The Singapore Fintech Pageant (SFF) has introduced the finalists for its 2024 Fintech Excellence Awards, organised in partnership with the Singapore Fintech Affiliation (SFA) and supported by PwC Singapore.
These awards spotlight firms and people whose fintech initiatives have contributed to advancing monetary know-how, selling monetary inclusion, and bettering service supply.
This yr’s awards classes had been up to date to emphasise measurable impression, with a give attention to contributions to areas like monetary inclusion and regulatory compliance.
A brand new class was launched to recognise progress in synthetic intelligence and quantum know-how.
Over 200 submissions had been obtained throughout six classes, with 175 entries within the company classes and 29 within the particular person Fintech Mentor Award class. 4 finalists had been shortlisted in every class.
Finalists within the company classes had been evaluated based mostly on impression, sustainability, practicality, interoperability, and creativity, whereas particular person submissions had been assessed on contributions to the Singapore fintech sector.
Eight award winners shall be chosen by a world panel of business specialists, with bulletins throughout SFF 2024.
This yr’s awards are additionally supported by 12 fintech neighborhood members, together with Ripple, NETS, ADVANCE.AI, and HSBC, as a part of the ‘Fintech Offers Again’ initiative, geared toward encouraging innovation and supporting rising expertise.
Ripple, NETS, Syfe, and YouTrip returned as sponsors this yr.
Listed here are the finalists for the SFF 2024 awards:
Class #1 Corporates – Rising Fintech Finalists
Fluid Monetary Pte Ltd
Fluid is a Singapore-based B2B Purchase Now Pay Later resolution, serving to suppliers (each conventional and market platforms) to finance patrons’ purchases on the level of checkout.
The corporate replaces conventional B2B cost strategies (e.g. bill factoring), which have outdated and cumbersome processes.
Fluid seamlessly connects to suppliers’ ERP and accounting programs and allows prompt underwriting of B2B funds, providing a win-win as patrons get higher cost phrases whereas suppliers unlock money circulation that’s caught in account receivables
Payouts.com
Payouts.com provides a complete resolution for international B2B transactions, combining mass payouts, full automation, and Vendor Relationship Administration (VRM) in a single highly effective platform.
Their system seamlessly integrates with purchasers’ current infrastructure to automate the whole payout course of, from bill era to cost execution.
The platform’s full automation leverages real-time knowledge synchronisation and a novel connector construction, eliminating guide processes and lowering errors.
Their superior self-invoicing system generates correct, compliant invoices robotically, streamlining monetary operations throughout a number of departments and entities.
Built-in VRM options rework vendor interactions, providing complete instruments for onboarding, communication, and efficiency monitoring.
This holistic method not solely simplifies funds but in addition fosters stronger, extra clear vendor relationships.
ThitsaWorks Pte. Ltd.
Thitsa Fee Portal is a web-based platform built-in with Mojaloop. It allows monetary establishments, particularly these with out core banking programs or with programs missing API integration, to handle bulk transactions.
Initially designed for Microfinance Establishments to deal with digital bulk mortgage repayments and disbursements, the portal is now being enhanced for broader use circumstances.
Walee Monetary Companies
Hakeem is a cutting-edge digital financing app designed to facilitate seamless B2C financing in Pakistan.
Initially providing standard loans, Hakeem is now introducing its Tawarruq Islamic financing product, enabling Shariah-compliant loans for its customers.
Powered by a sturdy credit score scoring system, Hakeem analyses a variety of information factors to evaluate private and monetary attributes, offering mortgage approvals or rejections inside minutes.
The app encompasses a fast and environment friendly 7-step digital KYC course of, minimising default charges by completely analysing buyer credibility.
Hakeem’s in-house developed mortgage administration system provides detailed analytics and insights into buyer behaviour, making certain efficient mortgage restoration.
Built-in with financial institution accounts and digital wallets in Pakistan, Hakeem offers clients with simple disbursement choices.
Class #2 Corporates – Monetary Inclusivity Finalists
ANEXT Financial institution Pte Ltd
The ANEXT Programme for Business Specialists (“APIs”) is ANEXT Financial institution’s key embedded finance initiative designed for digital platforms to simply supply tried and trusted monetary companies to companies working on their platforms.
The APIs has not solely helped platform companions unlock new income alternatives, extra importantly, it has allowed ANEXT Financial institution to have interaction and allow the ecosystem of companions to speed up and scale monetary inclusion for unserved and underserved MSMEs.
For the reason that launch in November 2022, the APIs has partnered with a complete of six digital platforms, availing monetary companies to over a million MSMEs in seven markets throughout procurement, provide chain, supply, fintech, cost companies and e-commerce sectors.
This permits MSMEs to achieve one-stop entry to a complete suite of banking companies, whereas having fun with the comfort of a consolidated view on their enterprise equivalent to pockets steadiness, mortgage quantity and reimbursement standing, and many others.
IME Digital Answer Ltd (IME Pay)
IME Pay’s initiative, Access4All, actively bridges the monetary divide in Nepal. This complete suite of digital options targets the unbanked and underbanked populations, offering very important entry to beforehand unreachable monetary companies.
The answer consists of collateral-free loans for migrant employees, seamless integration with InDrive for car financing, inexpensive medical health insurance packages, refundable airline ticketing, and a pioneering all-women Digital Ambassador programme to advertise monetary literacy.
LendMN
Flexi Enterprise Mortgage by LendMN is Mongolia’s first and solely 100% totally digital, collateral-free enterprise financing resolution, revolutionising the standard lending course of for micro and small enterprises.
Thus far, the answer has disbursed $16.5 million in loans. Every day, roughly 500 micro and small enterprise house owners use their app to use/request for a enterprise mortgage.
Notably, 65% of their clients are feminine enterprise house owners, and 18% of the companies they serve are positioned in distant rural areas.
PolicyStreet
PolicyStreet specialises in pioneering Insurtech options, specializing in embedded insurance coverage and digital platforms to bridge the safety hole for underserved communities.
They seamlessly combine insurance coverage into day by day life, enhancing buyer expertise and streamlining operations via know-how.
Their initiatives embrace however aren’t restricted to embedded gig employees’ safety, embedded private accident coverages with unemployment options, and Harm Safety Plans, supported by proprietary tech platforms that simplify buying and claims processes with knowledge analytics for tailor-made options.
Thus far, they’ve insured over 200,000 gig employees with roughly RM20 billion in sum insured, instantly and not directly served over 1,500 SMEs, insured over 10 million on-line purchases, and guarded over 10,000 Malaysians towards private accidents and retrenchments.
Class #3 Corporates – Regulatory Chief Finalists
Automa8e Applied sciences Pte. Ltd.
Automa8e is model title for a collection of cloud-based AI powered enterprise transaction and accounting software program, primarily to supply firm accounts, experiences and tax to satisfy the necessities of administration in addition to for regulatory compliance submissions to authorities. Automa8e is an IRAS ASR+ Tier 3 licensed software program.
Elven Group Pte. Ltd.
Elven is a crypto accounting software program that helps combine numerous knowledge sources right into a single accounting platform which additionally consists of automations of tedious transactions monitoring if performed with out a software program like this.
Napier AI
Napier AI is a RegTech delivering anti-money laundering and monetary crime compliance software program to monetary establishments, funds and wealth and asset administration corporations.
Napier AI designs and engineers technological innovation to make a measurable distinction in driving down monetary crime.
Napier AI Continuum is an AI pushed monetary crime prevention platform to attach knowledge, management operations and handle threat in a single, totally built-in monetary crime threat administration centre.
By unifying threat monitoring functions, instruments, and knowledge into one surroundings, Napier AI Continuum builds a holistic view of threat whereas bettering operational efficiencies and delivering higher ranges of Return on Funding and decreased Complete Price of Possession.
Constructed totally cloudnative, and whether or not deployed by way of totally managed SaaS, public cloud, on-premise personal cloud, air gapped or hybrid mannequin, Napier AI Continuum’s modular method empowers purchasers to configure their compliance programs in keeping with their particular necessities.
Symphony
Symphony is a completely open, scalable, safe collaboration platform purpose-built for monetary markets.
Along with connecting with over half one million verified professionals on Symphony, customers of their federated messaging resolution can prolong connectivity to their purchasers on WhatsApp, WeChat, SMS and LINE – with out sacrificing compliance.
Within the age of cell communication, this permits customers to securely and conveniently talk by way of purchasers’ most popular platforms whereas lowering the danger of regulatory missteps.
Class #4 Corporates – Sustainable Innovator Finalists
Axe Finance
Axe Credit score Portal (ACP) is a cutting-edge AI-driven resolution designed to revolutionise the digital lending panorama.
Developed by Axe Finance, ACP provides an end-to-end resolution that automates the whole credit score lifecycle from KYC and mortgage origination to servicing together with origination, credit score scoring, and automated decision-making.
With its omnichannel capabilities, ACP ensures a seamless and aggressive financing journey throughout all consumer segments not solely restricted to retail, industrial, company, monetary establishments and sovereigns but in addition different particular kinds of lending equivalent to inexperienced loans, microfinance, embedded financing, and Islamic finance.
Key options of ACP embrace ESG Integration in digital lending, AI-powered digital lending, and many others. By leveraging superior know-how and a user-centric design, ACP enhances lending efficiency by bettering accuracy, lowering dangers, and accelerating time-to-market.
Kenergy Plus Firm Restricted
WATT’S UP utility is an end-to-end EV bike rental digital platform centered on selling and supporting
the adoption of electrical bikes (EV bikes) in Thailand.
Developed by one in every of KASIKORNBANK subsidiary firms to facilitate the transition in the direction of cleaner and extra sustainable transportation, WATT’S UP goals to be a complete resolution for each customers and companies.
Quadient
Quadient’s enterprise Buyer Communication Administration resolution, Encourage Flex, has remodeled the client expertise of 1000’s of firms world wide.
They permit speedy response to market modifications and velocity digital transformation by empowering non-technical enterprise customers to soundly design, handle, and ship personalised, compliant content material throughout all channels.
All of it occurs from one easy-to-use platform that eliminates siloed workflows and reduces the necessity for IT
Rizal Industrial Banking Company (RCBC)
RCBC’s dedication to enhancing digital monetary entry for each Filipino advanced over time, adapting to shifting Philippine and international landscapes.
The financial institution accelerated its digitalisation efforts in 2020 with the launch of RCBC Diskartech, the world’s first multilingual monetary inclusion app, and the enlargement of RCBC ATM Go, offering essential support to underserved areas throughout the international well being disaster.
RCBC additionally launched RCBC Barangayan (village/neighborhood) Banking, mixing human contact with digital finance to achieve underserved communities.
RCBC Diskartech is a multilingual monetary inclusion utility, out there in Taglish (Tagalog-English) and Cebuano.
Its inclusive options and streamlined onboarding course of (requiring just one ID, no minimal deposit, and 0 sustaining steadiness) contributed to its unprecedented development throughout and after the COVID-19 pandemic.
Class #5 Corporates – Thematic (AI, Quantum Champion) Finalists
Tencent
Tencent’s Palm Recognition Answer, launched in China in Could 2023 is a contactless biometric resolution that scans customers’ palms as a method to establish the consumer.
That is performed primarily for the needs of authorising cost, granting entry to sure places, and many others.
By hovering their hand over compact, Tencent-developed sensors, it verifies customers’ distinctive palm prints and vein patterns, that are distinctive sufficient to even inform an identical twins aside.
The answer provides a monetary payment-grade algorithm for palm recognition, and presents important potential throughout retail, monetary companies, public transportation, and bodily safety functions.
To-date, Tencent’s palm recognition resolution has efficiently processed thousands and thousands of transactions day by day, demonstrating its efficacy and transformative impression in biometric cost programs.
Ant Worldwide
Ant Danger’s Antom Card Fee Safety resolution is designed to supply retailers with real-time threat management decision-making capabilities for card funds to minimise retailers’ fraud chargeback legal responsibility.
In keeping with the settlement with the service provider’s ris desire, card fraud threat scanning is carried out for every transaction, in keeping with the expertise of threat specialists, sturdy technique system, cutting-edge AI algorithm and international knowledge community to make choice of every transaction to understand 100% real-time threat choices.
Ought to a choice result in a subsequent fraud chargeback, they supply retailers with an clever dispute service powered by giant language fashions. They’ll obtain and submit AI-created chargeback protection supplies to reclaim losses from chargebacks.
This resolution enhances the accuracy and velocity of decision-making, resulting in more practical fraud prevention and reducing of false negatives, enhancin general buyer satisfaction and loyalty.
JPMorganChase
The agency validated Quantum Key Distribution (QKD) know-how in a Information Centre surroundings utilizing current fibre infrastructure with end-to-end IPsec encryption of precise IP knowledge in an air-gapped surroundings.
This served as step one in the direction of integrating QKD know-how into totally different safety protocols (e.g. OTNsec, MACsec, IPsec, HSE) from totally different distributors outdoors the lab surroundings. The answer could be usable for everybody utilising the Information Centre infrastructure.
Oversea Chinese language Banking Company Restricted (OCBC)
This resolution allows the safe distribution of encryption keys between geographically dispersed speaking events utilizing quantum rules.
QKD ensures that the keys are distributed securely and stays so towards any computational energy, together with that of an eavesdropper with limitless assets, thereby defending towards any potential eavesdropping or tampering makes an attempt.
By incorporating QKD at layer 3 of IPsec, the general safety of the IPsec framework is considerably enhanced, offering a sturdy and unbreakable encryption mechanism for safe communication.
Class #6 Particular person – Fintech Mentor Finalists
Andrea Baronchelli, CEO and Cofounder, Aspire
Andrea Baronchelli is the CEO and Co-founder of Aspire. By Endeavor, he mentors the subsequent era of founders by sharing his experiences and providing steering to these going through comparable hurdles.
His function as a mentor has allowed him to instantly assist fellow entrepreneurs, serving to them navigate challenges and obtain their objectives.
Beneath Andrea’s steering, 20+ startups over the previous 3 years hav gotten qualitative suggestions to enhance their Y Combinator functions.
His mentorship has helped founders refine their pitches, develop stronger enterprise fashions, and achieve confidence of their startup journey.
Andrea can be a outstanding participant in fintech occasions, regularly sharing his experience and insights, and performs a pivotal function in partaking with regulators to form a balanced regulatory surroundings that fosters innovation and safety
Dr Dorian Selz, CEO, Squirro
Dr Dorian Selz is the Founder and CEO of Squirro AG. He exemplifies distinctive management inside Squirro, embodying the corporate’s values day by day and main by instance.
His hands-on method is clear in his real dedication to supporting his crew. He sources expertise from high technical universities throughout Switzerland and Europe, making certain a various and extremely expert workforce.
He invests in his crew’s skilled development via mentorship applications, facilitating upskilling and reskilling alternatives to maintain tempo with quickly evolving applied sciences.
Notably, Squirro extends its dedication to social accountability by financing coding schooling for workers with refugee standing.
He has spearheaded Squirro’s transformation into a worldwide chief in fintech and AI, positioned it as a frontrunner in reworking knowledge into actionable intelligence, enabling purchasers to not solely meet however exceed their strategic goals in an everevolving market.
Frans Wiwanto, CEO – APAC, Flywire (Singapore)
Frans Wiwanto is the APAC CEO of Flywire Singapore. He has demonstrated sturdy management in mentoring people to beat challenges and assist their development by offering assist and creating transparency inside the Firm.
He’s prepared to establish goals and final result, consider the end result to find out if modifications are wanted, and can get hold of suggestions from stakeholders and clients when executing a brand new initiative.
He is ready to evaluation and streamline processes to enhance effectivity and units milestones to maintain observe of initiatives.
Frans has contributed in a significant manner in the direction of the fintech neighborhood and ecosystem by taking part in several occasions/ talks associated to fintech.
He strives to be taught the newest developments and improvement of fintech and share these info with the Firm and the inner crew to remain forward of the business. He’s additionally a speaker for various fintech occasions representing Flywire.
Romain Zanolo, Managing Director APAC, Fee Companies, IDEMIA
Romain Zanolo is Managing Director for the APAC Fee Companies at IDEMIA. His management is exemplified by his hands-on method and teambuilding expertise.
Romain demonstrated sturdy management by personally initiating the gross sales course of inside the fintech ecosystem.
Beneath Romain’s management, the IDEMIA crew has streamlined card program launches and built-in with main fintech cost processors within the worth chain, making it doable to launch card applications in a number of weeks.
He challenged and reinvented work and enterprise processes to align with fintech-specific wants, distinctly totally different from conventional banking.
To realize this, Romain rolled out complete coaching plans to reinforce his crew’s understanding of a card P&L, reworking them into true advisors for purchasers.
Romain’s involvement in pioneering know-how launches in APAC consists of tasks equivalent to dynamic CVV playing cards with RHB, biometric playing cards with MatchMove, tokenisation for digital funds, SoftPOS in Australia, and CBDC initiatives with JCB and Softspace.