Singapore, 17 November 2016 -
MAS Global FinTech Hackcelerator Demo Day
The MAS Global FinTech Hackcelerator demo day which was held on November 15, 2016, saw 19 finalists using innovative technology solutions to solve problems submitted by the financial industry. The finalists presented a working demo of their solutions to 11 judges today. Organized as part of the inaugural Singapore FinTech Festival, the MAS Global FinTech Hackcelerator received 650+ submissions from 50 countries around the globe.
The 20 finalist teams selected were hiHedg, t0, Thinknum, Beacon Interface, Voice, AgriLedger, Dobot, Flowcast, FitSense, TikkR, Identitii, Tradle, CardUp , Paygilant, Token, Huddlestock, Capital Preferences, AIDA Technologies, APrivacy and Helm.
Here are the winners that emerged from the finalists (in no order of merit):
FitSense is a Singapore-based analytics start-up that helps health and life insurance companies to personalize products and services by using app and device data. That means giving customers the option, transparency and control to use their app and device data to conveniently buy insurance products that are specific to their needs and wants.
AIDA Technologies (Singapore)
AIDA Technologies is a Singapore-based company that focuses on predictive analytics and intelligent systems. AIDA Technologies, through its AI-driven Analytics engine, provides solutions to address the key challenge of augmenting human experts’ ability to make decisions based on large amounts of heterogeneous information. This leads to improved productivity and enables high precision, data-driven decision-making.
Beacon Interface (Thailand)
Beacon Interface is dedicated to creating the best mobile banking application front-end for the visually impaired. The user interface and user experience is based on virtual touch feedback and non-location-based navigation. Using a combination of simple finger movements, haptic and voice feedback together with a simplified and intuitive menu system and application flow, Beacon Interface is able to provide the visually impaired with a simple, easy and discreet way of using a mobile application to access mobile banking services with confidence.
In May 2016, MAS published a catalog of 100 problem statements solicited from the financial services industry and invited the global FinTech community to develop new ideas and technology solutions to any of these problems. The problem statements covered topics such as know-your-customer/identity authentication, customer engagement, payments and portfolio management.
MAS received 655 submissions of solutions from about 50 countries, with more than 70% of them coming from the Asia Pacific region. Nineteen finalists were shortlisted based on the relevance of their solutions to the problem statements, business potential, innovation and ability to execute the solutions (Please refer to www.fintechfestival.sg/hackcelerator for details of the 19 finalists). The finalists were provided with a stipend of S$20,000 to help them develop market-ready solutions and were matched with mentors from the industry. MAS thanks PwC and Plug and Play for their strong support to the event.
Mr. Sopnendu Mohanty, Chief FinTech Officer of MAS, said, The Hackcelerator is a key component of the Singapore FinTech Festival. We are happy that the program provided a platform for FinTech companies and startups to collaborate with financial institutions and an opportunity for them to showcase advanced technology solutions to a global audience.
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today awarded 10 FinTech companies a total of S$1.15 million at the FinTech Awards. Organized as part of the Singapore FinTech Festival, the FinTech Awards recognize innovative FinTech solutions that have been implemented by FinTech startups, financial institutions, and technology companies.
The FinTech Awards comprise the MAS FinTech Awards and ABS Global FinTech Award. Deputy Prime Minister and Chairman of MAS, Tharman Shanmugaratnam, and ABS Chairman, Wee Ee Cheong, presented the awards to the 10 FinTech companies in a ceremony that was attended by more than 1,000 attendees. Here are the 10 awardees are:
ABS Global FinTech Award1
MAS FinTech Awards (Singapore Open)2
1st place – fastacash Pte Ltd
2nd place – M-DAQ Pte Ltd
3rd place – Pole Star Space Applications Ltd
MAS FinTech Awards (Singapore SME)3
1st place – Tookitaki
2nd place – Turnkey Lender Pte Ltd
3rd place – Funding Societies Pte Ltd
MAS FinTech Awards (Singapore Founder)4
1st place – CashRun
2nd place – Aimazing
3rd place – FinChat Technology
1 FinTech project implemented in any part of the world by any company.
2 Singapore-based companies of any size. The company must have a physical office registered in Singapore, and the solution must have been implemented in Singapore.
3 Singapore-based SMEs (Small-Medium Enterprises). SMEs, as defined by SPRING, are enterprises with an annual sales turnover of not more than SGD$100 million OR an employment size of not more than 200 workers. Enterprises qualify as SMEs as long as they satisfy at least one of the two parameters.
4 Singapore-based SMEs with at least one Singaporean founder. The term ‘founder’ is defined as an individual who was instrumental in setting up the SME. There is no need for majority share-ownership. The SME must have a physical office registered in Singapore, and the solution must have been implemented in Singapore.
Winners’ Solutions and Quotes
The FinTech Awards received over 200 global submissions, with the bulk coming from Asia Pacific, and the list was narrowed to 40 finalists. The winners were selected by a panel of 13 judges, representing a cross-section of international and local experts from the private and public sector. The entries were evaluated based on criteria such as impact, practicality, interoperability, and uniqueness and creativity. Please refer to Annex B for the list of judges.
Mr. Ravi Menon, Managing Director, MAS, presented prizes to the winners of the Global FinTech Hackcelerator, which was earlier held on Tuesday. The top three teams each won a cash prize of S$50,000.
Mr. Sopnendu Mohanty, Chief FinTech Officer of MAS, said, The MAS FinTech Awards celebrate the spirit of innovation and creativity within Singapore’s financial sector. We were impressed by the technical quality and breadth of the solutions, many of which span multiple business areas. We look forward to seeing how these solutions can redefine and improve the way we experience financial services.
Mrs. Ong-Ang Ai Boon, ABS Director, added, The ABS Global FinTech Award is a true manifestation of collaboration between FinTech companies and our members. The generation and incubation of new ideas and solutions for the industry plays an important role in strengthening strategic competitiveness in this digital age. ABS hopes for sustained collaborative efforts within the industry, as Singapore strives towards innovation and excellence as an international financial hub.
About the Monetary Authority of Singapore
As Singapore’s central bank, the Monetary Authority of Singapore promotes sustained, non-inflationary economic growth through appropriate monetary policy formulation and close macroeconomic surveillance of emerging trends and potential vulnerabilities. It manages Singapore’s exchange rate, foreign reserves and liquidity in the banking sector. MAS is also an integrated supervisor overseeing all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and the stock exchange. With its mandate to foster a sound and progressive financial services sector in Singapore, MAS also helps shape Singapore’s financial industry by promoting a strong corporate governance framework and close adherence to the international accounting standards. In addition, it spearheads retail investor education. MAS ensures that Singapore’s financial industry remains vibrant, dynamic and competitive by working closely with other government agencies and financial institutions to develop and promote Singapore as a regional and international financial center.
About The Association of Banks in Singapore
The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities towards the development of a sound financial system in Singapore. Since its establishment in 1973, ABS has promoted common understanding among its members and projected a unifying voice on banking issues. It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. Today, ABS has a membership of 154 local and foreign banks.
Further information on ABS is available on the website: www.abs.org.sg.
About the Singapore FinTech Festival
Organized by the Monetary Authority of Singapore in partnership with The Association of Banks in Singapore, the Singapore FinTech Festival – the first of its kind in Asia – will provide a platform for collaborations, connections and co-creations within the FinTech ecosystem in Singapore and beyond. In keeping with this spirit, the Festival is supported by the industry. Festival sponsors include Citibank, Deloitte, Mastercard, MUFG, UOB, and V-Key.
A series of back-to-back events that will take place from 14 – 18 November 2016. The Festival will comprise the Global FinTech Hackcelerator, Innovation Lab Crawl, FinTech Awards, FinTech Conference, Tech Risk Conference, and the RegTech Forum.
For more information, please visit http://www.fintechfestival.sg/.