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 seeks to produce innovative and market-ready AI solutions that can transform the financial services industry.
16 problem statements have been 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 is 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 20 Finalists
Out of over 150 submissions for this year’s challenge, 20 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 8 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]
Collects both subjective and objective data, leveraging AI at scale across all channels to personalize interactions, enabling real-time tracking and dynamic orchestration of customer journeys - Argus [Risk, Compliance, and Fraud Monitoring]
Pioneering the first employee comms compliance software, combining preclearance with post monitoring through AI to monitor at scale - Exponential Digital [Risk, Compliance, and Fraud Monitoring]
Provides cutting-edge digital solutions, including Prescam.ai—an AI solution designed to 'vaccinate' the population from scams - Fintelite [Elevating Customer Experience]
Offers end-to-end automation solutions for financial institutions, ranging from AI-driven document processing to in-depth transaction analysis for smarter underwriting and hyper-personalized customer segmentation - Flagright [Risk, Compliance, and Fraud Monitoring]
Delivers real-time transaction monitoring, case management, customer risk assessment, and sanctions screening through a user-friendly, no-code interface - IceKredit [Enhancing Operational Efficiency]
Provides "access + analysis + application" capabilities for big data - IFC MANELA [Enabling Environmental, Social, and Governance Solutions]
Effectively measures, tracks, and validates climate and other ESG risks and metrics from unstructured text - IN-D [Enhancing Operational Efficiency]
Seamlessly converts unstructured data from various sources into actionable decision-making insights - PAND.AI [Elevating Customer Experience]
Maximizes lead-to-customer conversion success with GINA.sg, Singapore’s first AI insurance broker chatbot - Staple AI [Enhancing Operational Efficiency]
Processes files and documents regardless of format, in 190 languages - Squirro [Risk, Compliance, and Fraud Monitoring]
Enhances the precision of risk assessment while streamlining analysis and reporting tasks - Visa Inc. [Enabling Environmental, Social, and Governance Solutions]
Enables scoring and forecasting of carbon emissions, providing customized recommendations to achieve a net-zero carbon footprint
Finalists - International Partner Program
- IPOXCap AI [Enhancing Operational Efficiency]
Processes, analyzes, and generates insights from financial data to empower decision-making - Pints AI [Enhancing Operational Efficiency]
Enables financial institutions to optimize their operations through personalized data training
More information about the finalists and judges here.
Benefits Of Participating
Finalists will receive 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 will walk 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 is the knowledge partner for the AI in Finance Global Challenge.
Check out the winners from 2022’s Global FinTech Hackcelerator here.
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.
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.
The winners will qualify to apply for AISG’s Start Up grant worth up to S$500,000 within three months of the announcement of winners.
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.
