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 ArticleECB Responds to EC Consultation on Crisis Management Framework
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Banking Authority (EBA) published answers to 29 questions in the Single Rulebook Question and Answer (Q&A) tool in September.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards