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

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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