AI in Finance Global Challenge

Innovative and market-ready AI solutions to transform the financial services industry

The Monetary Authority of Singapore (MAS) has launched the 8th edition of the Global FinTech Hackcelerator, titled “Artificial Intelligence (AI) in Finance Global Challenge”. The competition is conducted in partnership with AI Singapore (AISG) and powered by Oliver Wyman. It seeks to produce innovative and market-ready AI solutions that can transform the financial services industry.

Challenge Structure

Interested parties are invited to submit innovative solutions to address four key themes: (i) Elevating Customer Experience; (ii) Enhancing Operational Efficiency; (iii) Strengthening Risk, Compliance and Fraud Monitoring; and (iv) Enabling Environmental, Social and Governance (ESG).

Up to 20 finalists will be shortlisted for a programme where they will be paired with a Corporate Champion. Each finalist will also receive a S$20,000 cash stipend. The judging will involve two distinct components.

  • Before Demo Day, finalists will present and showcase their prototypes to the technical reviewers, giving them the opportunity to see, experience or even interact with the prototypes personally. There will also be a Q&A session.
  • Finalists will pitch their solutions at Demo Day which will be held as part of this year’s Singapore FinTech Festival. Three winners will be selected, with each receiving S$50,000 in prize money and also the opportunity to apply for the AIGC Startup Grant worth S$500,000.

Eligibility Criteria

  • Applicants must be at least 18 years old and may choose to apply as an individual or in teams of no more than 5 members
  • Individuals or teams affiliated with any global or local companies are also welcome to apply to join as a company, as long as the companies are registered in their respective jurisdictions

AI in Finance Global Challenge (AIGC) Startup Grant Structure

The three winners from the AI in Finance Global Challenge will be invited to apply for an AIGC Startup Grant of up to S$500,000 within three (3) months of the announcement of the winners, of which only one will be awarded the grant. The grant seeks to anchor AI innovation activities in Singapore by supporting the winning teams in further developing their solutions created under the Challenge into a commercial product.

Upon successful application and award, the Startup Grant will be disbursed in two tranches, subject to the following terms and conditions:

  1. Up to S$150,000 disbursed upon incorporation in Singapore
    • The company must be incorporated in Singapore within 6 months of being awarded or be an existing company that is less than five (5) years old
    • Core activities of the company must be carried out in Singapore and should not be against the public interest or in violation of Singapore’s laws
    • Disbursement of the grant is subject to the following:
      • Proof of paid-up capital of at least S$50,000
      • Proof of incorporation in Singapore 
      • Proof that Intellectual Property rights of the winning solution created under the Challenge are wholly vested in the company
  1. 1:1 co-matching upon external investment, up to S$350,000
    • The remaining grant is disbursed upon proof that the Company has received 1:1 co-matching funds from an external investor 

The funding structure may be subject to change. More details will be released at a later date.

Submit Application

All interested parties are encouraged to submit their applications for the MAS Global FinTech Hackcelerator by 31 July 2023.