The ongoing Singapore FinTech Festival has witnessed overwhelming participation from across the globe. Among the series of exciting events that had been lined up one was the eagerly awaited FinTech Awards 2018, scheduled from 12⎯14 November.
The FinTech Awards, supported by PwC, recognizes innovative FinTech solutions that have been implemented or deployed by FinTech companies, financial institutions, and technology companies.
The ASEAN PitchFest, powered by PwC, was launched this year to recognize innovative talent in ASEAN countries. Nine winners emerged from the ASEAN PitchFest and participated in the final round of the FinTech Awards.
On this, Sopnendu Mohanty, Chief FinTech Officer, MAS, remarked,
“We are delighted to see more talent in the region coming through the new ASEAN PitchFest and to observe how the winners are applying FinTech solutions to a wide range of business areas. We are thankful for the strong support from partners like PwC and industry experts who worked closely with us to identify and recognize the growing pool of FinTech talent.”
The Singapore FinTech Festival Roadshows that took place from June⎯September 2018, also received a tremendous response with around 70 submissions received from the local FinTech communities.
In conjunction with Singapore’s ASEAN Chairmanship this year, the scope of the FinTech Awards’ SME and Open categories was to include ASEAN companies outside Singapore.
This year, 40 finalists were shortlisted from more than 280 global submissions including the companies who participated in the ASEAN PitchFest6. The winners were selected by a panel of 17 judges who represent a cross-section of international and local experts from the private and public sectors.
The entries were evaluated based on four criteria: impact, practicality, interoperability, and uniqueness and creativity.
On November 14, the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) acknowledged the efforts of 12 innovative FinTech companies with a total of S$1.2 million given away as awards at the third Singapore FinTech Festival.
The awards were presented to the winners by Ravi Menon, Managing Director, MAS, Sopnendu Mohanty, Chief FinTech Officer, MAS, Calvin Choi, Chairman of the Board of Directors and President, AMTD Group, and Piyush Gupta, Chief Executive Officer, DBS.
ASEAN Open Award
ASEAN-based companies of any size. The company must have a physical office registered in at least one ASEAN country, and the solution must have been implemented in at least one ASEAN country. The Open category allows companies of any size to participate, such as financial institutions and large technology vendors (e.g., Google).
⎯1st place: LenddoEFL (Philippines) — S$150,000
⎯2nd place: SQREEM Technologies (Singapore) — S$100,000
⎯3rd place: Finantix Asia Pacific (Singapore) — S$50,000
ASEAN SME Award
ASEAN-based SMEs (Small-Medium Enterprises). SMEs, as defined by Enterprise Singapore, are enterprises with an annual sales turnover of not more than SGD$100 million OR an employment size of not more than 200 workers. Enterprises qualify as SMEs as long as they satisfy at least one of the two parameters.
⎯1st place: FinAccel Teknologi (Indonesia) — S$150,000
⎯2nd place: Katipult (Thailand) — S$100,000
⎯3rd place: MoneyMatch Transfer (Malaysia) — S$50,000
Singapore Founder Award
Singapore-based SMEs with at least one Singaporean founder. The term ‘founder’ is defined as an individual who was instrumental in setting up the SME. There is no need for majority share-ownership. The SME must have a physical office registered in Singapore. The solution must have been implemented/ deployed in Singapore.
⎯1st place: CCRManager — S$150,000
⎯2nd place: Cynopsis Solutions — S$100,000
⎯3rd place: Thin Margin — S$50,000
FinTech project implemented in any part of the world.
⎯1st place: Everspin (South Korea) — S$150,000
⎯2nd place: Naffa Innovations (India) — S$100,000
⎯3rd place: Keychain (Japan) — S$50,000
Applauding the efforts and innovations of the winners, Ong-Ang Ai Boon, Director, ABS said,
“ABS congratulates all the winners and finalists of the 2018 FinTech Awards. We are proud to recognize and honor the best and most sophisticated innovators arising from a good cross-section of the growing FinTech community at the Singapore FinTech Festival 2018. This is yet another feather in the cap for the third edition of the Festival in harnessing the power of the talented FinTech game changers.”
Top Winners of Each Category and Their Solutions
ASEAN Open Award Winner: LenddoEFL
Name of the solution: Alternative data credit score
Short caption: Financial inclusion through alternative data
Description: LenddoEFL’s mission is to provide 1 billion people access to powerful financial products at a lower cost, faster and more conveniently. We use AI and advanced analytics to bring together digital and behavioral data to help lenders confidently serve the underbanked. LenddoEFL has provided credit scoring, verification and insights to 50+ financial institutions, serving over 7 million people.
Attributed to Richard Eldridge, CEO
ASEAN SME Award Winner: FinAccel Teknologi Indonesia
Name of the solution: Kredivo
Short caption: A digital credit card for millennials
Description: Kredivo is a first-of-its-kind digital credit card, designed for Indonesian millennials, which automates credit scoring using digital data and makes credit available, instantly, at the lowest cost in the market for personal loans and e-commerce purchases on all the top e-commerce stores. Kredivo is the highest rated lending app in Indonesia.
Attributed to Akshay Garg, CEO
Singapore Founder Award Winner: CCRManager
Name of the solution: CCRManager
Short caption: Connecting and Digitalising Global Trade
Description: CCRManager is a cloud-based platform supporting the distribution of trade finance assets by financial institutions. Co-developed with industry leaders and practitioners, CCRManager provides workflow management tools, a secure digital marketplace, governance, and compliance controls, and data analytics capabilities to over 70 member institutions in 25 countries globally.
Attributed to Tan Kah Chye, Executive Chairman & Founder
Global Award Winner: Everspin
Name of the solution: Eversafe
Short caption: World’s First Dynamic Security Module
Description: Eversafe is a mobile application security solution that is developed based on Everspin’s Dynamic Security Module Technology. The technology enables a server to send a disposable random security module on a real-time basis to a user’s program. By sending the security module on a real-time basis in a random pattern the technology gives potential hackers no time to analyze the module to hack the user’s program. In addition to the secureness of Eversafe, the solution can detect hacking threats on a real-time basis.
Attributed to Hugo Young-Bin Ha, CEO.
The panel of esteemed judges include, Andreas Braun, Managing Director Accenture Technology, George Sartorel, Regional CEO, Asia Pacific, Allianz Allianz, Calvin Choi Chairman and President, AMTD Group, Anju Patwardhan, Managing Director, Credit Ease, Sanjoy Sen, Managing Director, Head of Strategy and Finance, Consumer Banking and Wealth Management, DBS, Ho Kok Yong, SEA Financial Services Industry Leader, Deloitte, Wu Choy Peng Chief Technology Officer, GIC, Prabhat Labh CEO, Grameen Foundation India, Gautam Mukharya, Chief Risk Officer, HSBC, Tan Yinglan, Founding Managing Partner, Insignia Venture Partners, Amit Anand, Founding Partner, Jungle Ventures, Tobias Puehse, Vice President, Innovation Mastercard, Murli Buluswar, Senior Executive Advisor, The Boston Consulting Group, Huy Nguyen Trieu, Founder and CEO, The Disruptive Group, Dusan Stojanovic, Founder and Director, True Global Ventures, Susan Hwee, Managing Director and Head, Technology and Operations, UOB, Ben Mathias, Managing Director, Vertex Ventures.
Singapore FinTech Festival
Singapore FinTech Festival (SFF) is the world’s largest FinTech festival and global platform for the FinTech community. The 2017 edition attracted over 30,000 participants comprising of FinTech players, technopreneurs, policymakers, financial industry leaders, investors, private equity players, venture capitalists, and academics.
The 2018 Festival is expected to be attended by more than 250 global luminaries and 400 exhibitors from more than 100 countries.
The key features of the 2018 Festival include FinTech Conference, AI in Finance Summit, Global Investors’ Summit, the FinTech Awards, Global FinTech Hackcelerator, Innovation Lab Crawl, Industry Networking, and Workshops.
The Festival is organized by the Monetary Authority of Singapore (MAS) in partnership with the Association of Banks in Singapore and collaboration with SingEx Holdings.
Grand sponsors of the event include AMTD, Deloitte, GIC, Google Cloud and Prudential.
For more, visit the official website.
Monetary Authority of Singapore
As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. It also facilitates infrastructural growth, adoption of technology, and upgrading of skills in the financial industry.
Association of Banks in Singapore
The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities towards the development of a sound financial and banking system in Singapore. Today, ABS has a membership of 158 local and foreign banks.
For media queries, please contact:
Casie Eng Assistant Director (Communications) Monetary Authority of Singapore
Tel: +65 6422 5428 Email: [email protected]
Bridgitte Lee Assistant Director (Communications) Monetary Authority of Singapore
Tel: +65 6229 9262 Email: [email protected]
Jacqueline Ong Deputy Director (Communications) Monetary Authority of Singapore
Tel: +65 6229 9159 Email: [email protected]