In an effort to harness artificial intelligence in finance
The Monetary Authority of Singapore (MAS) has unveiled the 8th edition of the Global FinTech Hackcelerator, focusing on the theme “Artificial Intelligence (AI) in Finance Global Challenge.” The competition aims to unlock innovative AI solutions that can revolutionize the financial services industry. Collaborating with AI Singapore (AISG) and powered by Oliver Wyman, MAS seeks to address key challenges faced by financial institutions by harnessing the power of AI.
In a call to innovators worldwide, MAS has invited interested parties to submit ground-breaking solutions designed to tackle 16 problem statements collected from industry players and financial institutions. The problem statements revolve around four critical areas where AI can significantly enhance outcomes: elevating customer experience, enhancing operational efficiency, strengthening risk, compliance, and fraud monitoring, and enabling environmental, social, and governance (ESG) solutions.
To foster the development of these innovative solutions, up to 20 finalists will be shortlisted and paired with a Corporate Champion. Each finalist will receive a cash stipend of $US20,000 to support their project. The judging process will comprise two components: a technical judging round where finalists will demonstrate the technical workings of their solutions to a review committee, followed by a grand finale at the Singapore FinTech Festival’s Demo Day.
During Demo Day, finalists will have the opportunity to pitch their AI solutions to a distinguished panel of judges. Three winners will be selected, each receiving a prize money of $US50,000. Additionally, the winners will be eligible to apply for the exclusive AISG Start-Up grant, with the chance to secure further prize money of up to $US500,000.
Sopnendu Mohanty, Chief FinTech Officer at MAS, emphasized the transformative potential of AI in financial services. He expressed his enthusiasm for the competition, stating, “This challenge seeks to discover reliable AI solutions with four characteristics: interoperability, inclusivity, affordability, and fairness. We strongly encourage all innovators to participate in this global competition and showcase their solutions.”
Chia Tek Yew, Vice Chairman of Singapore at Oliver Wyman, highlighted the profound impact of AI advancements, describing them as “one of the most exciting revolutions of our time.” He further commented, “This is a platform for innovators around the world to push their thinking and address financial services challenges centered around four key themes – customer experience, operational efficiency, risk management, and ESG.”
The MAS Global FinTech Hackcelerator is now open for applications, with interested parties invited to submit their innovative solutions by 18 July 2023. By bringing together global talent and expertise, MAS aims to drive the development of AI-powered solutions that can reshape the future of the financial services industry, ultimately benefiting businesses and customers alike.