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
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