The Monetary Authority of Singapore (MAS) has announced the launch of the 8th edition of the Global FinTech Hackcelerator, titled “Artificial Intelligence (AI) in Finance Global Challenge.” The competition aims to generate innovative and market-ready AI solutions that can transform the financial services industry. The event is conducted in partnership with AI Singapore (AISG) and powered by Oliver Wyman.
Participants from around the world are invited to submit innovative solutions to address 16 problem statements gathered from financial institutions and industry players. These problem statements focus on four key areas where AI can be leveraged to achieve better outcomes: elevating customer experience, enhancing operational efficiency, strengthening risk, compliance, and fraud monitoring, and enabling environmental, social, and governance (ESG) solutions.
Up to 20 finalists will be shortlisted for a program where they will be paired with a Corporate Champion. Each finalist will receive a cash stipend of S$20,000. The judging process will involve two components. First, a technical judging round where finalists will showcase the technical workings of their solutions to a review committee. Second, the finalists will pitch their solutions at Demo Day, which will be held as part of the Singapore FinTech Festival. Three winners will be selected, with each receiving a prize of S$50,000. These winners will also have the opportunity to apply for the exclusive AISG Start Up grant, potentially securing further prize money of up to S$500,000.
Mr. Sopnendu Mohanty, Chief FinTech Officer at MAS, emphasized the potential of AI to transform financial services and encouraged innovators to participate in the competition. The challenge seeks AI solutions that possess characteristics such as interoperability, inclusivity, affordability, and fairness.
Mr. Chia Tek Yew, Vice Chairman of Oliver Wyman Singapore, expressed excitement about the advancements in AI and the opportunity for innovators to address financial services challenges. Oliver Wyman is partnering with MAS and AISG to power the AI-focused Global FinTech Hackcelerator, providing a platform for innovators worldwide.
Interested parties are encouraged to submit their applications for the MAS Global FinTech Hackcelerator by July 18, 2023. The competition provides a global platform for innovators to showcase their AI solutions and address key challenges in the financial services industry.
12 June 2023
