AI emerges as a focal point in Singapore's financial development, with the AI Hacker Accelerator currently open for registration.
The Monetary Authority of Singapore (MAS) has launched the 8th edition of the Global FinTech Hackcelerator, with the theme "AI in the Global Financial Industry Challenges", aiming to encourage innovative AI solutions that meet market demands. Finalists will showcase their solutions at this year's Singapore FinTech Festival and stand a chance to win up to 550,000 SGD in prizes and grants.
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MAS Launches "AI in Finance Global Challenges" Hackcelerator
The Monetary Authority of Singapore (MAS) has launched the 8th edition of the global Fintech Hackcelerator, themed "AI in Finance Global Challenges," aiming to produce innovative AI solutions that meet market demands and transform the financial services industry.
The competition is held in collaboration with AI Singapore (AISG) and with technical support provided by Oliver Wyman. Participants from around the world are invited to submit innovative solutions to address 16 problem statements collected from financial institutions and industry participants, focusing on four key areas where AI can lead to better outcomes:
- Enhancing customer experience
- Improving operational efficiency
- Strengthening risk, compliance, and fraud monitoring
- Supporting Environmental, Social, and Governance (ESG) solutions.
Finalists will showcase their solutions at this year's Singapore Fintech Festival and three winners will be selected, each receiving a prize of 50,000 Singapore dollars. Winners can also apply for exclusive AISG Startup Grants, competing for grants of up to 500,000 Singapore dollars.
Sopnendu Mohanty, Chief Fintech Officer at MAS, stated:
With the groundbreaking developments in AI, financial institutions can harness its potential to transform financial services. This challenge aims to discover reliable AI solutions in interoperability, inclusivity, affordability, and fairness.
The application deadline is July 18th, for registration please click here.
AI Takes Center Stage at Singapore Fintech Festival 2023
The theme for the upcoming Singapore Fintech Festival 2023 scheduled for mid-November has been set as the application of Artificial Intelligence (AI) in financial services. Leaders from government, financial services, investment, and technology sectors will gather to focus on the development and application of AI.
SFF 2023 will explore how technologies like AI and Web3, as well as digital public goods, can accelerate the transition to a low-carbon future and rethink the architecture of financial systems to serve a broader population. Other key focuses include safeguarding the digital economy from modern climate, technological, and cyber risks.
Singapore has been dedicated to financial innovation. At last year's Fintech Festival, Ravi Menon, Managing Director of MAS, used the Chinese Five Elements as a metaphor to explain five key outcomes achieved through fintech innovation collaboration, including real-time payments, atomic settlement, programmable currency, tokenized assets, and trustworthy sustainable data. He emphasized that Singapore aims to become a hub for crypto assets based on these fintech innovations.
Review Ravi Menon's insightful speech: Viewing Fintech Innovation through the Lens of the Five Elements, Singapore Aspires to be a Hub for Crypto Assets
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