The Monetary Authority of Singapore (MAS) and LTP’s new FinTech market network featuring 4500+ startups and 200+ research pieces, MEDICI, are inviting international startups to apply for the Global FinTech Hackcelerator, the global accelerator program aimed to develop and scale market-ready FinTech solutions.
This new partnership provides tremendous benefits to companies applying for the program through MEDICI, and LTP is looking forward to welcoming them into the network via this collaboration with MAS and the Global FinTech Hackcelerator.
The Global FinTech Hackcelerator program is open to global FinTech companies, startups and teams. The program aims to create market-ready solutions to real industry problems and is structured to benefit teams looking to commercialize their solutions.
The Global FinTech Hackcelerator is part of the Singapore FinTech Festival organized by MAS and its partners. The inaugural Singapore FinTech Festival is taking place in the week of 14–18 of November 2016 and consists of a series of FinTech events including the Hackcelerator Demo Day, Innovation Lab Crawl, MAS FinTech Awards, FinTech Conference, Tech Risk Conference and RegTech Forum.
One of the most meaningful events in the industry brings together startups, technology companies, investors, financial institutions, research institutes and innovation professionals. Dedicated to the community of talented entrepreneurs, MAS is looking to recognize the most innovative FinTech solutions and reward the efforts of talented teams in bringing innovation to Singapore.
As part of the festival, the Hackcelerator Demo Day is the concluding step of the Global FinTech Hackcelerator and will take place on November 15, providing an opportunity for chosen teams to present their solutions to the community of notable attendees.
The Global FinTech Hackcelerator by MAS, one of the most forward-thinking governmental structures globally
MAS is known to be one of the most supportive organizations to innovative growth governmental structures in the world, which is also extending support to the FinTech community with its FinTech Regulatory Sandbox.
Now, organized in partnership with The Association of Banks in Singapore, Global FinTech Hackcelerator by MAS, represents the best opportunity for talented entrepreneurs to scale their market-ready FinTech solutions in Asia, together with business leaders from the industry and with the support of MAS.
Application for the Global FinTech Hackcelerator
In the application form, teams are required to highlight which of the 100 published problem statements their solutions solve. These problem statements provide an overview of how the financial industry is looking to use technology in financial services. The application is open until July 31, 2016.
Up to 20 global teams will be selected to participate in the 10-week virtual program that will culminate in a demo day at the inaugural Singapore FinTech Festival on 15 November 2016. International teams are only required to be in Singapore for the Demo Day during the Singapore FinTech Festival week.
The benefits for the finalists of the Global FinTech Hackcelerator
- $20,000 SGD cash Stipend for up to 20 teams (Singapore)
- $50,000 SGD cash prize for the top 3 teams
- Access to development support, APIs and sample data sets
- An opportunity to get matched with industry buyers/investors
- An opportunity to scale FinTech solutions in Asia
The Global FinTech Hackcelerator does not require IP or equity in return for participation. Hackcelerator teams will be prominently featured at the inaugural Singapore FinTech Festival.
With the objective to source the most innovative ideas from around the world, the Global FinTech Hackcelerator selected teams will go through a virtual program in the lead-up to the demo day that would allow them to build connections with the industry, including leaders from the financial institutions, technology and investment community.
The benefits for startups applying for The Global FinTech Hackcelerator through MEDICI
- All startups submitting applications through MEDICI to participate in the Global FinTech Hackcelerator will receive a $900 bonus to obtain the MEDICI startup plan for one year.
- Finally, applicants will be granted an opportunity to share their progress with more than 60K industry professionals subscribed to LTP (LetsTalkPayments.com) via one press release a month for one year.
How to apply for The Global FinTech Hackcelerator through MEDICI
- In order to apply for The Global FinTech Hackcelerator program by MAS, startups need to register on goMEDICI.com.
- After the registration, applicants need to update their profile with the most current and complete information about the company.
- A startup can get featured as a Rocket Profile by completing 80% of the Rocket Fields in the company update form.
- Having completed all previous steps, startups can easily apply for The Global FinTech Hackcelerator with one click on the MEDICI page of the Global FinTech Hackcelerator.
Deep domain knowledge in conjunction with curated expert analysis and an intelligent search algorithm, makes MEDICI a powerful tool to follow this fast-changing sector that Goldman Sachs estimates to be worth $4.7 trillion globally.
Being the only FinTech engagement platform that provides domain-specific insights and research along with contextual engagement, MEDICI enables companies to accelerate growth strategy through quick identification of target companies for a commercial relationship, partnership, investment or acquisition.