The Monetary Authority of Singapore (MAS) has launched a SGD 1.75 million challenge to seek innovative solutions that can help financial institutions respond to two critical global challenges – COVID-19 and climate change.
Themed “Building Resilience, Seizing Opportunities, Emerging Stronger”, the MAS Global FinTech Innovation Challenge aims to promote FinTech solutions that will help financial institutions adapt to and spur the development of green finance in the post-COVID-19 world.
In a press statement, the central bank said the competition comprises the revamped MAS FinTech Awards and the MAS Global FinTech Hackcelerator.
The MAS FinTech Awards, supported by PwC Singapore, will recognise innovative FinTech solutions that have been implemented to address the two global challenges. Two new award categories – ASEAN FinTech and Singapore Financial Institution – are added this year, to celebrate innovative projects from FinTechs in ASEAN and Singapore-based financial institutions respectively.
Meanwhile, MAS Global FinTech Hackcelerator looks to matching innovative market-ready solutions with industry’s actual technology needs. It comprises two segments: the Local Programme and the International Programme.
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: responding to a global pandemic; green finance solutions; green finance enablers; and sustainability. FinTech solution providers from across the world are invited to submit their proprietary solutions to any of these problem statements.
On the other hand, 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.
“The unique challenges posed by the health, economic, and climate crises which we are facing will inspire bold innovations and solutions," said Sopnendu Mohanty, Chief FinTech Officer of MAS.
"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.”