MAS Launches 8th Global FinTech Hackcelerator: Unleashing the Potential of Artificial Intelligence in Finance

The Monetary Authority of Singapore (MAS) has announced the commencement of the highly anticipated 8th Global FinTech Hackcelerator, inviting innovators from around the world to participate in a competition that focuses on the transformative power of Artificial Intelligence (AI) in the financial services industry. This year’s edition, themed “Artificial Intelligence in Finance Global Challenge,” aims to discover market-ready AI solutions that have the potential to revolutionize the industry.

The competition presents an unparalleled opportunity for visionary entrepreneurs and developers to showcase cutting-edge solutions that address 16 problem statements sourced from various financial institutions and industry stakeholders. These statements have been carefully crafted to target four key areas where AI can be harnessed to drive significant advancements:

  • Improving customer experience
  • Boosting operational efficiency,
  • Strengthening risk, compliance, and
  • Fraud monitoring, and enabling environmental, social, and governance (ESG) solutions

In a testament to their commitment to nurturing talent, MAS has designed a comprehensive program for the competition’s participants. Up to 20 finalists will be selected and granted access to a mentoring program with a Corporate Champion. Through this program, the finalists will receive guidance and support to refine and contextualize their solutions, further enhancing their market readiness. As an incentive, each finalist will be awarded a cash stipend of $20,000, providing them with the necessary resources to propel their innovations forward.

The pinnacle of the competition will take place at the Singapore FinTech Festival, where the winners will be unveiled. A prestigious prize of $50,000 awaits the victorious team, acknowledging their exemplary achievements in developing AI solutions that redefine the financial services landscape. Furthermore, winners will have the opportunity to apply for the AISG Start Up grant, which can potentially grant them up to an additional S$500,000, ensuring they have the financial support required to scale their solutions.

Sopnendu Mohanty, Chief FinTech Officer of MAS, underscored the tremendous potential AI holds in transforming financial services. Recognizing the breakthrough developments in AI, Mohanty highlighted the need for reliable solutions that possess key characteristics such as interoperability, inclusivity, affordability, and fairness. Mohanty expressed his enthusiasm for innovators worldwide to participate in the global competition and showcase their ground-breaking solutions, propelling the industry to new heights.

Chia Tek Yew, Vice Chairman of Oliver Wyman Singapore, echoed this sentiment, emphasizing the profound impact AI is having on financial services. As an organization at the forefront of AI advancements, Oliver Wyman is excited to collaborate with MAS and AI Singapore to power the 2023 AI-focused Global FinTech Hackcelerator. Chia highlighted the competition’s significance as a platform for innovators worldwide to push the boundaries of their thinking and address pressing challenges in financial services, with a particular focus on customer experience, operational efficiency, risk management, and ESG considerations.

Applications for the MAS Global FinTech Hackcelerator are now open and will remain so until July 18, 2023. Innovators across the globe are encouraged to seize this opportunity to showcase their AI-driven solutions and contribute to the evolution of the financial services industry. By harnessing the latest breakthroughs in AI technology, these innovators have the potential to redefine customer experience, drive operational excellence, strengthen risk and compliance measures, and promote sustainable practices.

As the global financial landscape continues to evolve rapidly, the 8th Global FinTech Hackcelerator serves as a powerful catalyst for innovation. By embracing the limitless possibilities of AI, MAS is fostering an ecosystem that thrives on the collaborative efforts of passionate individuals and organizations dedicated to shaping the future of finance. The competition promises to be an exciting journey filled with ideas and solutions, ultimately shaping a more efficient, inclusive, and sustainable financial services industry for all.


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