The Monetary Authority of Singapore has launched a $1.75 million global fintech challenge in search of solutions that can help financial institutions grapple with the existential threats posed by Covid-19 and climate change.
The Singapore central bank says the aim of the challenge is to help financial institutions adapt effectively to the new operating environment precipitated by the Covid-19 pandemic as well as apply fintech capabilities to spur the development of green finance in Asia and globally.
The competition, comprising the revamped MAS FinTech Awards and the MAS Global FinTech Hackcelerator, will be hosted entirely on MAS' sandbox-based innovation platform API Exchange (Apix).
For the FinTech Awards programme, MAS is looking for up to twelve projects, which will each receive a cut of the $1.2 million prize pot.
The Global FinTech Hackcelerator will comprise up to 20 finalists from fintech competitions organised by international partners, including the Saudi G20 Presidency, the Bank for International Settlements Innovation Hub, Women’s World Banking, and the United Nations Capital Development Fund. Each participant will receive a $20,000 stipend to to strengthen their proposals and to develop customised prototypes on Apix.
Up to three winners will be selected on a Demo Day to be staged at the Singapore FinTech Festival, with each receiving $50,000 in prize money
Sopnendu Mohanty, chief fintech officer of MAS, says: “The unique challenges posed by the health, economic, and climate crises which we are facing will inspire bold innovations and solutions. We strongly encourage all innovators to take part in this global competition and showcase their solutions to the world.”