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Singapore Fintech Awards Open For Entries: Grab Your S$250,000

The Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced today that the submission of entries for the FinTech Awards will be open from now till 31 August 2016.

The FinTech Awards, comprising the MAS FinTech Award and ABS Global FinTech Award, will be part of the inaugural Singapore FinTech Festival that will be held during 14 – 18 November 2016. The Awards recognise innovative FinTech solutions that have been implemented by FinTech companies, financial institutions, and technology companies. To qualify, the projects must have been implemented before 30 June 2016.

Entries could fall under any of the following categories:

-MAS FinTech Awards (Singapore Founder): Singapore-based SMEs with at least one Singaporean founder
-MAS FinTech Awards (Singapore SME): Singapore-based SMEs
-MAS FinTech Awards (Singapore Open): Singapore-based companies of any size
-ABS Global FinTech Award: FinTech project implemented in any part of the world

A panel of judges representing a cross-section of experts from the private and public sector (such as venture capital, accelerators, consultancies, industry associations, and government) will evaluate entries based on the following parameters:

– Impact: Considerations will include productivity, profitability, user experience, risk management, knowledge-transfer, and applicability beyond the financial sector
– Practicality: Examples include ease of implementation, scalability, and cost-effectiveness
– Interoperability: Ability for the solution to interface with other systems
– Uniqueness & Creativity: Extent to which the solution differs from the status quo. One possible dimension could be through the approaches/technologies used to address specific problem(s).

• For the MAS FinTech Awards, up to 9 recipients will each receive between S$50,000 and $250,000. The total quantum for the MAS FinTech Awards will be up to S$1 million.

• For the ABS Global FinTech Award, at most one recipient will receive S$150,000.

The winners of the MAS FinTech Awards and ABS Global FinTech Award will receive their prizes at an event in the evening of 17 November 2016, during the inaugural Singapore FinTech Festival.

Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said “The MAS FinTech Awards and ABS Global FinTech Award represent the industry’s highest accolade for FinTech innovation. These awards celebrate the spirit of innovation in the financial sector by providing recognition to innovative FinTech projects that have been implemented in Singapore. It is our belief that such recognition will help foster a culture of innovation within the financial sector.”

ABS Director Mrs Ong-Ang Ai Boon added, “Innovation is at the heart of the technological revolution and our members know that engaging with external solution providers is the way forward for the industry to generate new ideas and meet their customers’ needs in the digital age. ABS hopes that our Global FinTech award will spur more innovation and collaboration between FinTech companies and our members so that Singapore can remain at the vanguard of change and maintain its role as an international financial hub.”

For more information on the entry submission for the MAS FinTech Awards and ABS Global FinTech Award, please visit http://www.fintechfestival.sg/fintech-awards/.