The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today awarded 10 FinTech companies a total of S$1.15 million at the FinTech Awards.
2 Reflecting the growth in the FinTech ecosystem, this year’s winning solutions span multiple business areas, such as digital advisory, investment analytics, blockchain-based biometrics, and e-payments. Deputy Prime Minister and Chairman, MAS, Mr Tharman Shanmugaratnam, and ABS Vice-Chairman, Mr Samuel Tsien, Group CEO, OCBC Bank, presented the awards to the 10 FinTech companies in a ceremony that was attended by more than 3,000 attendees. The 10 awardees are:
|
Award |
Company Name |
Prize |
|
ABS Global FinTech Award1 |
Blocko |
S$150,000 |
|
MAS FinTech Awards (Singapore Open)2 |
1st place - FlyWire |
S$250,000 |
|
2nd place - Silent Eight |
S$100,000 |
|
|
3rd place - Instarem |
S$50,000 |
|
|
MAS FinTech Awards (Singapore SME)3 |
1st place - AGDelta |
S$150,000 |
|
2nd place - Fomopay |
S$100,000 |
|
|
3rd place - HedgeSPA |
S$50,000 |
|
|
MAS FinTech Awards (Singapore Founder)4 |
1st place - Spark Systems |
S$150,000 |
|
2nd place - Singx |
S$100,000 |
|
|
3rd place - Aida Technologies |
S$50,000 |
Please refer to Annex A for the top winners’ solutions and their quotes.
3 Organised as part of the Singapore FinTech Festival, the FinTech Awards recognises innovative FinTech solutions that have been implemented by FinTech start-ups, financial institutions and technology companies. The FinTech Awards comprise the MAS FinTech Awards and ABS Global FinTech Award.
4 This year, the FinTech Awards received over 300 global submissions, with the bulk coming from the Asia Pacific. Thirty finalists were shortlisted from these submissions. The winners were selected by a panel of 11 judges, representing a cross-section of international and local experts from the private and public sector. The entries were evaluated based on criteria such as impact, practicality, interoperability, and uniqueness and creativity. (Please refer to Annex B for the list of judges.)
5 Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “This year’s FinTech Awards shows how quickly the FinTech industry has developed and evolved in the last year. The winners managed to apply FinTech solutions to a wide-range of sectors. We are excited to see more submissions coming from the Asia Pacific. It is an opportunity for Singapore to leverage and nurture a more vibrant FinTech ecosystem.”
6 Mrs Ong-Ang Ai Boon, ABS Director, added, “We are glad to recognise the efforts of innovators who got out of the comfort zone, applied new ideas and created more effective and efficient solutions. The generation and incubation of new ideas and solutions for the Financial Industry play important roles in strengthening strategic competitiveness in this digital age. ABS hopes for such continual efforts, as Singapore strives towards innovation and excellence as an international financial hub.”
1 FinTech project implemented in any part of the world by any company.
2 Singapore-based companies of any size. The company must have a physical office registered in Singapore, and the solution must have been implemented in Singapore.
3 Singapore-based SMEs (Small-Medium Enterprises). SMEs, as defined by SPRING, are enterprises with an annual sales turnover of not more than SGD$100 million OR an employment size of not more than 200 workers. Enterprises qualify as SMEs as long as they satisfy at least one of the two parameters.
4 Singapore-based SMEs with at least one Singaporean founder. The term ‘founder’ is defined as an individual who was instrumental in setting up the SME. There is no need for majority share-ownership. The SME must have a physical office registered in Singapore, and the solution must have been implemented in Singapore.
