The Monetary Authority of Singapore (MAS), the central bank and financial regulatory authority of Singapore revealed on May 6, 2021 that it has introduced the sixth edition of the Global Fintech Hackcelerator, with the theme “Harnessing Technology to Power Green Finance.”
As mentioned in the announcement:
“The competition, supported by Oliver Wyman, seeks to unlock the potential of Fintech in accelerating the development of green finance in Singapore and the region.”
The MAS also noted in a release that Fintech companies and solution providers across the globe are encouraged to submit “innovative solutions to address over 50 problem statements that have been collected from financial institutions and green finance industry players.”
As stated in the release, these problem statements “focus on three key challenges: (i) Mobilizing Capital; (ii) Monitoring Commitment; and (iii) Measuring Impact.”
The announcement further noted that “up to 15 finalists will be shortlisted for a virtual program where they will be paired with a Corporate Champion to develop customized prototypes on the API Exchange (APIX).”
Each finalist will get a S$20,000 cash stipend and will also qualify or 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,” the announcement noted.
The update from MAS also mentioned that finalists will be pitching their ideas and solutions at the Demo Day – which will be held at this year’s Singapore Fintech Festival. Up to three winners will be chosen, with each “receiving S$50,000 in prize money,” the release noted.
Sopnendu Mohanty, Chief Fintech Officer of MAS, stated:
“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, catalyze efficient allocation of green capital, and facilitate trust in the green data value chain. I encourage all innovators to make use of this platform and showcase their Green Fintech solutions to the world.”
The announcement also mentioned that all Fintech companies and solution providers are welcome to turn in their applications for the MAS Global Fintech Hackcelerator here by June 11, 2021.