AI In Finance Global Challenge 2023

In its 8^th edition, the Global FinTech Hackcelerator 2023 is titled “AI in Finance Global Challenge”. Organized by the Monetary Authority of Singapore (MAS) in partnership with AI Singapore (AISG), and powered by Oliver Wyman, the challenge seeked to produce innovative and market-ready AI solutions that can transform the financial services industry.

16 problem statements were submitted by global financial institutions and corporates for solution providers to address, categorized around the four themes:

• Elevating Customer Experience: Elevating customer experience and the delivery of customer experience
• Enhancing Operational Efficiency: Enhance operational efficiencies through process automation and operations streamlining
• Strengthening Risk, Compliance, and Fraud Monitoring: Ensure that compliance is met, and potential money laundering and fraud is mitigated
• Enabling Environmental, Social, and Governance (ESG) Solutions: Adherence to and improvements on ESG

The challenge was open to all solution providers with a market-ready product that can address any of the published problem statements. Individual participants must be aged 18 and above; Corporate participants must be a registered company.

Download to view the problem statements below.

Congratulations to the winners of the MAS Global FinTech Hackcelerator 2023 (in no order of merit):

• Pints AI
• Toggle AI
•  Visa Inc.

For more information about the winning solutions and the Demo Day judges, click here.

Out of over 160 submissions for this year’s challenge, 19 finalists with unique FinTech solutions have been shortlisted to pitch live at Demo Day at SFF on 15 November. 12 finalists from the Local Program, powered by Oliver Wyman, were selected after rigorous judging by a panel of industry leaders. Another 7 finalists from the International Program are selected FinTech solution providers of AI-related competitions organized by international partners.

Finalists - Local Program

• Alaya Cloud Digits [Elevating Customer Experience]
• Exponential Digital [Strengthening Risk, Compliance, and Fraud Monitoring]
• Fintelite [Elevating Customer Experience]
• Flagright [Strengthening Risk, Compliance, and Fraud Monitoring]
• IceKredit [Enhancing Operational Efficiency]
• IFC MALENA [Enabling Environmental, Social, and Governance Solutions]
• IN-D [Enhancing Operational Efficiency]
• PAND.AI [Elevating Customer Experience]
• Staple AI [Enhancing Operational Efficiency]
• Squirro [Strengthening Risk, Compliance, and Fraud Monitoring]
• Unity Compliance [Strengthening Risk, Compliance, and Fraud Monitoring]
• Visa Inc. [Enabling Environmental, Social, and Governance Solutions]

Finalists - International Partner Program

• Algolytics [Strengthening Risk, Compliance, and Fraud Monitoring]
• DELIGHT [Elevating Customer Experience]
• Dovetail Finance [Enabling Environmental, Social, and Governance Solutions]
• IPOXCap AI [Enhancing Operational Efficiency]
• Pints AI [Enhancing Operational Efficiency]
• TOGGLE AI [Elevating Customer Experience]
• ValueCo [Enabling Environmental, Social, and Governance Solutions]

More information about the finalists and judges here.

Finalists received a S$20,000 cash stipend, free access to APIX, free access to Microsoft for Startups Founders Hub, mentorship by industry experts, access to potential clients and investments, and the opportunity to present their solutions to a panel of judges and global audience at Demo Day at this year’s Singapore FinTech Festival.

The top 3 winners walked away with cash prizes worth S$50,000 each, and the chance to apply for AISG’s Start Up grant worth up to S$500,000.

Microsoft was the knowledge partner for the AI in Finance Global Challenge.

Global FinTech Hackcelerator 2022

Global FinTech Hackcelerator 2021