Singapore

MAS Announces Winners of the 2020 Global FinTech Innovation Challenge

The Monetary Authority of Singapore (MAS) has announced the results of the 2020 MAS Global FinTech Innovation Challenge.

Under the theme of “Building Resilience, Seizing Opportunities, Emerging Stronger”, three winners for the Global FinTech Hackcelerator and twelve winners for the FinTech Awards have been selected for their solutions that address the challenges faced by the financial industry due to the Covid-19 pandemic and climate change, MAS said in a press release.

Both awards were handed out at the Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH) 2020.

The winners of the Global FinTech Hackcelerator were selected during the Global FinTech Hackcelerator Demo Day, where they had pitched their innovations to an industry panel from around the world. The Local Programme of the Global FinTech Hackcelerator was supported by KPMG Digital Village.

The top three teams were Matter Analytics by Matter, the AIR Platform by RegulAItion Ltd, and Advanced Physical Climate Risk Analytics by Intensel Limited. Each of the teams won SNG50,000 in prize money.

The winners of the FinTech Awards, supported by PwC Singapore, were selected from a total of 326 submissions from across 55 countries. The twelve winners were selected under four categories – Singapore Founder, ASEAN FinTech, Singapore Financial Institution and Global  – by an international panel comprising industry experts across multiple domains.

The winner in the ‘Singapore Founder’ category was Kratos by Triterras Fintech Pte. Ltd.. In the ‘ASEAN FinTech’ category, first prize went to the AwanTunai digitising supply chain transaction data solution by AwanTunai, Windy Hill Pte. Ltd. In the ‘Singapore Financial Institution’ category, Validus Credit and Customer Monitoring System (CCAAT) by Validus Capital Pte Ltd won first prize. And in the ‘Global’ category, SRAIRMP (Swiss Re Agriculture Insurance Risk Management Platform) by Swiss Reinsurance Company Ltd. Beijing Branch won the top prize.

Sopnendu Mohanty, Chief FinTech Officer, MAS, said: “The Global FinTech Hackcelerator and the FinTech Awards have served as key platforms to identify and recognise innovative, high quality solutions that are able to address real needs in the financial industry. This year, MAS chose the theme of “Building Resilience, Seizing Opportunities, Emerging Stronger” for the FinTech Innovation Challenge, as a clarion call to FinTechs to play a greater role in addressing the generational challenges of COVID-19 and climate change. We are pleased to see this year’s winners demonstrate strong potential in helping the industry tackle these critical issues. MAS would also like to thank KPMG Digital Village and PwC Singapore for their continued support.”