The Monetary Authority of Singapore (MAS) has launched the eighth edition of its annual Global FinTech Hackcelerator, themed around Artificial Intelligence (AI) in Finance this year.
It aims to produce innovative and market-ready AI solutions that can transform the financial industry, the agency said.
Conducted in partnership with AI Singapore (AISG) and consulting firm Oliver Wyman, the challenge invites participants from across the world to submit innovative solutions to address 16 problem statements collected from financial institutions and industry players.
MAS said these problem statements focus on four key areas where AI can be implemented to achieve stronger outcomes in customer experience, operational efficiency, risk management, and ESG.
MAS' Chief FinTech Officer, Sopnendu Mohanty, said the challenge seeks to discover reliable AI solutions characterised by interoperability, inclusivity, affordability, and fairness.
The agency has planned to shortlist up to 20 finalists who will be paired with a mentor from Singapore-based financial institutions or organisations called the Corporate Champion.
Each of the finalists will receive a S$20,000 cash stipend and three winners will take home S$50,000 prize money.
"These winners can also apply for the exclusive AISG StartUp grant to vie for a further prize money of up to S$500,000," MAS said.
