The Monetary Authority of Singapore (MAS) has announced the commencement of the 8th Global FinTech Hackcelerator.
This year’s competition, themed “Artificial Intelligence in Finance Global Challenge,” seeks to discover market-ready AI solutions with the potential to revolutionise the financial services industry.
Innovators worldwide are invited to develop cutting-edge solutions addressing 16 problem statements sourced from various financial institutions and industry stakeholders. The statements focus on four key areas where AI can be better utilised: improving customer experience, boosting operational efficiency, strengthening risk, compliance, and fraud monitoring, and enabling environmental, social, and governance (ESG) solutions.
Up to 20 finalists will be shortlisted for a mentoring programme with a Corporate Champion, where they will refine and contextualise their solutions. Additionally, each finalist will receive a cash stipend of S$20,000. The winners of the competition, to be announced at the Singapore FinTech Festival, will receive S$50,000 in prize money and can apply for the AISG Start Up grant, potentially winning up to a further S$500,000.
MAS’s Chief FinTech Officer, Sopnendu Mohanty, emphasised the potential for AI to transform financial services and urged innovators worldwide to showcase their solutions. Oliver Wyman’s Vice Chairman, Singapore, Chia Tek Yew, echoed this sentiment, expressing enthusiasm about AI’s role in transforming financial services. Applications for the MAS Global FinTech Hackcelerator are open until 18 July 2023.
MAS Chief FinTech Officer, Sopnendu Mohanty said, “With the recent breakthrough developments in AI, there is great scope for financial institutions to harness AI’s potential to transform financial services. This challenge seeks to discover reliable AI solutions with four characteristics: interoperability, inclusivity, affordability, and fairness. We strongly encourage all innovators to participate in this global competition and showcase their solutions.”
Vice Chairman, Singapore of Oliver Wyman, Chia Tek Yew said, “Advancements in AI are driving one of the most exciting revolutions of our time. Oliver Wyman is excited to bring our expertise and work with MAS and AI Singapore to power 2023’s AI-focused Global FinTech Hackcelerator. This is a platform for innovators around the world to push their thinking and address financial services challenges centred around four key themes – customer experience, operational efficiency, risk management, and ESG.”