Monetary Authority of Singapore launches FinTech Hackcelerator

The Monetary Authority of Singapore (MAS) has launched its seventh edition of the Global FinTech Hackcelerator.

According to MAS, the theme of the event is ‘Accelerating a Greener digital Future’ and will seek to leverage the potential of FinTech is speeding up the development on Web 3.0 and Green Finance in Singapore and the wider region.

FinTech firms and solution providers from around the world will be invited to submit innovative solutions to deal with over 50 problem statements that have been collected from financial institutions and industry players.

MAS remarked that the Web 3.0 problem statements focus on embedding blockchain technology to overcome scalability and implementation challenges, as well as expanding decentralised finance to enable the development of real-world use cases.

Meanwhile, the Green Finance problem statements focus on enhancing investor and financial institution’s ease of monitoring commitments and measuring impact of loans and investments against their sustainability goals.

Up to 20 finalists will be shortlisted for a virtual programme where they will be paired with a corporate champion to develop customised prototypes on the API Exchange. Each finalist will also receive a S$20,000 cash stipend and will be eligible for a fast-tracked application for the MAS Financial Sector Technology and Innovation Scheme Proof-of-Concept Grant of up to S$200,000.

Three winners will be selected from the event with each bagging S$50,000 in prize money.

MAS chief FinTech officer Sopnendu Mohanty said, “We are at the precipice of a major shift in the delivery of financial services. By addressing issues relating to the scalability and implementation of blockchain technology and decentralised finance across broader areas of finance, this will spur the development of innovative real-world solutions to benefit the financial sector.

“The FinTech sector is also uniquely-positioned to tackle challenges in climate change and accelerate Asia’s shift towards sustainable finance. We strongly encourage all innovators to take part in this global competition and showcase their solutions to the world.”

All applications for the Hackcelerator here by 26 June this year.

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