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MAS and SFA Announce Finalists for the 2023 Singapore FinTech Festival Global FinTech Awards

The Monetary Authority of Singapore (MAS) and the Singapore FinTech Association (SFA) announced the finalists of the 2023 Singapore FinTech Festival (SFF) Global FinTech Awards on November 1.


The 2023 Singapore FinTech Festival Global FinTech Awards, supported by PwC Singapore, seek to recognise innovative FinTech solutions by corporates and individuals that have been instrumental in transforming FinTech industry practices, and spearheading the use of new technologies in creating new growth opportunities, promoting financial inclusion and enhancing the delivery of financial services.


Submissions were received across six award categories [1] . For the five Corporate categories [2] , 72 submissions were received, of which six finalists were shortlisted for each category. For the Individual category, 24 submissions were received for the Leaders Award, of which six finalists were shortlisted. New thematic categories in Artificial Intelligence (AI) and Environmental, Social and Governance (ESG) FinTech were introduced this year.


In the AI category, shortlisted solutions demonstrated the use of alternative data sources such as telecommunication data for credit risk profiling for the training of AI models.

Shortlisted solutions under the ESG FinTech category heavily focused on solving fragmentation of data sources so that effective ESG models can be developed to monitor a firm’s pathway to net zero.


A new component was introduced for the Awards this year. Through the ‘FinTech Gives Back’ initiative, members of the FinTech community contributed generously towards the prize monies for the Awards, to show their support for nurturing the next generation of FinTechs and rewarding innovation. This year, OKX [3] , Ripple [4] , NETS [5] , YouTrip [6] , Pingpong [7] and Syfe [8] have generously contributed to this meaningful cause. This initiative will continue to feature in future editions of the Awards.


Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The strong support for the new ‘FinTech Gives Back’ initiative is a testament to the industry’s spirit of innovation, growth, and commitment to a brighter future. It is an inspiring example of how success can be leveraged to uplift and empower the entire FinTech ecosystem.”


Mr Shadab Taiyabi, President, SFA, said, “We want to extend our congratulations to all the nominees announced today. The addition of the ‘FinTech Gives Back’ initiative is especially exciting to see, with FinTech community leaders helping to nurture the next generation of talent. The FinTech scene in Singapore continues to grow from strength to strength, despite global economic headwinds. The Singapore FinTech Association remains steadfast in our commitment to nurturing innovation and enabling diversity within the FinTech industry. The work displayed in these nominations is testament to the strong FinTech talent pool in Singapore. Alongside the growing support from the Singapore government on technological innovations, it is only right that we take the time to acknowledge and celebrate this work.”


Ms Wong Wanyi, FinTech Leader, PwC Singapore, said, “It is inspirational to see the community getting behind ‘FinTech Gives Back’. In many ways, this demonstrates the underlying values of Singapore’s FinTech ecosystem. At this year’s SFF Global FinTech Awards, we also observed organisations harnessing the potential of AI while championing ESG. Congratulations to all shortlisted applicants for leading this charge in shaping the future of sustainable and inclusive finance. We look forward to the combination of finance and technology, underpinned by ESG principles, spawning new FinTech services and solutions that are accessible by all - businesses and individuals alike.”


The winners of the Awards, together with the top three winners of the Global FinTech Hackcelerator 2023 [9] will be announced on 16 November 2023, at the SFF Global FinTech Awards Dinner.

For more information on the Awards and the finalists, please click here


 

Notes:


[1] There were seven award categories originally, however MAS will not be giving out the “Contributor Award” as we only received a handful of nominations this year.


[2] The Corporate categories are: Global FinTech, ASEAN FinTech, Singapore FinTech, Thematic (ESG FinTech) and Thematic (Artificial Intelligence).


[3] OKX is a global cryptocurrency spot and derivatives exchange and one of the largest crypto exchanges by trading volume, serving over 50 million people globally.


[4] Ripple is a global FinTech company that leverages blockchain technology to provide a global payment network, RippleNet, and a digital asset, XRP, to enable secure and swift cross-border transactions for financial institutions.


[5] NETS is a leading payments services company that aims to empower consumers, merchants, and banks with electronic payments, digital banking, and transaction processing services, facilitating seamless and secure financial solutions across the entire payments value chain.


[6] YouTrip is a FinTech company that offers a multi-currency mobile wallet powered by Mastercard, allowing users to make overseas payments and transactions with no added fees at the best exchange rates at anytime, anywhere across 150+ countries.


[7] PingPong is a global accelerator that focuses on providing efficient cross-border payment solutions and services for small and medium-sized enterprises, enabling streamlined international transactions and seamless currency transfers.


[8] Syfe is a leading digital investment platform that offers personalised and diversified portfolios tailored to individual risk profiles and investment goals, making wealth management more accessible and efficient for users.


[9] The Global FinTech Hackcelerator , powered by Oliver Wyman and in partnership with AI Singapore (AISG), publishes high-priority business challenges and invites interested parties with a market-ready solution from around the world to submit their applications on how they intend to solve these challenges with their proprietary solutions.


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