The Monetary Authority of Singapore (MAS) has launched the seventh version of the International Fintech Hackcelerator, with the theme “Accelerating A Greener Digital Future”.
The competitors, powered by Oliver Wyman, seeks to leverage the potential of fintech in accelerating the event of Internet 3.0 and inexperienced finance, in Singapore and the area.
Fintech corporations and answer suppliers world wide can submit their options to handle over 50 drawback statements which were collected from monetary establishments and trade gamers.
The Internet 3.0 drawback statements deal with embedding blockchain know-how to beat scalability and implementation challenges, in addition to increasing decentralised finance to allow the event of real-world use circumstances.
This consists of addressing information privateness and fraud points to make sure safety for customers, in addition to fixing for market effectivity shortcomings.
In the meantime, the inexperienced finance drawback statements deal with enhancing investor and monetary establishment’s ease of monitoring commitments and measuring affect of loans and investments in opposition to their sustainability objectives.
For this, the issue statements are geared toward serving to corporates and SMEs meet their sustainability objectives which embrace leveraging on know-how to create sustainable benchmarks in an effort to fee firms’ efficiency on a inexperienced scale.
As much as 20 finalists might be shortlisted for a digital programme the place they are going to be paired with a Company Champion to develop customised prototypes on the API Alternate (APIX).
Company Champions are groups from Singapore-based monetary establishments or organisations that mentor finalists in the course of the Hackcelerator, working with them to refine and contextualise the answer.
Every finalist may even obtain a S$20,000 money stipend and be eligible for a fast-tracked software for the MAS Monetary Sector Know-how and Innovation Scheme Proof-of-Idea Grant of as much as S$200,000.
Finalists will pitch their options on the Demo Day that might be held as a part of this 12 months’s Singapore Fintech Festival. Three winners might be chosen, with every receiving S$50,000 in prize cash.
Fintech corporations and answer suppliers can submit their purposes for the MAS International Fintech Hackcelerator here by 26 June 2022.
Sopnendu Mohanty, Chief Fintech Officer, MAS mentioned,
“We’re on the precipice of a significant shift within the supply of monetary providers. By addressing points regarding the scalability and implementation of blockchain know-how and decentralised finance throughout broader areas of finance, this can spur the event of modern real-world options to profit the monetary sector.
The fintech sector can be uniquely-positioned to deal with challenges in local weather change and speed up Asia’s shift in the direction of sustainable finance. We strongly encourage all innovators to participate on this international competitors and showcase their options to the world.”
Chia Tek Yew, Vice Chairman, Singapore of Oliver Wyman mentioned,
“The twin themes on this 12 months’s Hackcelerator are an indication of the instances. We sit up for the continued pursuit of options in Inexperienced Finance to minimise unfavorable affect in our bodily world, and harness know-how to construct in the direction of a digital future with advances in Internet 3.0.
That is the platform for innovators to drive actual change on this planet we stay in for present and future generations.”