Tag Archives: MAS

MAS Launches Global FinTech Hackcelerator for a Greener Financial Sector

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. [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.
  1. [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.
  1. [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.

MAS Makes Senior Management Changes

The Monetary Authority of Singapore (MAS) today announced four new senior management appointments as part of an ongoing process to renew MAS’ leadership bench. There will also be two changes in senior appointments. The new appointments and changes will take effect on 1 April 2021.

Deputy Managing Director

2      Ms Ho Hern Shin, currently Assistant Managing Director (Banking & Insurance), will be appointed Deputy Managing Director (Financial Supervision). She will take over from Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision), who is leaving MAS.

Assistant Managing Directors

3      Three Executive Directors will move up to take on Assistant Managing Director positions:

  • Mr Marcus Lim, currently Executive Director (Banking Department I), will be appointed Assistant Managing Director (Banking & Insurance), taking over from Ms Ho Hern Shin.
  • Ms Cindy Mok, currently Executive Director (Monetary & Domestic Markets Management) and Executive Director (Organisation Development & Communications), will be appointed Assistant Managing Director (Finance, Risk & Currency), taking over from Mr Bernard Wee. 
  • Mr Wong Zeng Yi, currently Executive Director (Banking Department II), will be appointed Assistant Managing Director (Organisation & People Development), taking over from Mr Lim Tuang Lee.

4      Two senior management staff will be re-designated:

  • Mr Lim Tuang Lee, currently Assistant Managing Director (Organisation & People Development), will be re-designated Assistant Managing Director (Capital Markets). He will be taking over from Mr Lee Boon Ngiap, Assistant Managing Director (Capital Markets), who is leaving MAS.
  • Mr Bernard Wee, currently Assistant Managing Director (Finance, Risk & Currency), will be re-designated Assistant Managing Director (Markets & Investment).  He will be taking over from Mr Leong Sing Chiong, Deputy Managing Director (Markets & Development), who has been covering this role since 1 February 2021.

5      Mr Ravi Menon, Managing Director, MAS, thanked Mr Ong Chong Tee and Mr Lee Boon Ngiap. 

6      Mr Menon said, “Chong Tee served as Deputy Managing Director for 16 years, across all four of MAS’ key functions: first, in the areas of monetary policy, investment management, and financial development; and then, in financial supervision. He led the MAS teams in navigating the global financial crisis of 2009, ensuring monetary stability and safeguarding our investment portfolio. He subsequently led the implementation of the post-crisis regulatory reforms in MAS, including new rules for bank capital and liquidity. Chong Tee has been an active member in many international regulatory forums, such as the Basel Committee for Banking Supervision and several Financial Stability Board Standing Committees. Chong Tee is a respected leader and a trusted colleague.”

7      Mr Menon added, “Boon Ngiap has been one of MAS’ most versatile leaders, making strong contributions in banking and insurance supervision, capital markets regulation, financial centre development, and domestic monetary management.  As Assistant Managing Director (Capital Markets), Boon Ngiap led the regulation of capital markets and the supervision of capital markets intermediaries and infrastructure, and championed consumer financial education initiatives.  Boon Ngiap represented MAS at the board meetings of the International Organisation of Securities Commissions.”

8      “MAS is deeply grateful to Chong Tee and Boon Ngiap for their leadership and significant contributions over 35 years each of dedicated service.  We wish them the best for their future,” said Mr Menon.

Additional information on new Deputy Managing Director Ms Ho Hern Shin:


Ms Ho Hern Shin, 51, has served in different functions in MAS, including overseeing the licensing and supervision of banks, insurance companies and payments systems in Singapore. She has also overseen specialised teams in MAS that formulated policies and supervised financial institutions in the areas of anti-money laundering, technology risk and cybersecurity, as well as environmental risks. Ms Ho also held positions in HR and organisational development in MAS.

Managing the risks of remote working in financial institutions

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) jointly issued today a paper on managing new risks that could emerge from extensive remote working arrangements adopted by financial institutions (FIs) amid the COVID-19 pandemic.

2      The paper “Risk Management and Operational Resilience in a Remote Working Environment” highlights that, in view of the protracted remote working arrangements and the likely adoption of hybrid working [1] arrangements in future, it is important that FIs remain vigilant towards remote working risks and take pre-emptive steps to mitigate them. The Paper seeks to –

• raise awareness of key remote working risks in the financial sector;
• share good practices adopted by FIs to mitigate key remote working risks; and
• encourage all FIs to adopt good practices on managing remote working risks.

3     The Paper looks at possible risks to FIs in the areas of operations, technology and information security, fraud and staff misconduct, and legal and regulatory risks. It also examines the impact on people and culture that may be brought about by remote working. Drawing from the experiences of ABS member banks, the Paper suggests key risk management actions needed to address these areas of concern. The risks and risk mitigation measures set out in the Paper are also applicable to non-bank FIs.

4     MAS encourages FIs to benchmark their remote working controls against the examples in the Paper. FIs should also continually review and enhance their risk management practices to address evolving risks. This Paper is part of the ongoing collaboration between MAS and ABS’ Return to Onsite Operations Taskforce (ROOT), to coordinate responses to the crisis and prepare for a post COVID-19 new normal.

5     Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision), MAS, said, “Financial institutions in Singapore have swiftly adapted to remote working and split-team arrangements in response to COVID-19. The operational resilience of our financial institutions during this period reflects the soundness of their business continuity management plans. It also underscores the importance of regular tests through internal drills and industry-wide exercises jointly organised by the MAS and the financial industry. Investments in the digitalisation of work processes and services over the past five years have also enabled our financial institutions to continue to provide a high level of support to meet the needs of individuals and businesses, during the pandemic. MAS will continue to work closely with ABS and other industry associations to enhance operational resilience and maintain high service standards.”

6     Mr Samuel Tsien, Chairman of ABS, said, “Over the years, banks have invested consistently and significantly in risk management and technology. The investments have enabled the industry to quickly and effectively respond to the COVID-19 outbreak and ensure that banking services are not disrupted during the crisis. Where their roles permitted, banks have made arrangements to facilitate their employees to work from home in a safe and secured environment and allowed the continued provision of services that our customers needed. This outcome is not only due to individual banks’ efforts. It was also a collective one. ABS and ROOT, working together with MAS, coordinated the financial sector’s response to the crisis. The good practices are now captured in this Paper. It will serve as a valuable reference guide to all banks as remote and flexible work arrangements continue to be adopted as the pandemic evolves. The Paper is also a good guide to banks when dealing with other types of crises”.

  1. [1] A hybrid working arrangement is one where staff work in the office for part of the time, and remotely for other times.

MAS and SGX: Beware of risks related to trading incited by online discussions

The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) advise the investing public to be on heightened alert to the risks related to trading in securities incited by online discussion forums and social media chat groups. This follows SGX RegCo’s 10 December 2020 warning to the public of “pump and dump” activities exploiting Telegram chats and other social media channels (link here ).

2     MAS and SGX RegCo have noted investor interest in Singapore in recent activities in US markets relating to stocks such as GameStop, AMC Entertainment Holdings, and BlackBerry. Discussions in online websites and platforms suggest the possibilities for similar speculative activities in the Singapore stock market.3     The public should be aware that certain individuals may exploit this interest for their own benefit through “pump and dump” activities that can amount to market misconduct under the Securities and Futures Act (SFA):

i. These perpetrators may do so by setting up positions in certain securities. They then use social media chat groups to incite investors to buy these securities in a manner similar to how individual investors collectively pushed up certain share prices in the US.

ii. As soon as the prices of these securities have risen to specific levels, such perpetrators may then sell the securities which they had accumulated earlier without alerting other investors.4     Any conduct that intentionally, knowingly, or recklessly creates a false or misleading appearance regarding the active trading, market or price of securities is prohibited under the SFA. Other prohibited acts include but are not limited to the making or dissemination of false or misleading statements, fraudulent inducement to deal in securities, and the employment of manipulative and deceptive devices. Investors should make sure they refrain from conduct that could infringe the SFA. Firm action will be taken against those who breach the SFA or other laws and regulations.

5     MAS and Exchange Regulation SGX RegCo are closely monitoring market activities for signs of false trading or other forms of misconduct. Restrictions may be placed on the trading accounts of those suspected of such misconduct and the relevant securities may be placed under designation or suspension. MAS and SGX RegCo are working closely with SGX member firms to ensure our market remains orderly.

MAS Enhances Guidelines to Combat Heightened Cyber Risks

The Monetary Authority of Singapore (MAS) today issued revised Technology Risk Management Guidelines  (578.7 KB) (Guidelines) to keep pace with emerging technologies and shifts in the cyber threat landscape.

2     The revised Guidelines focus on addressing technology and cyber risks in an environment of growing use by financial institutions (FIs) of cloud technologies, application programming interfaces, and rapid software development. The Guidelines reinforce the importance of incorporating security controls as part of FIs’ technology development and delivery lifecycle, as well as in the deployment of emerging technologies. 

3     The recent spate of cyber attacks on supply chains, which targeted multiple IT service providers through the exploitation of widely-used network management software, is a clear indication of a worsening cyber threat environment. The revised Guidelines set out the following enhanced risk mitigation strategies for FIs –

  • to establish a robust process for the timely analysis and sharing of cyber threat intelligence within the financial ecosystem; and
  • to conduct cyber exercises to allow FIs to stress test their cyber defences by simulating the attack tactics, techniques, and procedures used by real-world attackers.

4     In light of FIs’ growing reliance on third party service providers, the revised Guidelines set out the expectation for FIs to exercise strong oversight of arrangements with third party service providers, to ensure system resilience as well as maintain data confidentiality and integrity.

5     The revised Guidelines provide additional guidance on the roles and responsibilities of the board of directors and senior management –

  • the board and senior management should ensure that a Chief Information Officer and a Chief Information Security Officer, with the requisite experience and expertise, are appointed and accountable for managing technology and cyber risks; and
  • the board should include members with the relevant knowledge to provide effective oversight of technology and cyber risks.

6     The revised Guidelines have incorporated feedback received from the public consultation  (728.4 KB) conducted in 2019, MAS’ engagement with the industry, and MAS’ Cyber Security Advisory Panel (CSAP). [1]  MAS thanks all respondents for the invaluable suggestions in shaping the Guidelines.

7     Mr Tan Yeow Seng, Chief Cyber Security Officer, MAS, said, “Technology now underpins most aspects of financial services. Not only are financial institutions adopting new technologies, they are also increasingly reliant on third party service providers. The revised Guidelines set out MAS’ higher expectations in the areas of technology risk governance and security controls in financial institutions.”

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Additional information

The Technology Risk Management Guidelines are a set of best practices that provide FIs with guidance on the oversight of technology risk management, practices and controls to address technology and cyber risks. MAS expects FIs to observe the guidelines as this will be considered in MAS’ risk assessment of the FIs.

The Guidelines should be read with the Notice on Technology Risk Management and Notice on Cyber Hygiene.

  1. [1] The CSAP, which was formed in 2017, comprises leading cyber security experts and thought leaders from around the world. The panel advises MAS on strategies to enhance cyber resilience in the financial system.

Veritas Initiative Addresses Implementation Challenges in the Responsible Use of Artificial Intelligence and Data Analytics

The Monetary Authority of Singapore (MAS) today announced the successful conclusion of the first phase of the Veritas initiative which saw the development of the fairness assessment methodology in credit risk scoring and customer marketing. [1] These are the first two use cases to help financial institutions validate the fairness of their Artificial Intelligence and Data Analytics (AIDA) solutions according to the Fairness, Ethics, Accountability and Transparency (FEAT) principles. The Veritas Consortium, [2] comprising MAS and industry partners, also published whitepapers on the fairness assessment methodology and the open source code  of these two use cases.

2     The two whitepapers detailed a five-part methodology to assess the application of the FEAT fairness principles in the two use cases. The methodology addresses the implementation challenges in the responsible use of AIDA, and provides an actionable approach for financial institutions to validate their AIDA solutions. The open source code of the two use cases has been made publicly available to help the wider AIDA community in adopting the fairness assessment methodology and spur industry development. These will benefit customers by improving the fairness of financial services delivered by AIDA systems.

3     This development marks a milestone for the Veritas initiative and paves the way for the next phase of work. Phase Two will look into developing the Ethics, Accountability and Transparency assessment methodology for the two use cases in Phase One. Phase Two will also include use cases for the insurance industry.

4     For the insurance use cases, the Veritas consortium will focus on the fairness assessment methodology for predictive underwriting, and develop the ethics and accountability assessment methodology for fraud detection: 

  • Fairness is a key consideration in the course of underwriting for insurance companies. The Veritas consortium will focus on enhancing the fairness assessment methodology applicable to the predictive underwriting for life and health insurance products.
  • Fraud detection and identification of suspicious customer claims are key activities in claims processing by insurance companies. Traditional fraud detection is resource intensive and insurance companies can employ AIDA to enhance their fraud detection capabilities and efficiency.

5     Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “Veritas Phase One enabled us to look into the fairness of artificial intelligence and data analytics systems in a more granular manner. It will improve the trustworthiness of AIDA significantly. We will continue our Veritas journey and aim to establish Singapore as a responsible artificial intelligence hub for the financial services in the near future.”

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  1. [1] Veritas, which is a part of Singapore’s National AI Strategy, aims to provide financial institutions with a verifiable way to incorporate the FEAT (Fairness, Ethics, Accountability and Transparency) principles into their AIDA solutions. Please see MAS’ media release on 13 November 2019 for details on Veritas, media release on 12 November 2018 on FEAT and media release on 28 May 2020 for details on the first phase of the Veritas initiative.
  1. [2] The Veritas consortium has 25 members. Please refer to media release on 28 May 2020 for the full list of members for Phase One of Veritas and the annex for the full list of members for Phase Two of Veritas.

MAS Announces Successful Applicants of Licences to Operate New Digital Banks in Singapore

The Monetary Authority of Singapore (MAS) announced four successful digital bank applicants.
 
2     The applicants selected for the award of banking licences to operate digital banks are as follows:

 Digital Full Bank (DFB)

  • A consortium comprising Grab Holding Inc. and Singapore Telecommunications Ltd.
  • An entity wholly-owned by Sea Ltd.

Digital Wholesale Bank (DWB)

  • A consortium comprising  Greenland Financial Holdings Group Co. Ltd, Linklogis Hong Kong Ltd, and Beijing Co-operative Equity Investment Fund Management Co. Ltd.
  • An entity wholly-owned by Ant Group Co. Ltd.

The successful applicants must meet all relevant prudential requirements and licensing pre-conditions before MAS grants them their respective banking licences. MAS expects the new digital banks to commence operations from early 2022. 

3     MAS had previously announced that it would award banking licences for up to two DFBs and up to three DWBs. There were a total of 14 eligible applications. The applications were assessed on the following criteria:

  • value proposition of business model, incorporating innovative use of technology to serve customer needs and reach under-served segments;
  • ability to manage a prudent and sustainable digital banking business; and
  • growth prospects and other contributions to Singapore’s financial centre.

The assessment was done on a holistic basis, taking into account all relevant considerations for each criterion. MAS also took into consideration the eligible applicants’ reviews of the business plans and assumptions underpinning their financial projections arising from the impact of the COVID-19 pandemic [1] .

4     To select the successful applicants, MAS set stringent expectations across the assessment criteria. The two selected DFB applicants were clearly stronger than the other eligible DFB applicants. As for the DWBs, the two selected applicants met MAS’ expectations and were assessed to be demonstrably stronger across the criteria notwithstanding the general high quality of the eligible applicants. MAS has thus decided to award banking licences to the two DWBs. As the DWBs are introduced as a pilot, MAS will review whether to grant more of such licences in the future.

5     Mr Ravi Menon, Managing Director of MAS, said, “MAS applied a rigorous, merit-based process to select a strong slate of digital banks. We expect them to thrive alongside the incumbent banks and raise the industry’s bar in delivering quality financial services, particularly for currently underserved businesses and individuals. They will further strengthen Singapore’s financial sector for the digital economy of the future.”

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Additional Information:

In June 2019, MAS announced the digital bank framework, which aims to enable non-bank players with strong value propositions and innovative digital business models to offer digital banking services. DFBs will be provide a wide range of financial services and take deposits from retail customers, while DWBs will focus on serving SMEs and other non-retail segments.

These new digital banks are in addition to any subsidiaries that Singapore-incorporated banking groups may already establish under MAS’ existing regulatory framework, including with joint venture partners, to operate new or alternative business models such as a digital-only bank.  

Details of the assessment criteria can be found on MAS’ website.

MAS Announces 20 Finalists for the 2020 Global FinTech Hackcelerator

The Monetary Authority of Singapore (MAS) announced today the 20 finalists for the 2020 Global FinTech Hackcelerator. The finalists this year comprise several unique solutions that seek to drive positive social and environmental impact within the financial sector, in response to the challenges posed by COVID-19 and climate change. The Global FinTech Hackcelerator identifies innovative market-ready solutions to address real industry needs. The finalists will pitch their solutions at the Global FinTech Hackcelerator Demo Day at the 2020 Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH).

2   The finalists were selected through two parallel segments – the Local Programme, which addressed high-priority problem statements collated from the finance industry in Singapore and globally; and the International Programme, which comprised solutions from winners of FinTech competitions organised by international partners.

  • In the Local Programme, supported by KPMG Digital Village, 10 finalists were shortlisted from over 270 submissions from across more than 40 countries. These submissions addressed a record 107 problem statements across four categories: (i) Responding to a Global Pandemic; (ii) Green Finance Solutions; (iii) Green Finance Enablers; and (iv) Sustainability. More than 150 of the submissions came from Asia and about a third were from Singapore. 
  • The International Programme participants comprised 10 winners from six independent FinTech competitions organised by our international partners. This year, the Global FinTech Hackcelerator’s international partners are Abu Dhabi Global Market [1] , Accelpoint [2] , the Saudi G20 Presidency and the Bank for International Settlements Innovation Hub [3] , the Central Bank of Kenya [4] , the United Nations Capital Development Fund (UNCDF) [5] , and Women’s World Banking [6] . In total, more than 700 FinTechs spanning across the globe participated in the International Programme. 

For more details on the Local and International Programmes, refer to Annex A. For details on the finalists, judging panel and corporate mentors for the Local Programme, refer to Annexes B and C.

3   During Demo Day on 10 December, finalists will present their innovations and the top three winners will win S$50,000 in prize money each. All 20 finalists will also receive a S$20,000 cash stipend and be fast-tracked in their applications to receive grant funding under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme [7] . In addition, the finalists will exhibit their solutions as part of the Digital Showcase at SFF x SWITCH. The finalists will also be invited to a dedicated Deal Friday networking session in November to meet potential investors [8] .

4   Mr Sopnendu Mohanty, Chief FinTech Officer, MAS said, “Over the past four years, the Global FinTech Hackcelerator has provided FinTechs from Singapore and around the world with an excellent platform to showcase innovative solutions that can solve key problems within the financial industry. This year, there is added urgency to address pressing challenges brought about by COVID-19 and climate change. This is evident from the record number of problem statements submitted by the industry. We look forward to seeing our finalists use the Global FinTech Hackcelerator as a launchpad towards greater success while helping the financial industry tackle the health, economic, and climate crises facing our generation.”

5   Mr Allwyn Barreto, Partner, Financial Services Advisory, KPMG in Singapore said, “COVID-19 has presented an opportunity to reflect on how an accelerated pace of life has impacted our environment and social fabric. This pause presents an opportune moment for the brightest entrepreneurial minds to define what KPMG believes will be the emergence of a new normal. As we take our partnership forward with MAS with a shift to a fully digital Global FinTech Hackcelerator programme this year, we look forward to more innovative ideas that will address our biggest challenges today. Through KPMG Digital Village, key resources and mentors will be at participants’ disposal, assisting to sharpen and scale solutions that will help the financial industry and community at large, to ensure a sustainable and resilient planet for future generations.”

About the Monetary Authority of Singapore

The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator. As a central bank, MAS promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As an integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS also works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

About the Singapore FinTech Festival

Singapore FinTech Festival (SFF) is the world’s largest FinTech event 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. In 2019, SFF and the Singapore Week of Innovation and Technology (SWITCH) saw more than 60,000 participants from almost 140 countries and featured highlights such as the FinTech Conference, the FinTech Awards, Global FinTech Hackcelerator, Innovation Lab Crawl and Industry Networking and Workshops. The SFF is organised by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings. Find out more at www.fintechfestival.sg .

About SWITCH

The Singapore Week of Innovation & TeCHnology (SWITCH) is the leading tech festival for the Global-Asia innovation ecosystem. It is a one-stop platform where innovation meets enterprise, with access to global startups, investors, corporates, innovation community and ecosystem players. It focuses on these key industries – Health & Biomedical Sciences, Smart Cities & Urban Solutions, and Trade & Connectivity.

SWITCH is a week-long event featuring Exhibitions, Conferences, Workshops, Lab Crawls, and partner activities such as startups pitching competition, SLINGSHOT 2020, and open innovation platform, TechInnovation. Together with the Singapore FinTech Festival (SFF), SFF x SWITCH convened over 60,000 participants from 140 countries, hosted 569 speakers and 1,000 exhibitors in 2019.

SWITCH is supported by the National Research Foundation Singapore (NRF).

Find out more at http://www.switchsg.org/

  1. [1] FinTech Abu Dhabi Innovation Challenge.
  1. [2] European FinTech Hackcelerator.
  1. [3] G20 TechSprint 2020.
  1. [4] Virtual Africa Hackathon.
  1. [5] COVID-19 Financial Health Challenge.
  1. [6] Making Finance Work for Women FinTech Innovation Challenge.
  1. [7] The MAS Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) scheme provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector.
  1. [8] Deal Fridays are curated deal-making sessions for facilitating investment into start-ups. They are held once a month on Fridays from March to December 2020. The 20 finalists of the Global FinTech Hackcelerator will have a dedicated Deal Fridays session on 27 November 2020 for them to network and pitch to investors.

MAS Launches S$1.75 Million FinTech Innovation Challenge for a Covid-Resilient and Greener Financial Sector

Singapore, 8 June 2020… The Monetary Authority of Singapore (MAS) announced today the launch of a S$1.75 million MAS Global FinTech Innovation Challenge. The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: COVID-19 and climate change.

2.     The theme for the competition is “Building Resilience, Seizing Opportunities, Emerging Stronger”. Through the competition, MAS aims to promote FinTech solutions that will help financial institutions adapt effectively to the new operating environment precipitated by the COVID-19 pandemic as well as apply FinTech capabilities to spur the development of green finance in Asia and globally.

3.     The competition comprises the revamped MAS FinTech Awards and the MAS Global FinTech Hackcelerator. It will be hosted entirely on the API Exchange (APIX), a cloud-based innovation platform, which will not only help to source for FinTech solutions for specific focus areas but also allow these solutions to be curated, contextualised, and validated. [1]  

MAS FinTech Awards

4.     The MAS FinTech Awards, supported by PwC Singapore, recognise innovative FinTech solutions that have been implemented to address the two global challenges. The FinTech Awards are open to FinTech firms, financial institutions, and solution providers worldwide.

5.     This year, there will be two new award categories – ASEAN FinTech and Singapore Financial Institution – which will celebrate innovative projects from FinTechs in ASEAN and Singapore-based financial institutions respectively.  Interested parties can submit applications through APIX to demonstrate how their implemented projects have successfully enabled financial institutions to respond effectively to the pandemic or climate change.

6.     In all, up to 12 winners will be selected to receive a total of S$1.2 million in prize money. (See Annex A for more details on the MAS FinTech Awards)

MAS Global FinTech Hackcelerator

7.     The MAS Global FinTech Hackcelerator matches innovative market-ready solutions with industry’s actual technology needs.  It comprises two segments: the Local Programme and the International Programme.

8.     The Local Programme, supported by KPMG Digital Village, will publish high-priority problem statements collated from the finance industry in Singapore and globally. A record 107 problem statements were received this year, across four categories: (i) Responding to a global pandemic; (ii) Green finance solutions; (iii) Green finance enablers; and (iv) Sustainability. FinTech solution providers from across the world are invited to submit their proprietary solutions to any of these problem statements.  The finalists will be mentored by industry experts to strengthen their proposals and to develop customised prototypes on APIX, which will provide them access to a development sandbox rich in data and Application Programming Interfaces (APIs).

9.     The International Programme comprises winners of FinTech competitions organised by international partners, including the Saudi G20 Presidency, the Bank for International Settlements Innovation Hub, Women’s World Banking, and the United Nations Capital Development Fund (UNCDF). The winners of these partner competitions will be fast-tracked into the finals of the Global FinTech Hackcelerator.

10.     Up to 20 finalists of the Global FinTech Hackcelerator will each receive a S$20,000 cash stipend for their preparations for the Hackcelerator Demo Day. From these finalists, up to three winners will be selected on Demo Day at the Singapore FinTech Festival, with each receiving S$50,000 in prize money. For more details on the Local and International Programmes, refer to Annex B.

11.     Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “The unique challenges posed by the health, economic, and climate crises which we are facing will inspire bold innovations and solutions. MAS is delighted to recognise through the FinTech Awards effective solutions that have already been implemented, as well as help match industry partners with innovative FinTech firms seeking more support for their ideas through the Hackcelerator programme. We strongly encourage all innovators to take part in this global competition and showcase their solutions to the world.”

12.     Applications for the MAS FinTech Awards can be submitted here  and applications for the MAS Global FinTech Hackcelerator can be submitted here .