Singapore Regulator Awards Fintech Innovators with Cash Prize

The Monetary Authority of Singapore has announced that three fintech firms will receive a five figure cash prize for the technology solutions they presented at the Global Fintech Hackcelerator Demo Day.

Organised as part of the inaugural Singapore FinTech Festival, the Hackcelerator saw 19 finalists using innovative technology solutions to solve problems submitted by the financial industry.

The finalists presented a working demo of their solutions to a panel of judges with the three entrants who impressed the panel most each receiving $50,000. 

Robust Asian Fintech Environment

In May 2016, the Monetary Authority of Singapore (MAS) published a catalogue of 100 problem statements solicited from the financial services industry and invited the global fintech community to develop new ideas and technology solutions to any of these problems.

The problem statements covered topics such as know-your-customer, identity authentication, customer engagement, payments and portfolio management.

MAS received 655 submissions of solutions from about 50 countries, with more than 70 percent of them coming from Asia Pacific.

Sopnendu Mohanty 511«The Hackcelerator is a key component of the Singapore Fintech Festival. We are happy that the programme provided a platform for fintech companies and start-ups to collaborate with financial institutions, and an opportunity for them to showcase advanced technology solutions to a global audience,» said Sopnendu Mohanty, (pictured) Chief Fintech Officer of MAS.

Top Three Fintechs

In no order of merit the top three as chosen by the judging panel were:

  • FitSense is a Singapore-based analytics start-up that helps health and life insurance companies to personalise products and services by using app and device data.
  • AIDA Technologies is a Singapore-based company that focuses on predictive analytics and intelligent systems.
  • Beacon Interface is dedicated to creating the best mobile banking application front-end for the visually impaired.





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