MAS announced the launch of a Global Fintech Innovation Challenge, which will seek innovative solutions to help financial institutions respond to the challenges posed by COVID-19 pandemic and climate change. 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, contextualized, and validated.
The MAS Fintech Awards are supported by PwC Singapore and recognize innovative fintech solutions that have been implemented by fintech companies, financial institutions, and solutions providers worldwide. The MAS Global Fintech Hackcelerator matches innovative market-ready solutions with the actual technology needs of the industry and it comprises a Local and an International Program. The Local Program, which is 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. The finalists will be mentored by industry experts to strengthen their proposals and to develop customized prototypes on APIX, which will provide them access to a development sandbox rich in data and Application Programming Interfaces (APIs). The International Program comprises winners of fintech competitions organized by international partners, including the Saudi G20 Presidency, the BIS 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.
Keywords: Asia Pacific, Singapore, Banking, Insurance, Securities, Fintech, COVID-19, Climate Change Risk, Fintech Innovation Challenge, APIX Platform, ESG, Sustainable Finance, MAS
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