The Monetary Authority of Singapore (MAS) announced the launch of the 6th edition of the Global FinTech Hackcelerator, with the theme “Harnessing Technology to Power Green Finance”. The competition, supported by Oliver Wyman, seeks to unlock the potential of FinTech in accelerating the development of green finance in Singapore and the region.
2. FinTech firms and solution providers around the world are invited to submit innovative solutions to address over 50 problem statements that have been collected from financial institutions and green finance industry players. These problem statements focus on three key challenges: (i) Mobilising Capital; (ii) Monitoring Commitment; and (iii) Measuring Impact.
3. Up to 15 finalists will be shortlisted for a virtual programme where they will be paired with a Corporate Champion [1] to develop customised prototypes on the API Exchange (APIX) [2] . Each finalist will also receive a S$20,000 cash stipend and be eligible for a fast-tracked application for the MAS Financial Sector Technology and Innovation Scheme Proof-of-Concept Grant of up to S$200,000.
4. Finalists will pitch their solutions at the Demo Day held at this year’s Singapore FinTech Festival [3] . Up to three winners will be selected, with each receiving S$50,000 in prize money.
5. Mr Sopnendu Mohanty, Chief FinTech Officer of MAS said, “Green FinTech can be an important enabler to accelerate Asia’s transition to a low carbon future. It can provide much needed innovative solutions, and develop the crucial technology stack, which can help promote green financial services, catalyse efficient allocation of green capital, and facilitate trust in the green data value chain. I encourage all innovators to make use of this platform and showcase their Green FinTech solutions to the world.”
6. All FinTech firms and solution providers are encouraged to submit their applications for the MAS Global FinTech Hackcelerator here by 11 June 2021.
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- [1] Corporate Champions are teams from Singapore-based financial institutions or organisations that mentor finalists during the Hackcelerator, working with them to refine and contextualise the solution.
- [2] APIX (www.apixplatform.com ), a product of the ASEAN Financial Innovation Network, is a not-for-profit entity formed by the MAS, the International Finance Corporation and the ASEAN Bankers Association, with the objective of supporting financial innovation and inclusion around the world.
- [3] Singapore FinTech Festival is the world’s largest FinTech festival and a global platform for the FinTech community comprising FinTech players, technopreneurs, policy makers, financial industry leaders, investors including private equity players and venture capitalists and academics. It will be held on 8 to 12 November 2021.
