The Monetary Authority of Singapore (MAS) has initiated a global fintech challenge with a prize pool of $1.75 million, aimed at finding innovative solutions to help financial institutions navigate the challenges posed by COVID-19 and climate change.
The central bank emphasizes that this initiative is designed to assist financial entities in adapting to the new realities brought about by the pandemic and to leverage fintech innovations to promote the advancement of green finance in Asia and worldwide.
The competition encompasses the revamped MAS FinTech Awards and the MAS Global FinTech Hackcelerator, both of which will be conducted on MAS’s sandbox innovation platform, API Exchange (Apix).
For the FinTech Awards segment, MAS seeks to identify up to twelve innovative projects, each of which will share in a total prize of $1.2 million. Meanwhile, the Global FinTech Hackcelerator will feature up to 20 finalists selected from fintech competitions organized by esteemed international partners, such as the Saudi G20 Presidency, the Bank for International Settlements Innovation Hub, Women’s World Banking, and the United Nations Capital Development Fund. Each selected participant will receive a stipend of $20,000 to enhance their proposals and develop tailored prototypes on Apix.
Winners will be announced during a Demo Day event at the Singapore FinTech Festival, with up to three finalists each receiving $50,000 in prize money.
Sopnendu Mohanty, MAS’s Chief Fintech Officer, commented, “The unique challenges stemming from health, economic, and climate crises will undoubtedly inspire bold innovations and solutions. We strongly encourage innovators to participate in this global competition and showcase their solutions on an international stage.”