MAS launches 2022 Global Fintech Hexalator at Web 3.0 and Green Finance

MAS launches 2022 Global Fintech Hexalator at Web 3.0 and Green Finance

SINGAPORE, May 27, 2022 … The Monetary Authority of Singapore (MAS) today announced the launch of the 7th edition of the Global Fintech Hexalator, with the theme “Accelerating a Greener Digital Future”. The competition, led by Oliver Wyman, seeks to leverage FinTech’s potential to accelerate the development of Web 3.0 and Green Finance in Singapore and the region.

2. Fintech firms and global solution providers are invited to submit innovative solutions to address more than 50 problem statements collected from financial institutions and industry players.

  • The Web 3.0 issue statements focus on embedding blockchain technology to overcome scalability and implementation challenges, as well as expand decentralized monetization to enable development in real-world applications.Examples of real-world use include resolving data privacy and forgery issues to ensure user safety, as well as addressing market efficiency flaws..
  • The Green Finance issue statements focus on increasing the ease of monitoring investor and financial institution commitments and measuring the impact of debt and investment against their sustainable goals.Examples of problem statements aimed at helping corporates and SMEs meet their sustainable goals include the use of technology to create sustainable benchmarks to rate a company’s performance on a green scale..

3. 20 finalists will be selected for a virtual program where they will be paired with a corporate championThe Corporate Champion is a team of Singapore-based financial institutions or firms that advise finalists during the hackle, working with them to refine and make the solution relevant. To develop customized prototypes on API Exchange (APIX)APIX (www.apixplatform.com ) ASEAN is a product of the Financial Innovation Network, a non-profit entity formed by MAS, the International Finance Corporation and the ASEAN Bankers Association, with the aim of supporting financial innovation and inclusion worldwide.. Each finalist will also receive an S $ 20,000 cash stipend and will be eligible for a quick-tracked application up to S $ 200,000 for MAS Financial Sector Technology and Innovation Scheme proof-of-concept grants.

4. Finalists will present their solutions at the Demo Day to be held as part of this year’s Singapore Fintech FestivalSFF 2022 will be held from 2 to 4 November, the Industrial Event and Innovation Lab Crawl will be held on 31 October and 1 November.. Three winners will be selected, each receiving S $ 50,000 in prize money.

5. Mr Sopanendu Mohanty, Chief Fintech Officer, MAS, said, “We are on the verge of a major transformation in the delivery of financial services. The FinTech sector is uniquely positioned to tackle the challenges of climate change and accelerate Asia’s transition to sustainable financing. We strongly encourage all innovators to participate in this global competition and show the world their solutions. “

6. Mr Chia Tech Yu, vice chairman of Oliver Weiman Singapore, said: We look forward to continuing our efforts to find solutions in Green Finance to reduce the negative impact on our physical world and to use the technology to move towards a digital future with the advancement of Web 3.0. It is a platform for innovators to drive real change in the world we live in for present and future generations. “

7. All fintech firms and solution providers are encouraged to submit their application for MAS Global Fintech Hackseller Here Between 26 June 2022.

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