MAS Launches FinTech Hackcelerator for Development in Green Finance
MAS announced launch of the sixth edition of the Global FinTech Hackcelerator, with the theme “Harnessing Technology to Power Green Finance.” The competition, which is supported by Oliver Wyman, seeks to unlock the potential of fintech in accelerating the development of green finance in Singapore. Fintech firms and solution providers worldwide are invited to submit innovative solutions to address over 50 problem statements that have been collected from financial institutions and green finance industry players. The applications must be submitted by June 11, 2021. Up to three winners will be selected and the finalists will be expected to pitch their solutions at the Demo Day held at the Singapore FinTech Festival this year.
These problem statements on which solutions can be submitted focus on the three key challenges: mobilizing capital, monitoring commitment, and measuring impact. Up to 15 finalists will be shortlisted for a virtual program where they will be paired with a Corporate Champion to develop customized prototypes on the Application Programming Interface (API) Exchange. Each finalist will receive a SGD 20,000 cash stipend and will be eligible for a fast-tracked application for the MAS Financial Sector Technology and Innovation Scheme Proof-of-Concept Grant of up to SGD 200,000. According to MAS Chief FinTech Officer, Sopnendu Mohanty, "Green Fintech can be an important enabler to accelerate Asia’s transition to a low carbon future. It can provide much needed innovative solutions and develop the crucial technology stack, which can help promote green financial services, catalyze efficient allocation of green capital, and facilitate trust in the green data value chain."
Keywords: Asia Pacific, Singapore, Banking, Fintech, Singapore Fintech Festival, API Exchange, Sustainable Finance, ESG, MAS
Previous Article
ECB Responds to EC Consultation on Crisis Management FrameworkRelated Articles
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.
BaFin Consults on Resolvability Requirements for Resolution Planning
The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.
EBA Consults on Certain Standards and Guidelines Under CRR and BRRD
The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.
OJK Publishes Regulatory Updates for Financial Sector Entities
The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)
EU Publishes Rules on DLT and Data Governance
The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).
EBA Publishes Phase 2 of Reporting Framework 3.2
The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications
