The Monetary Authority of Singapore (MAS) has announced the commencement of the 6th edition of the Global Fintech Hackcelerator, with this year’s event sporting the overarching theme “Harnessing Technology to Power Green Finance”.
The competition, which is supported by Oliver Wyman, seeks to unlock the potential of fintech in accelerating the development of green finance in Singapore and the wider APAC region.
Fintech firms and solution providers around the world have been invited to submit innovative solutions to address over 50 problem statements that have been collected from financial institutions and green finance industry players.
These problem statements focus on three key challenges:
- Mobilising Capital
- Monitoring Commitment
- Measuring Impact
Up to 15 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 (APIX), working together to refine and contextualise the solution. Each finalist will also receive a S$20,000 cash stipend and 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.
Finalists will pitch their solutions at the Demo Day held at this year’s Singapore Fintech Festival – the world’s largest fintech festival comprising of key fintech players, technopreneurs, policy makers, financial industry leaders, investors (including private equity players and venture capitalists), and academics. Up to three winners will be selected, with each due to receive S$50,000 in prize money.
“Green Fintech can be an important enabler to accelerate Asia’s transition to a low carbon future. It can provide much-needed innovative solutions, and develop the crucial technology stack, which can help promote green financial services, catalyse efficient allocation of green capital, and facilitate trust in the green data value chain,” comments Sopnendu Mohanty, Chief Fintech Officer of MAS. “I encourage all innovators to make use of this platform and showcase their Green Fintech solutions to the world.”
All fintech firms and solution providers are encouraged to submit their applications for the MAS Global Fintech Hackcelerator by 11 June 2021.