The Monetary Authority of Singapore (MAS) announced the 20 finalists for the Global FinTech Hackcelerator. The finalists will pitch their solutions at the Global FinTech Hackcelerator Demo Day at the 2019 Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH).
The finalists were selected through two parallel scouting programmes – the Local Programme, to tackle problem statements originating from the financial industry in Singapore and the broader Asia region; and the International Programme, which comprises winners of FinTech competitions in other regions.
In the Local Programme, MAS shortlisted 10 winners from over 200 submissions from across 30 countries to address 70 problem statements in three focus areas – (i) Financial Inclusion, (ii) Insurance, (iii) Banking and Finance and (iv) a General category. More than half of the submissions came from Asia, and a quarter were from Singapore.
The International Programme participants comprised 10 winners, two per country, from FinTech competitions in five countries (Abu Dhabi, Kenya, South Africa, United Kingdom and United States of America).
More than 400 FinTechs participated in the competition across the five countries.