Winners of The MAS Fintech Awards & Global Fintech Hackcelerator Announcedby Fintech News Singapore November 16, 2017
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today awarded 10 FinTech companies a total of S$1.15 million at the FinTech Awards.
Reflecting the growth in the FinTech ecosystem, this year’s winning solutions span multiple business areas, such as digital advisory, investment analytics, blockchain-based biometrics, and e-payments. Deputy Prime Minister and Chairman, MAS, Mr Tharman Shanmugaratnam, and ABS Vice-Chairman, Mr Samuel Tsien, Group CEO, OCBC Bank, presented the awards to the 10 FinTech companies in a ceremony that was attended by more than 3,000 attendees.
This was then followed by the awards ceremony for the Global Fintech Hackelerator, The three winners were selected from a pool of 20 finalists that presented their solutions at Demo Day today, as part of the 2nd Singapore FinTech Festival.
The Global FinTech Hackcelerator, is a platform for problem statements collected from the financial industry to be matched with innovative market-ready solutions from around the world. This year, MAS published 100 problem statements under four categories (Customer-Facing, Financial Inclusion, RegTech, and General), and received 580 submissions from over 40 countries
ABS Global Fintech Award Category
Blocko set up a blockchain-based biometric log-in and payment authorization system for Lotte Card which is one of the largest credit card companies in Korea. A biometric authentication method was implemented so that users’ fingerprints could be used as authentication in logging in and conducting transactions through the Lotte nationwide mobile application.
Global Fintech Hacklerator
Ardiente comprises students in their penultimate year in Singapore Management University and National University of Singapore, majoring in data science, economics and analytics. They have developed hybrid deep learning and machine learning algorithms to detect fraudulent transactions. The team is looking for industry partners to test out their algorithms.
LMB consists of 4 second-year Business Applications students from Republic Polytechnic. They have proposed a banking mobile app catering to the visually handicapped. The app comes with features such as a digital Braille keyboard, voice guidance systems (in 4 different national languages), thumbprint and PIN number for 2FA, and directional guidance to nearest ATM or bank branch.
Moxtra is an embeddable Secure Messaging and Business Collaboration Service for the mobile on-demand era that helps transform business critical applications for mobile and web with powerful collaboration.
PolyGen is a team of 7 students from Republic Polytechnic pursuing a Diploma in Business Applications. They have developed a prototype for their solution CocoHub, which enables payments through mobile phones with or without internet connection. Their solution leverages on PayNow, hence the merchant does not need to incur any credit card surcharge for this cashless solution.
Trunomi provides customer consent and data rights management technology which enables businesses to request, receive and capture customer consent to the use of their personal data. For the business we create consent receipts and convert them to customer data rights accessible across all data systems. We enable businesses to comply with regulations by putting in place auditable workflows to record and prove lawfulness of processing of customer data.
VANSJH is a group of classmates from Republic Polytechnic. They hope to improve the convenience of mobile banking for the visually impaired through their solution called OBVI, which can be integrated into an existing bank’s mobile app. OBVI can dim the phone screen at the start of the application for privacy purposes; it also comes with an Interactive Voice Response to guide the user to navigate the services within the app.
FinnovAI is a 2-man team from IIT Madras. They have developed and tested preliminary theories to predict market behaviour using machine learning techniques and deep learning models. Their plan is to create an intuitive and user-friendly website which will learn the user’s investment history and make recommendations about the user’s future financial strategy.
SQREEM offers a platform that delivers asymmetric information in real-time on virtually any market, economy, or company around the world. SQREEM data can be fed into existing risk management systems and trading platforms, or accessed via custom dashboards developed specifically for individual clients. The firm offers AML and KYC solutions to track external market events, trends and insights.
MAS FINTECH AWARD SINGAPORE FOUNDER CATEGORY
1st Place – Spark Systems
Spark uses the latest technology to improve the user experience in trading and execution. Through a stable, fast, and resilient platform, Spark also provides analytics to the user to capitalise their liquidity and trading history.
2nd Place – SingX
SingX is a peer to peer foreign currency exchange
3rd Place- AIDA Technologies
AIDA Technologies focuses on AI and ML based predictive analytics and intelligent systems. Through its AI Driven Analytics, AIDA provides solutions that solve the key challenge of augmenting human experts ability to make decisions based on large amounts of heterogeneous information. This leads to improved productivity and higher precision, data-driven decision-making
MAS FINTECH AWARD SINGAPORE SME CATEGORY
1st Place- AGDelta
AGDELTA’s digital wealth platform consists of 3 pillars – execution, compliance, and digital advisory.
2nd Place – FOMOPAY
FOMOPAY is a one stop QRCode Payment Solution Provider
3rd Place – HedgeSPA
HedgeSPA offers Sophisticated Predictive Analytics to Hedge Funds and Institutions
MAS FINTECH AWARD SINGAPORE OPEN CATEGORY
1st Place – Flywire
Flywire is a leading provider of international payment solutions, connecting businesses and institutions with their customers on six continents. Introduced six years ago as a way for international students to pay their tuition for studies abroad, Flywire is now used by over 1,400 organizations across 20 countries around the world.
2nd Place – Silent Eight
Silent Eight is a Singapore based RegTech firm, backed by leading venture capitalist from Singapore and Silicon Valley. With Artificial Intelligence at our heart, we pioneer a groundbreaking solution for customer screening and transaction monitoring powered by Machine Learning and Natural Language Processing which enable banks and financial institutions to combat Money Laundering and Terrorism Financing.
3rd Place- Instarem
InstaReM provides cross-border money transfer services for Individuals and businesses, from Hong Kong, Australia, and Singapore to more than 25 countries.