About The Challenge
In its 8th 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.
Top 3 Winners
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.
Takeaways From AI In Finance Global Challenge: Winners
The Hackcelerator winners from Pints AI, Toggle AI, and Visa Inc. shared their thoughts on clinching the top prize, and the lessons learned from this global challenge.
Top 19 Finalists
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.
Demo Day At Singapore FinTech Festival 2023
Finalists from the AI In Finance Global Challenge presented their innovative, market-ready AI solutions to a panel of judges and live audiences on Demo Day at Singapore FinTech Festival 2023.
Benefits Of Participating
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.
Hackcelerator Process
Applications are closed.
Register for an account on the APIX platform and submit your proposal(s), telling us how your solution can solve the selected problem statement.
Up to 20 finalists will be selected by a panel of industry experts. The finalists will be announced in August.
Shortlisted finalists will join a series of workshops and be assigned a Corporate Champion throughout the 10-week Hackcelerator program, who will provide mentorship and guidance to refine their solution. Finalists will also utilize cloud prototyping platform APIX to conceptualize and refine prototypes and solutions.
Finalists will present their solutions to a panel of judges and a global audience on Demo Day @ Singapore FinTech Festival. Three winners will be announced, and each team walks away with a S$50,000 cash prize.
For further queries, please reach out to us at aigc2023@oliverwyman.com or fintech_office@mas.gov.sg.
For FAQs, judging criteria, and more information on the Hackcelerator, click here.
