MAS Launches Fintech Challenge for a COVID-Resilient and Green Sector
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
Featured Experts
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous Article
ESMA Publishes Example of An Annual Financial Report in ESEF FormatRelated Articles
APRA Issues Interim Update to Policy Priorities for 2021 and Beyond
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.
EC Adopts Solvency II and Resolution Rules Package for Insurers
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
OCC Issues Booklets on Regulatory Reporting and Earnings
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.
ECB Sets Out Results of Economy-Wide Climate Stress Tests
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.
EBA Examines Implications of Increasing Use of Digital Platforms in EU
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures
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 Quarterly Review Discusses Developments in Fintech and ESG Space
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.
BCBS to Consult on Supervisory Practices for Climate Risks by Year-End
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
OCC Identifies Operational Risk Deficiencies in MUFG Union Bank
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
