The Financial Authority of Singapore (MAS) has launched the seventh version of the International Fintech Hackcelerator, with the theme “Accelerating A Greener Digital Future”.
The competitors, powered by Oliver Wyman, seeks to leverage the potential of fintech in accelerating the event of Internet 3.0 and inexperienced finance, in Singapore and the area.
Fintech corporations and answer suppliers all over the world can submit their options to handle over 50 drawback statements which have been collected from monetary establishments and business gamers.
The Internet 3.0 drawback statements deal with embedding blockchain know-how to beat scalability and implementation challenges, in addition to increasing decentralised finance to allow the event of real-world use instances.
This contains addressing information privateness and fraud points to make sure safety for customers, in addition to fixing for market effectivity shortcomings.
In the meantime, the inexperienced finance drawback statements deal with enhancing investor and monetary establishment’s ease of monitoring commitments and measuring affect of loans and investments in opposition to their sustainability objectives.
For this, the issue statements are aimed toward serving to corporates and SMEs meet their sustainability objectives which embody leveraging on know-how to create sustainable benchmarks with a purpose to charge firms’ efficiency on a inexperienced scale.
As much as 20 finalists will likely be shortlisted for a digital programme the place they are going to be paired with a Company Champion to develop customised prototypes on the API Trade (APIX).
Company Champions are groups from Singapore-based monetary establishments or organisations that mentor finalists through the Hackcelerator, working with them to refine and contextualise the answer.
Every finalist may even obtain a S$20,000 money stipend and be eligible for a fast-tracked utility for the MAS Monetary Sector Expertise and Innovation Scheme Proof-of-Idea Grant of as much as S$200,000.
Finalists will pitch their options on the Demo Day that will likely be held as a part of this yr’s Singapore Fintech Pageant. Three winners will likely be chosen, with every receiving S$50,000 in prize cash.
Fintech corporations and answer suppliers can submit their functions for the MAS International Fintech Hackcelerator right here by 26 June 2022.
Sopnendu Mohanty
Sopnendu Mohanty, Chief Fintech Officer, MAS stated,
“We’re on the precipice of a serious shift within the supply of economic companies. By addressing points regarding the scalability and implementation of blockchain know-how and decentralised finance throughout broader areas of finance, it will spur the event of modern real-world options to learn the monetary sector.
The fintech sector can be uniquely-positioned to sort out challenges in local weather change and speed up Asia’s shift in the direction of sustainable finance. We strongly encourage all innovators to participate on this world competitors and showcase their options to the world.”
Chia Tek Yew
Chia Tek Yew, Vice Chairman, Singapore of Oliver Wyman stated,
“The twin themes on this yr’s Hackcelerator are an indication of the occasions. We stay up for the continued pursuit of options in Inexperienced Finance to minimise adverse affect in our bodily world, and harness know-how to construct in the direction of a digital future with advances in Internet 3.0.
That is the platform for innovators to drive actual change on the earth we stay in for present and future generations.”
