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Global FinTech Hackcelerator and 2017 FinTech Award winners announced at Singapore FinTech Festival

Above photo: Winners for the FinTech awards, with Mr. Tharman Shanmugaratnam, Deputy Prime Minister and Coordinating Minister for Economic and Social Policies/ Credit: MAS (from MAS’ Twitter page)

Monetary Authority of Singapore (MAS) announced the three winners of the Global FinTech Hackcelerator. The three winners were selected from a pool of 20 finalists that presented their solutions at Demo Day today, as part of the 2nd Singapore FinTech Festival.

One of the winners, Moxtra, is an embeddable Secure Messaging and Business Collaboration Service for the mobile on-demand era that helps transform business critical applications for mobile and web.

SQREEM offers a platform that delivers asymmetric information in real-time on virtually any market, economy, or company around the world. SQREEM data can be fed into existing risk management systems and trading platforms, or accessed via custom dashboards developed specifically for individual clients. The firm offers AML (anti money laundering) and KYC (know your customer) solutions to track external market events, trends and insights.

The third winner, Trunomi, provides customer consent and data rights management technology which enables businesses to request, receive and capture customer consent to the use of their personal data. Consent receipts are created and converted to customer data rights accessible across all data systems. This enables businesses to comply with regulations by putting in place auditable workflows to record and prove lawfulness of processing of customer data.

The Global FinTech Hackcelerator, powered by KPMG Digital Village, is a platform for problem statements collected from the financial industry to be matched with innovative market-ready solutions from around the world. This year, MAS published 100 problem statements under four categories (Customer-Facing, Financial Inclusion, RegTech, and General), and received 580 submissions from over 40 countries.

Twenty teams were shortlisted by a panel of industry judges to participate in the 12-week programme1. The teams worked with corporate champions and industry mentors to tailor and refine their market-ready solutions into contextualised prototypes and implementable use cases for the industry. (Please refer to Annex A for a list of corporate champions and industry mentors.)

On Demo Day, each of the 20 finalists made a 5-minute pitch in front of the judging panel, followed by a question-and-answer segment with the judges. The judges selected Moxtra, SQREEM and Trunomi as winners based on their ability to address the problem statement, innovativeness in the application of technology, and ease of adoption and scalability. Each team received a cash prize of S$50,000.

Awards were also handed out to the five winners in the student category of the Global FinTech Hackcelerator. This category was introduced this year to encourage innovation and creative-thinking amongst students around the world in solving industry problems. Winning solutions included a banking mobile app for the visually handicapped, detection of fraudulent transactions using hybrid deep learning and machine learning algorithms and enabling payments through mobile phones with or without internet connection, leveraging on PayNow.

10 innovative solutions recognised at the 2017 FinTech Awards

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today awarded 10 FinTech companies a total of S$1.15 million at the FinTech Awards.

Reflecting the growth in the FinTech ecosystem, this year’s winning solutions span multiple business areas, such as digital advisory, investment analytics, blockchain-based biometrics, and e-payments.

Organised as part of the Singapore FinTech Festival, the FinTech Awards recognises innovative FinTech solutions that have been implemented by FinTech start-ups, financial institutions and technology companies.

The FinTech Awards comprise the MAS FinTech Awards and ABS Global FinTech Award. This year, the FinTech Awards received over 300 global submissions, with the bulk coming from the Asia Pacific. Thirty finalists were shortlisted from these submissions. The winners were selected by a panel of 11 judges, representing a cross-section of international and local experts from the private and public sector. The entries were evaluated based on criteria such as impact, practicality, interoperability, and uniqueness and creativity.

Blocko, winner of the ABS Global FinTech Award, set up a blockchain-based biometric log-in and payment authorization system for Lotte Card, which is one of the largest credit card companies in Korea. A biometric authentication method was implemented so that users' fingerprints could be used as authentication in logging in and conducting transactions through the Lotte nationwide mobile application.

Flywire, the top prize winner of MAS FinTech Awards (Singapore Open), is a leading provider of international payment solutions, connecting businesses and institutions with their customers on six continents. Introduced six years ago as a way for international students to pay their tuition for studies abroad, Flywire is now used by over 1,400 organizations across 20 countries around the world.

The MAS FinTech Awards (Singapore SME) category was won by AGDELTA, which offers a digital wealth platform consisting of execution, compliance, and digital advisory.

Spark, which won in the MAS FinTech Awards (Singapore Founder) category, uses the latest technology to improve the user experience in trading and execution. Through a stable, fast, and resilient platform, Spark also provides analytics to the user to capitalise their liquidity and trading history.

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