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.
During Demo Day on 11 November, finalists will present their innovations and the top three winners will win S$50,000 in prize money each. All 20 finalists will also receive a S$20,000 cash stipend and be fast-tracked in their applications to receive grant funding under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme.
Each finalist will be given a start-up kiosk at SFF x SWITCH exhibition to showcase their solutions. The finalists were also invited to a dedicated Deal Friday  networking session in October to meet potential investors.
The Global FinTech Hackcelerator, supported by KPMG Digital Village, matches innovative market-ready solutions to address real industry needs.
Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The Global FinTech Hackcelerator continues to be a great platform for FinTechs to showcase and contextualise their innovative solutions for the industry. Many finalists from the past three years of this programme have gone on to achieve successes in the industry. Some of them have also secured partnership deals with their Global FinTech Hackcelerator corporate champions. We look forward to more success stories coming out from this year’s finalists.”
Mr Chia Tek Yew, Head of Financial Services Advisory, KPMG Singapore said “The International Programme has allowed us to reach out to the international FinTech community and bring fresh ideas into the Global FinTech Hackcelerator programme. We found FinTech players with innovative solutions to address pressing issues, such as around financial inclusion, to help developing countries facing similar issues in the South-East Asia region.”
Global FinTech Hackcelerator Finalists:
360-ProVestment is an artificial intelligenceenabled product recommendation engine for life insurance and wealth management. It strives to provide institutions with a reliable means to leverage their in-force policy data to not only identify up-sell and cross-sell opportunities but also detect the need for product portfolio review and prepare the customers for their next life stage
Value3 is a B2B capital markets artificial intelligence platform for independent, predictive and automated credit ratings, research and analytics. It combines financial data with unstructured online digital footprints, local and global news, corporate/regulatory events, market sentiments, geopolitics, demographics, industry trends and patterns of the companies from diverse sources to transform data overload into actionable insights.
Compliy incorporates smart automation and collaboration into the regulatory compliance process and enables financial institutions to respond to regulatory changes better. It also strives to help compliance teams save time and reduce regulatory costs through artificial intelligence-enabled regulatory insights, regulation management, and monitoring.
CoverGo enables insurers, brokers and bancassurance partners to digitise and distribute insurance products more quickly. It provides an end-to-end solution including instant pricing, underwriting, policy admin, claims, analytics and open insurance APIs to increase connectivity and automate insurance processes. It also allows insurers to integrate with distribution partners, online businesses and data providers to analyse customer profiles and distribute the most appropriate products at the most appropriate time.
DiligenceVault is a digital diligence platform for asset managers and allocators. It strives to make the investment information exchange process easy and collaborative. For allocators, DiligenceVault facilitates the collection, structuring and normalisation of data across investments. For asset managers, DiligenceVault centralises content, data, documents and workflows to create a responsive and institutional client service outcome.
Elifinty uses artificial intelligence and machine learning to give their youth customers insights into their spending and tailored financial tips. It also enables their customers to keep track of their financial activities.
neoEYED is a behavioural artificial intelligence solution that helps banks and enterprises to detect digital identity frauds by analysing the way the users interact with web/mobile applications.
Skyglyph is a collaborative web platform that uses remote sensing and machine learning for better crop monitoring and production risk management. It analyses images and other data from satellites, drones and even smartphones to detect crop damages and risks.
Solfeh provides emergency cash loans to employees of their client organisations on an ondemand basis. Acting as an intermediary, Solfeh offers employees access to instant online microloans for which the employees will repay in instalments through monthly deductions from their salaries.
Solidatus offers a business process engineering tool that enables the visualisation of complex processes and data flows, and seeks to enhance governance, business transformation and reporting.
Jibrel is a blockchain and smart contract development company that seeks to leverage on cryptography, distributed ledger and smart contract technologies to build financial networks.
RISQ seeks to enable businesses to be more efficient and effective through enabling automation and integration capabilities in financial software.
Maxtrace is a digital traceability and sustainability solution that track crops through the value chain, from farmer gate to the point of export. It seeks to enable price transparency and allows farmers who pass the inspection tests to be able to charge better pricing.
Kwara helps to build safety nets by digitising savings cooperatives, which are member-owned financial associations that have a wider reach to the unbanked than the traditional institutions. It also seeks to enable the unbanked to have easy access to low-cost instant loans.
Ukheshe empowers merchants, traders, street vendors and freelancers to accept and make
real-time digital payment without the need to have a bank account. Users can choose to withdraw their funds at a specific retail partner, top up their telecommunication or utility account, or send the funds to any mobile number.
MindBridge Analytics’ platform automates the ingestion and analysis of data, and learns from
user interaction to identify financial data anomalies for analysts, finance professionals and regulatory teams. It leverages on its proprietary machine learning algorithms and its team of artificial intelligence professions to review all transactions to detect anomalous patterns of activity and to generate a riskweighted analysis.
Fluidly is a SME Financing start-up, which uses artificial intelligence to analyse the financial data in a company’s accounting system, and predict its future cashflow requirements. Based on the insights derived, Fluidly will empower accountants to provide suitable advice to their SMEs clients on the available financing options in the market.
Suade is a regtech start-up, which automate regulatory data requirements for financial institutions and minimise the cost of change involved with a new iteration of financial regulations. Suade allows financial institutions to process large volume of granular data while complying with the required regulatory controls and governance.
Aflore is a direct sales network of financial services for the underbanked. It recruits women from the underbanked communities, and equip them with training, tools and support to become trusted financial advisors who will distribute loans and financial products within their trusted networks.
Pula restructures agricultural insurance and seeks to use technology to insure the previously unbanked, uninsured and untapped market of smallholders across the globe. It facilitates crop and livestock insurance coverage and works with Fortune 500 companies, global NGOs, research institutions, and governments to help provide smallholders the protection they need in an increasingly unpredictable climate.