The Global Fintech Innovation Challenge comprises the revamped MAS Fintech Awards and the MAS Global Fintech Hackcelerator. It will be hosted entirely on the cloud-based API Exchange (APIX) platform, where the solutions will be curated, contextualized, and validated.
The Monetary Authority of Singapore offering a total of S$1.75 million in prize money for innovative solutions that can help financial institutions respond to Covid-19 and climate change.
With the theme «Building Resilience, Seizing Opportunities, Emerging Stronger,» the competition announced on Tuesday aims to promote fintech solutions that help financial institutions adapt to the new operating environment precipitated by the Covid-19 pandemic and spur the development of green finance in Asia and globally, MAS said in a statement.
«The unique challenges posed by the health, economic, and climate crises which we are facing will inspire bold innovations and solutions,» Sopnendu Mohanty, MAS chief fintech officer, said about the theme.
Prizes for Solutions
The awards, which offer a total of S$1.2 million in prize money to 12 winners, recognize effective solutions that have already been implemented. It is open to fintech firms, financial institutions, and solution providers worldwide.
The «Hackcelerator» program helps match industry partners with innovative fintech firms seeking more support for their ideas. Up to 20 teams will each receive a S$20,000 cash stipend for their preparations for the Hackcelerator Demo Day at the Singapore FinTech Festival, and up to three winners will be selected, with each receiving S$50,000 in prize money.
