MAS launches AI-focused fintech challenge, 20 finalists to receive S$20,000 each

REGISTRATION is now open for a new fintech challenge launched by the Monetary Authority of Singapore (MAS), which calls on participants to produce “innovative and market-ready Artificial Intelligence (AI) solutions that can transform the financial services industry”, MAS said on Monday (Jun 12).

Launched as part of MAS’ Global FinTech Hackcelerator, interested participants are to submit innovative solutions to address 16 problem statements that MAS has collected from financial institutions and industry players.

These problems focus on four key areas where AI can be better harnessed, including: elevating customer experience, enhancing operational efficiency, strengthening the monitoring of risk, compliance and fraud as well as enabling Environmental, Social and Governance solutions.

Up to 20 finalists will be shortlisted for a programme where they will be paired with teams from Singapore-based financial institutions that mentor finalists during the Hackcelerator. Each finalist will also receive S$20,000 in cash.

Three winners will eventually be selected from these finalists, with each receiving S$50,000 in prize money. They will also be able to apply for the AI Singapore Start Up grant for a further grant of up to S$500,000.

“With the recent breakthrough developments in AI, there is great scope for financial institutions to harness AI’s potential to transform financial services,” said Sopnendu Mohanty, MAS chief fintech officer.

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“This challenge seeks to discover reliable AI solutions with four characteristics: interoperability, inclusivity, affordability, and fairness.”

The application deadline is on Jul 18. The competition is conducted in partnership with AI Singapore, powered by Oliver Wyman.