Monetary Authority of Singapore (MAS) has announced the launch of the 7th edition of the Global FinTech Hackcelerator, with the theme “Accelerating A Greener Digital Future”.
With backing from Oliver Wyman, the competition seeks to leverage the potential of fintech in accelerating Web 3.0 development and growth in green finance in Singapore and the wider region.
The hackcelerator invites fintech firms and solution providers to submit innovative solutions to address over 50 problem statements that have been collected from financial institutions and industry players.
For the Web 3.0 vertical, the problem statements will focus on embedding blockchain technology to overcome scalability and implementation challenges, in addition to expanding decentralised finance to enable the development of real-world use cases.
Some examples include addressing data privacy and fraud issues to ensure security for users and solving for market efficiency shortcomings.
The green finance problem statements will focus on enhancing investor and financial institution’s ease of monitoring commitments and measuring impact of loans and investments against their sustainability goals.
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Some examples of solutions include helping corporates and small-medium enterprises (SMEs) meet their sustainability goals by leveraging on technology to create sustainable benchmarks in order to rate companies’ performance on a green scale.
“The fintech sector is uniquely-positioned to tackle challenges in climate change and accelerate Asia’s shift towards sustainable finance,” says Sopnendu Mohanty, Chief Fintech Officer at MAS.
“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.”
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A maximum of 20 finalists will be selected, where they will be able to participate in a virtual programme where they will be paired with a mentor from a Singapore-based financial institution to guide them through the hackcelerator, to develop customised prototypes on the API Exchange (APIX).
All finalists will receive a $20,000 cash stipend each and be eligible for a fast-tracked application for the MAS Financial Sector Technology and Innovation Scheme Proof-of-Concept Grant of up to $200,000.
“The dual themes in this year’s Hackcelerator are a sign of the times. We look forward to the continued pursuit of solutions in Green Finance to minimise negative impact in our physical world, and harness technology to build towards a digital future with advances in Web 3.0,” Chia Tek Yew, Vice Chairman (Singapore) of Oliver Wyman says.
“This is the platform for innovators to drive real change in the world we live in for current and future generations,” he adds.
Photo: Bloomberg
