The third edition of the Singapore FinTech Festival drew close to 45,000 participants from almost 130 countries, ranging from Afghanistan to Zambia. The Festival continues to be the biggest FinTech event in the world and provides a global platform for the FinTech community to connect, collaborate, and co-create. The Festival also featured more than 250 speakers, almost 500 exhibitors - 60% of which were foreign, and 16 international pavilions.
The three-day FinTech Conference (12-14 November) was graced by international and local dignitaries, including Narendra Modi, Prime Minister of India, Christine Lagarde, Managing Director, International Monetary Fund, and Ong Ye Kung, Minister for Education of Singapore and Board Member of the Monetary Authority of Singapore (MAS). Justin Trudeau, Prime Minister of Canada2, Heng Swee Keat, Minister for Finance of Singapore, Patrick Njoroge, Governor of Central Bank of Kenya, and Sonexay Sithphaxay, Governor of Bank of the Lao PDR, were among other leaders who visited the Festival. PM Modi, and Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Chairman of MAS, jointly launched the API Exchange (APIX), an online global FinTech marketplace and sandbox platform for financial institutions.
2018 Global FinTech Hackcelerator winners announced at Singapore FinTech Festival
Singapore, November 13, 2018 - The Monetary Authority of Singapore (MAS) today announced the three winners of the Global FinTech Hackcelerator, selected from 20 finalists that presented their innovative solutions at Demo Day, as part of the third Singapore FinTech Festival.
The winners are (in no order of merit):
BetterTradeOff Pte. Ltd.: BetterTradeOff’s one-of-a-kind holistic life-planning solution, ‘Aardviser,’ uses advanced statistical models and AI to empower people to make optimum decisions when financing their dreams. This flexible, modular, white-label solution can efficiently and quickly capture a client’s [new prospect or existing client] financial situation, digitizing the traditional data capture with financial advisors, reducing time taken to a matter of minutes. It can dynamically adjust the financial plan of the client via investment products based on financial ambition such as supporting children’s education, purchase of property and readjust after life triggers such as loss of income. This tool immediately engages the client in relevant and exciting life solutions based on the partnering company’s suite of products.
Billon Group Ltd: Billon’s technology encodes national (i.e., fiat, not crypto) currencies via blockchain to allow for zero cost payment transactions. The system is composed of blockchain nodes, where each node is essentially an application installed on an end-user device (smartphone, tablet, computer, server) and each new user brings its own device (typically a smartphone), which adds processing power to the system as a whole. Transactions are processed directly between the nodes, without any central system being involved. Currency thanks to blockchain gets transferred peer to peer with no third party intervention, no intermediaries, thus it flows at zero cost. Consequently, the systems scales without any incremental transaction costs, and recent tests proved the ability to process over 160 million payment transactions per day.
Mosabi: Mosabi’s solution addresses the lack of financial training and financial access through a narrative mobile learning linked to financial inclusion, financial literacy, and digital financial services (DFS). It works with financial institutes to empower low-income entrepreneurs who have little or no knowledge about basic business management skills to deliver relevant curriculum and campaigns via modular learning. These lessons are delivered in lightweight video format as well as chatbot integration, quizzes and surveys all available with customized cultural context and available in local languages. These meaningful engagements enable performance analytics to be derived from the data creating a unique credit score which financial institutions can use to determine the creditworthiness of a user. This creates a new customer segment for financial institutes to provide access to financial services to thin-file or no-file clients.
BetterTradeOff Pte. Ltd., Billon Group Ltd and Mosabi received a cash prize of S$50,000 each at the awards ceremony this morning at the Singapore FinTech Festival. Beyond Demo Day, the 20 finalist teams will continue to work with the corporate champions and industry mentors to plan for actual adoption and integration of their solutions into a real client context.
BetterTradeOff Pte. Ltd., Billon Group Ltd and Mosabi were selected based on the relevance of their solution in addressing the chosen problem statement, their business potential, innovativeness of their idea, and the team’s profile and ability to execute the idea.
12 innovative FinTech solutions recognized at the 2018 FinTech Awards
Singapore, 14 November 2018 - The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today awarded 12 FinTech companies a total of S$1.2 million at the FinTech Awards, which took place at the third Singapore FinTech Festival.
This year’s winning solutions have a greater ASEAN representation and focus on financial inclusion, spanning multiple business areas, such as credit-scoring, mobile security, anti-money laundering, and digital investment. The 12 awardees are:
The FinTech Awards recognizes innovative FinTech solutions that have been implemented by FinTech companies, financial institutions, and technology companies.
This year, 40 finalists were shortlisted from more than 280 global submissions including the companies who participated in the ASEAN PitchFest6. The winners were selected by a panel of 17 judges who represent a cross-section of international and local experts from the private and public sectors. The entries were evaluated based on four criteria: impact, practicality, interoperability, and uniqueness and creativity.
MAS to place up to US$5 billion with private equity and infrastructure fund managers
Singapore, 13 November 2018 - The Monetary Authority of Singapore (MAS) announced today initiatives to enhance private markets financing channels, including a program to place up to US$5 billion for management with private equity (PE) and infrastructure fund managers.
Mr. Peter Ong, MAS Board Member and Chairman of Enterprise Singapore, highlighted the new initiatives at the Global Investor Summit of the Singapore FinTech Festival. These initiatives will support the growth of Asian enterprises and the infrastructure financing market.
The US$5 billion private markets program (PMP) builds on MAS’ current external fund manager program, which has helped to anchor global asset managers in the public markets space. Under the PMP, MAS will fund PE and infrastructure fund managers who are committed to either deepening their existing presence or establishing a significant presence in Singapore.
MAS also announced the introduction of a large-scale deal-making platform, MATCH (Meet ASEAN’s Talents and Champions), that curates and matches promising next-generation ASEAN enterprises with private capital. MATCH has already generated more than 17,000 matches between 380 participating investors and 840 enterprises. MAS will also work with the industry to establish private market funding platforms that connect growth companies with a wider investor network.
Several deals were announced at the deal-making platform, MATCH, which was presented for the first time at the Festival and the Global Investor Summit. One of the MATCH participants, GTR Ventures, an investment and venture-building platform specializing in trade and supply chain, announced three new deals with Lucidity, iLoan and RM-Tech.
These initiatives are complemented by other efforts to grow the local talent pool while providing flexibility on the hiring of foreign specialists in the PE and venture capital (VC) industry. In addition, the introduction of the Venture Capital Investment Model Agreements (VIMA) for early-stage VC transactions will enable deal and cost efficiencies through a set of standardized and easily accessible documents that investors and enterprises can use and adapt.