech Hackcelerator and the Singapore FinTech Festival (SFF) FinTech Excellence Awards. The winners will be revealed at the SFF FinTech Excellence Awards 2024 dinner on 7 November 2024.

Global FinTech Hackcelerator 2024

2.  The theme for this year’s Global FinTech Hackcelerator is “Improving Financial Health”. This year’s competition aims to advance the development of suitable financial products and tools that can improve financial health. This can be an important enabler to empower individuals and businesses to manage resources effectively to build financial resilience and unlock opportunities for growth, especially in today’s rapidly changing economic landscape. The 18 finalists, comprising FinTech firms and solution providers from Australia, Bangladesh, China, Hong Kong, India, Indonesia, Kenya, Nigeria, Philippines, Singapore, South Korea and United States, submitted proposals with innovative and market-ready solutions that utilise technologies such as Artificial Intelligence (AI) and Distributed Ledger Technology (DLT) aimed at improving financial health for individuals and businesses.

3.  The finalists will undergo a two-day programme, organised by Elevandi[1], during which they will have opportunities to collaborate and network with corporates, investors and industry professionals to further refine their solutions and pitch. They will also work with assigned Corporate Champions, who will provide mentorship. They will then pitch their solutions at the Global FinTech Hackcelerator Demo Day at the SFF on 6 November 2024. All finalists will receive a S$20,000 cash stipend. The top three winners will each receive S$50,000 in prize money.

SFF FinTech Excellence Awards 2024

4.  The Awards, jointly organised with the Singapore FinTech Association (SFA) and supported by PwC Singapore, seek to recognise innovative FinTech solutions by corporates and individuals that have been instrumental in transforming FinTech industry practices and spearheading the use of novel technologies in creating new growth opportunities, promoting financial inclusion and enhancing the delivery of financial services.

5. This year, the award categories were revamped to be more outcome-focused, focusing on how the solutions have enhanced impact and effectiveness in key areas such as financial inclusion and regulatory compliance. A thematic Corporate category in AI and Quantum was also introduced.

6.  More than 200 submissions were received across the six award categories.

• For the five Corporate categories[2], 175 submissions were received, of which four finalists were shortlisted for each category.
• For the Individual category, the FinTech Mentor Award, 29 submissions were received, of which four finalists were shortlisted.

‘FinTech Gives Back’ Initiative

7.  Building on last year’s ‘FinTech Gives Back’ initiative, this year saw 12 members of the FinTech community contributing generously to support the Awards[3], to show their support for nurturing the next generation of FinTechs and rewarding innovation. These include Ripple, NETS, ADVANCE.AI, Ant International, bolttech, Crypto.com, HSBC, InterSystems, Nium, Sumsub, Syfe and YouTrip.

8.  Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “Congratulations to all the finalists announced today. Your innovative solutions inspire us and push the boundaries for shaping a more inclusive and dynamic future. It is also heartening to witness the strong support for the ‘FinTech Gives Back’ initiative, which contributes to the continual advancement of our FinTech sector.”

9.  Ms Wong Wanyi, FinTech Leader, PwC Singapore, said, “This year, quantum computing has gained attention from financial institutions and governments globally. It's encouraging to see companies investing in quantum technology, underscoring the need to be ready for a quantum-powered future. Alongside AI, these advancements are not just tools, but catalysts for a new era focused on security, efficiency, and customer-centric solutions. I’m thrilled by the possibilities this new era holds and proud that PwC continues to be part of the FinTech Awards."

10.  Please refer to Annex A for more information on the Global FinTech Hackcelerator. Please refer to Annex B for more details on the SFF FinTech Excellence Awards.

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[1] Elevandi is a not-for-profit entity set up by MAS to connect people and businesses, ideas and insights in the FinTech sector in Singapore and globally.

 [2] The Corporate categories are: Emerging FinTech, Financial Inclusivity, Regulatory Leader, Sustainable Innovator, and Thematic – Artificial Intelligence, Quantum Champion.

 [3] The Awards was supported by six sponsors last year. Ripple, NETS, Syfe, and YouTrip have generously returned as repeat sponsors this year.