In a significant move to promote artificial intelligence in the financial sector, the Monetary Authority of Singapore (MAS), in partnership with the Singapore Fintech Association (SFA), announced the winners of the Global Fintech Hackcelerator at the Singapore Fintech Festival (SFF) 2023.
The Hackcelerator, powered by Oliver Wyman and in collaboration with AI Singapore (AISG), invited global participants to develop market-ready AI solutions for high-priority challenges in finance.
The competition included a Local Programme, which dealt with problem statements from Singapore’s finance industry, focusing on areas like customer experience, operational efficiency, risk, compliance, and ESG solutions. Twelve finalists from this programme received mentorship over a 10-week period to refine their AI solutions.
Additionally, the Global Fintech Hackcelerator encompassed an International Partner Programme. This segment featured competitions run by international partners, including organisations such as Accelpoint, the Paris Institute for Sustainable Finance, and Nanyang Technological University of Singapore. Candidates selected from these programmes were fast-tracked into the finals of the Hackcelerator.
All 19 finalists, granted a S$20,000 cash stipend, presented their solutions to a distinguished panel of judges from various respected institutions on Demo Day.
The top three winners, each receiving S$50,000, were:
Pints AI (Singapore)
The solution, Neuron, offers an on-premise solution that enables financial institutions to optimise operations through personalised data training, while catering to the financial sector’s critical data security requirements.
Toggle AI (USA)
The ToggleChat solution offers a chat interface that enable investors to access information about the market and their portfolio, providing them with curated insights to make informed investment decisions.
Visa (USA)
Visa Inc.’s CarbonSage.AI solution enables corporates to score and forecast carbon emissions based on card and non-card transaction data, and provide customised recommendations to achieve a net zero carbon footprint.
These winners also have the opportunity to apply for the exclusive AISG Start-Up grant, potentially adding up to S$500,000 in additional funding.
Prof Mohan Kankanhalli, Deputy Executive Chairman, AI Singapore, said,
“Congratulations to all the winners of the AI in Finance Global Challenge! This year’s Global Fintech Hackcelerator has seen many creative and innovative applications of AI in Finance.
We are hoping to see the winning teams continue to grow, develop and scale beyond this Hackcelerator to unlock greater potential for the sector.”
