MAS Launches Global FinTech Innovation Challenge

Source: Regulation Asia Editors, Regulation Asia 2020-06-09

The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: Covid-19 and climate change.

MAS (Monetary Authority of Singapore) has launched a SGD 1.75 million ‘MAS Global FinTech Innovation Challenge’.

The competition will seek innovative solutions that can help financial institutions respond to two critical global challenges: Covid-19 and climate change.

Through the competition, MAS aims to promote FinTech solutions that will help financial institutions adapt effectively to the new operating environment precipitated by the Covid-19 pandemic, as well as apply FinTech capabilities to spur the development of green finance in Asia and globally.

The competition 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, contextualised, and validated.

As part of its FinTech Awards programme, MAS will also select up to 12 winners to receive a total of SGD 1.2 million in prize money. [Apply here]

MAS is also inviting local innovators to solve key industry and business challenges. The problem statements fall into one of four categories: (i) Responding to a global pandemic; (ii) Green finance solutions; (iii) Green finance enablers; and (iv) Sustainability.

FinTech solution providers are invited to submit their proprietary solutions to any of these problem statements. [Apply here]

The local finalists will be mentored by industry experts to strengthen their proposals and to develop customised prototypes on APIX.

The winners of the international partner competitions will be fast-tracked into the finals of the Global FinTech Hackcelerator, in this year’s Singapore FinTech Festival, where they will receive a SGD 20,000 stipend and have a chance to win SGD 50,000 in extra prize money. [Apply here]

solution

financial technology

MAS

API

coronavirus

MAS Launches Global FinTech Innovation Challenge

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