TL;DR:
- The Monetary Authority of Singapore (MAS) announces the 8th edition of the Global FinTech Hackcelerator focused on AI in Finance.
- Participants worldwide are invited to submit innovative solutions addressing 16 problem statements.
- Problem statements center around elevating customer experience, enhancing operational efficiency, strengthening risk management, and enabling ESG solutions.
- Up to 20 finalists will be selected and paired with Corporate Champions, receiving a cash stipend.
- Finalists will showcase their solutions at Demo Day during the Singapore FinTech Festival, with three winners awarded prize money.
- Winners can also vie for additional funding through the AISG Start-Up grant.
- MAS aims to discover reliable AI solutions with characteristics like interoperability, inclusivity, affordability, and fairness.
- Collaboration between MAS, AI Singapore, and Oliver Wyman drives the Hackcelerator’s AI focus.
Main AI News:
The Monetary Authority of Singapore (MAS) has announced the commencement of the 8th edition of the renowned Global FinTech Hackcelerator. This year’s theme, “Artificial Intelligence (AI) in Finance Global Challenge,” aims to generate groundbreaking and market-ready AI solutions that can revolutionize the financial services sector. In collaboration with AI Singapore (AISG) and powered by Oliver Wyman, the competition is set to propel the industry forward.
Global participants are cordially invited to submit their innovative proposals, addressing 16 problem statements sourced from financial institutions and industry players. These problem statements are strategically focused on four crucial domains where AI can be effectively leveraged to drive superior outcomes. These domains include elevating the customer experience, enhancing operational efficiency, strengthening risk management, compliance, and fraud monitoring, and enabling sustainable environmental, social, and governance (ESG) solutions.
Out of the pool of submissions, a select group of up to 20 finalists will be chosen to embark on a transformative journey. Each finalist will be matched with a dedicated Corporate Champion and awarded a generous S$20,000 cash stipend. The assessment process will consist of two distinct components.
Firstly, finalists will undergo a rigorous technical judging round, during which they will be expected to demonstrate the technical intricacies of their solutions to a discerning review committee.
Subsequently, these remarkable individuals will have the opportunity to present their visionary solutions at the highly anticipated Demo Day, scheduled to take place as part of this year’s prestigious Singapore FinTech Festival. Amongst the finalists, three exceptional winners will be carefully selected, with each recipient earning a commendable prize money of S$50,000. Moreover, these winners will have the chance to apply for the exclusive AISG Start-Up grant, potentially securing additional funding of up to S$500,000.
Regarding this exciting initiative, Mr. Sopnendu Mohanty, Chief FinTech Officer at MAS, expressed his enthusiasm, stating, “The recent advancements in AI have paved the way for immense opportunities within the financial services landscape. Through this challenge, we aim to discover robust AI solutions that possess four key attributes: interoperability, inclusivity, affordability, and fairness. We strongly encourage innovators worldwide to embrace this global competition and showcase their transformative solutions.“
Echoing these sentiments, Mr. Chia Tek Yew, Vice Chairman of Oliver Wyman Singapore, highlighted the revolutionary impact of AI and commended the collaboration with MAS and AI Singapore in driving the AI-focused Global FinTech Hackcelerator for 2023. This esteemed platform empowers visionaries from around the globe to push the boundaries of their creativity while addressing vital challenges in the financial services sector, with a specific focus on enhancing customer experience, optimizing operational efficiency, managing risk, and advancing ESG efforts.
All interested parties are urged to submit their applications for the MAS Global FinTech Hackcelerator by visiting the official website before the deadline on 18 July 2023. This is an unparalleled opportunity for aspiring trailblazers to contribute to the evolution of the financial industry and make their mark on the global stage.
Conclusion:
The launch of the AI in Finance Global Challenge by MAS signifies a significant development in the financial services market. The emphasis on harnessing AI solutions to transform the industry showcases a commitment to innovation and technological advancement. With the opportunity for global participants to contribute their visionary ideas, this challenge is poised to drive groundbreaking transformations in customer experience, operational efficiency, risk management, and ESG solutions. The partnership between MAS, AI Singapore, and Oliver Wyman further amplifies the impact of this initiative, fostering collaboration between industry experts and technology pioneers. This launch sets the stage for a dynamic marketplace where AI-driven solutions will play a pivotal role in shaping the future of finance.
