The Monetary Authority of Singapore (MAS) has announced the 20 finalists for the 2020 Global FinTech Hackcelerator.
The finalists will pitch their solutions at the Global FinTech Hackcelerator Demo Day at the Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH).
The finalists were selected through two parallel segments; the Local Programme, which addressed high-priority problem statements collated from the finance industry in Singapore and globally; and the International Programme, which comprised solutions from winners of fintech competitions organised by international partners.
In the Local Programme, supported by KPMG Digital Village, 10 finalists were shortlisted from over 270 submissions from across more than 40 countries. These submissions addressed 107 problem statements across four categories; Responding to a Global Pandemic; Green Finance Solutions; Green Finance Enablers; and Sustainability.
The International Programme participants comprised 10 winners from six independent fintech competitions organised by MAS‘ international partners.
This year, the Global FinTech Hackcelerator’s international partners are Abu Dhabi Global Market, Accelpoint, the Saudi G20 Presidency and the Bank for International Settlements Innovation Hub, the Central Bank of Kenya, the United Nations Capital Development Fund (UNCDF), and Women’s World Banking.
During Demo Day on 10 December, finalists will present their innovations and the top three winners will win S$50,000 in prize money each. All 20 finalists will also receive a S$20,000 cash stipend and be fast-tracked in their applications to receive grant funding under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme.