This year, MAS published 100 problem statements under four categories (customer-facing, financial inclusion, regtech [regulatory technology], and general), and received 580 submissions from over 40 countries. Twenty teams were shortlisted by a panel of judges from the industry to participate in a 12-week programme in which corporate champions and industry mentors helped them develop contextualised prototypes and implementable use cases.
The 20 finalists presented their solutions at Demo Day on 16 November as part of the 2nd Singapore FinTech Festival, resulting in three winners chosen for their ability to address the problem statement, innovativeness in the application of technology, and ease of adoption and scalability:
- Moxtra, an embeddable secure messaging and business collaboration service that helps transform business-critical applications for mobile and the web.
- SQREEM is a platform that delivers asymmetric information in real-time on virtually any market, economy, or company around the world.
"We started in Singapore and now we are expanding to the rest of Asia, UK, EU and the US. (This award) will turbo charge our expansion.”
- Trunomi provides customer consent and data rights management technology which enables businesses to request, receive and capture consent on the use of customers' personal data.
Said Trunomi's Stuart Lacey, CEO and Founder: “Our platform unlocks the power of customer data using consent and data rights management and enables large organisations to offer their customers an easy and powerful set of tools to manage the access to and control of personal data; solving key regulatory problems and enhancing customer trust, experience and engagement. We are grateful for the expert advice and support from MAS and KPMG Digital Village in contextualising our solution for the ASEAN market and this award and their support will help us accelerate our growth in this key region.”
Each team received a cash prize of S$50,000 from MAS MD Ravi Menon at the FinTech Awards ceremony on 16 November. Sopnendu Mohanty, Chief FinTech Officer of MAS said, “This year we are happy to have KPMG and more than 100 mentors from the industry work with the 20 finalists to refine and contextualise their solution for this region. We look forward to seeing these innovative solutions implemented and adopted in the coming months.”
Jeremy Anderson, Co-Chairman, Global Financial Services, KPMG Global, who was also a judge added: “It has been an exciting day for fintech, and for myself as a judge of the Global Fintech Hackcelerator, to see how innovation is having a major impact on financial services for the benefit of customers and businesses. The depth and breadth of technologies applied, the global representation in the Hackcelerator, and the supportive environment for new technology championed by MAS, continues to place Singapore in the global spotlight for fintech.”
Menon also handed out awards to the five winners in the student category of the Global FinTech Hackcelerator. This category was introduced this year to encourage innovation and creative thinking among students around the world in solving industry problems. The winners are:
- Team Ardiente, which comprises students in their penultimate year in Singapore Management University and the National University of Singapore, majoring in data science, economics and analytics. The team developed hybrid deep learning and machine learning algorithms to detect fraudulent transactions. The team is looking for industry partners to test out their algorithms.
- FinnovAI is a two-man team from IIT Madras, India. They have developed and tested preliminary theories to predict market behaviour using machine learning techniques and deep learning models. Their plan is to create an intuitive website which will learn from the user's investment history and make recommendations for future financial strategies.
- Team LMB consists of four second-year business applications students from Republic Polytechnic. They have proposed a banking mobile app catering to the visually handicapped, with features such as a digital Braille keyboard, voice guidance systems (in four national languages), thumbprint and PIN number for two-factor authentication (2FA), and directional guidance to nearest ATM or bank branch.
- Team PolyGen is also from Republic Polytechnic. The seven team members are pursuing a Diploma in Business Applications and have developed a prototype for their solution CocoHub, which enables payments through mobile phones with or without Internet connections. Their cashless solution leverages on Singapore's PayNow payment service, eliminating credit card surcharges.
- Republic Polytechnic's Team VANSJH also chose to tackle mobile banking for the visually impaired. Their OBVI technology can be integrated into an existing bank's mobile app. OBVI can dim the phone screen at the start of the application for privacy purposes; it also comes with interactive voice response capabilities for navigation.
Jan Reinmueller, Head of Digital Village, KPMG in Singapore: “The true value of the Global Fintech Hackcelerator is moving the needle on corporates’ approach to fintech innovation. I definitely encourage the financial services community to study the proposals and solutions that the winners and finalists have presented, and pursue opportunities for co-innovation. In doing so, the overall industry will be addressing the challenges identified at the start of this journey, and benefitting from it.”
Organisers Chia Tek Yew, Head of Financial Services Advisory, KPMG in Singapore stated: “The commercial viability and ease of adoption of each of the top 20 finalists was a very important criteria in this year’s Global Fintech Hackcelerator. We are already seeing the corporates in financial services taking an interest in some of their solutions, and making concrete plans to work together on pilot projects for potential implementation within their business.”
One such corporate is AXA Insurance, which acted as a mentor in the Hackcelerator. Celine Le Cotonnec, Chief Data Officer, AXA Insurance said, “Mentoring Roameeo was an enriching experience. After the ongoing pilot on road safety, we wish to integrate their innovative approach on cognitive assessment into our connected fleet offer for risk management. We believe it has the potential to influence positively driver behaviour. AXA always saw value in collaboration with start-ups to create unique value proposition and improve the customer experience of our partners.”
Roameeo works on smart driving technology.
TG Ramakrishnan, Head, Digital, Singapore, ASEAN and South Asia, Standard Chartered Bank said: “Our vision is to be a digital bank with a human touch, and we are committed to nurturing the next generation of tech leaders to shape the future of banking. This mentorship programme offered a mutual exchange of ideas, provided a deeper understanding of digital platforms and facilitated the sharing of best practices across borders. This sets the path for greater synergy between financial institutions and fintechs to deliver stronger propositions and platforms for consumers.”
Hashtags: #SFF2017, #SGFintechFest
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