Celebrating the spirit of innovation: MAS Global FinTech Hackcelerator

Monetary Authority of Singapore
Required Skill: 
Last date: 
Tuesday, June 30, 2020
Country: 
Singapore

Detailed Description

The Monetary Authority of Singapore (MAS) has launched the MAS Global FinTech Innovation Challenge which seeks to identify and recognise ground-breaking solutions that can enable the financial sector to respond to two pressing global challenges of today – COVID-19 and climate change.

The MAS Global FinTech Innovation Challenge comprises of 2 distinct competitions – MAS FinTech Awards and MAS Global FinTech Hackcelerator.

Up to 40 finalists will be selected by a panel of industry experts in MAS FinTech Awards under four categories – Singapore Founder, ASEAN FinTech, Singapore Financial Institution and Global

About MAS FinTech Awards

Categories

The MAS FinTech Awards represent the industry’s highest accolade for FinTech innovation. Organized by MAS, this year’s edition of the award will recognize ground breaking FinTech projects implemented by entities across these 4 categories:

Singapore Founder

  • Founder is defined as an individual who was instrumental in setting up the FinTech company
  • No need for majority share ownership
  • Company must be a Singapore-based SME FinTech company with at least one Singapore Citizen or Singapore Permanent Resident (PR) founder
  • The SME company must have a physical office registered in Singapore
  • The FinTech solution must have been implemented in any part of the world in the past 3 years

ASEAN FinTech

  • ASEAN-based FinTech
  • FinTech’s core business must be related to the Finance industry
  • FinTech need not be regulated by any regulatory body
  • FinTech must have a physical office registered in ASEAN
  • Solution must have been implemented in ASEAN within the past 3 years

Singapore Financial Institute

  • Singapore-based Financial Institution of any size
  • The FI must be a regulated entity in Singapore
  • The Singapore office must have contributed in the implementation/deployment of the solution in at least one ASEAN country in the past 3 years

Global

  • FinTech project implemented in any part of the world in the past 3 years

Funding Information

  • Up to 12 winners will be selected to win a total of S$1.2Mil in cash prizes.

What’s In It For You

Finalists and winning teams will get:

Exclusive Networking Access

Finalists will get exclusive networking access to investors and potential clients e.g. through Deal Friday.

S$1,200,000 Cash Prize

Up to 12 winners will walk away with cash prizes totaling S$1,200,000.

Eligibility Criteria

  • They welcome all solution providers and Financial Institutions with an implemented innovative solution to apply for the MAS FinTech Awards.
  • Each entity/company can only submit one application. However, you can submit more than one implemented project in your submissions.

About MAS Global FinTech Hackcelerator

With over 100 problem statements collated from the finance industry, they invite innovative start-ups from around the world to submit their market-ready solutions to solve these problem statements. Up to 10 global finalist teams will be shortlisted to receive a cash stipend of S$20,000 per team, mentorship by industry experts, access to potential clients and investors and an opportunity to win cash prizes totaling S$150,000.

This year’s Global FinTech Hackcelerator seeks to create impactful, market-ready FinTech solutions that solve real industry needs in these focus areas:

  • Responsible to a Global Pandemic
  • Green Finance Solutions
  • Green Enablers

Global FinTech Hackcelerator Journey

Registration

Register to participate in the Global FinTech Hackcelerator.

Submit Proposal

Submit your proposal(s) and tell us how your solution can solve your selected problem statement.

Finalists Selection

Up to 10 finalists will be selected by a panel of industry experts.

Virtual Programme

Shortlisted finalists will join a virtual programme to work with an assigned Corporate Champion who will provide mentorship and guidance to refine their solution.

Demo Day @ SFF

  • Finalists will present their solutions to a panel of judges and global audience at Demo Day @ Singapore FinTech Festival. 3 winners will be selected with each team walking away with a S$50,000 cash prize.

What’s In It For You

Finalists and winning teams will get:

S$20,000 In Cash Stipend

  • All finalists will receive a cash stipend of S$20,000 each.

Up To S$200,000 in POC Grant

  • All finalists will be fast-tracked to receive up to S$200,000 in MAS Financial Sector Technology and Innovation Proof-of-Concept grant*

S$50,000 In Cash Prizes

  • Up to 3 winners will be selected to receive cash prizes worth S$50,000 each.

Eligibility Criteria

  • They welcome all solution providers with a market-ready solution that can address any of the published problem statements.

Source: https://hackathon.apixplatform.com/masfintechawards/landing

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