MAS opens fintech tilt on green finance
Hackcelerator seeks innovative solutions to industry challenges
6 May 2021 | The Asset

The Monetary Authority of Singapore (MAS) has launched the 6th edition of the Global FinTech Hackcelerator, an international competition that seeks to unlock the potential of fintech in accelerating the development of green finance in Singapore and the region.

Fintech firms and solution providers around the world are invited to submit innovative solutions under the theme “Harnessing Technology to Power Green Finance”. They will address over 50 problem statements that have been collected from financial institutions and green finance industry players. The focus is on three key challenges: mobilizing capital, monitoring commitment, and measuring impact.

Up to 15 finalists will be shortlisted for a virtual programme where they will be paired with a corporate champion (Singapore-based financial institutions or organizations) to develop customized prototypes on the API Exchange (APIX), a not-for-profit entity that seeks to promote financial innovation and inclusion around the world.

Each finalist will receive a S$20,000 (US$15,000) cash stipend and be eligible for a fast-tracked application for the MAS Financial Sector Technology and Innovation Scheme Proof-of-Concept Grant of up to S$200,000.

Finalists will pitch their solutions during “Demo Day” at this year’s Singapore FinTech Festival. Up to three winners will be selected, with each receiving S$50,000 in prize money.

Sopnendu Mohanty, chief fintech officer of MAS, says: “Green fintech can be an important enabler to accelerate Asia’s transition to a low-carbon future. It can provide much needed innovative solutions, and develop the crucial technology stack, which can help promote green financial services, catalyze efficient allocation of green capital, and facilitate trust in the green data value chain. I encourage all innovators to make use of this platform and showcase their green fintech solutions to the world.”

Fintech firms and solution providers may submit their applications for the MAS Global FinTech Hackcelerator here by June 11 2021.

The competition is supported by US management consulting firm Oliver Wyman.

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