MAS Announces 20 Finalists for the 2019 Global FinTech Hackcelerator

November 7, 2019





MAS Announces 20 Finalists for the 2019 Global FinTech Hackcelerator


Singapore, 7 November 2019… The Monetary Authority of Singapore (MAS) announced today the 20 finalists for the Global FinTech Hackcelerator. The finalists will pitch their solutions at the Global FinTech Hackcelerator Demo Day at the 2019 Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH).


2          The finalists were selected through two parallel scouting programmes – the Local Programme, to tackle problem statements originating from the financial industry in Singapore and the broader Asia region; and the International Programme, which comprises winners of FinTech competitions in other regions.


  • In the Local Programme, MAS shortlisted 10 winners from over 200 submissions from across 30 countries to address 70 problem statements in three focus areas – (i) Financial Inclusion, (ii) Insurance, (iii) Banking and Finance and (iv) a General category. More than half of the submissions came from Asia, and a quarter were from Singapore.
  • The International Programme participants comprised 10 winners, two per country, from FinTech competitions in five countries (Abu Dhabi, Kenya, South Africa, United Kingdom and United States of America). More than 400 FinTechs participated in the competition across the five countries.


For more details on the Local and International Programmes, refer to Annex A.


3          During Demo Day on 11 November, finalists will present their innovations and the top three winners will win S$50,000 in prize money each. All 20 finalists will also receive a S$20,000 cash stipend and be fast-tracked in their applications to receive grant funding under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme[1]. Each finalist will be given a start-up kiosk at SFF x SWITCH exhibition to showcase their solutions. The finalists were also invited to a dedicated Deal Friday[2] networking session in October to meet potential investors.


4          The Global FinTech Hackcelerator, supported by KPMG Digital Village, matches innovative market-ready solutions to address real industry needs. For details on the finalists, judging panel and corporate mentors for the Local Programme, refer to Annexes B and C.


  • Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “The Global FinTech Hackcelerator continues to be a great platform for FinTechs to showcase and contextualise their innovative solutions for the industry. Many finalists from the past three years of this programme have gone on to achieve successes in the industry. Some of them have also secured partnership deals with their Global FinTech Hackcelerator corporate champions. We look forward to more success stories coming out from this year’s finalists.”


  • Mr Chia Tek Yew, Head of Financial Services Advisory, KPMG Singapore said, “The International Programme has allowed us to reach out to the international FinTech community and bring fresh ideas into the Global FinTech Hackcelerator programme. We found FinTech players with innovative solutions to address pressing issues, such as around financial inclusion, to help developing countries facing similar issues in the South-East Asia region.”






About the Singapore FinTech Festival

Singapore FinTech Festival (SFF) is the world’s largest FinTech festival and a global platform for the FinTech community. The 2018 festival saw 45,000 participants from over 127 countries, hosted more than 250 global luminaries and 480 exhibitors. Attendees comprised FinTech players, technopreneurs, policy makers, financial industry leaders, private equity/venture capitalist investors, and academics. The festival featured highlights such as the FinTech Conference with a new AI in Finance Summit and Global Investors’ Summit. There were also traditional features such as the FinTech Awards, Global FinTech Hackcelerator, Innovation Lab Crawl and Industry Networking and Workshops. The Festival is organised by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings. Find out more at



Organised by Enterprise Singapore, National Research Foundation Singapore (NRF) and Intellectual Property Intermediary (IPI) Singapore, SWITCH is a platform where scientific discoveries and advancements are transformed into disruptive technology applications that will redefine the way we live. It focuses on deep tech applications in the areas of manufacturing, urban solutions, health and biomedical sciences and digital services.


SWITCH is where companies identify new technologies for business transformation and where collaborations are formed. It convenes entrepreneurs, investors, researchers, innovator and industry professionals from diverse backgrounds. Find out more at





For media queries, please contact:


Bridgitte Lee

Assistant Director (Communications)

Monetary Authority of Singapore

Tel: +65 6229 9262    



Casie Eng

Assistant Director (Communications)

Monetary Authority of Singapore

Tel: +65 6422 5428    



Jacqueline Ong

Deputy Director (Communications)

Monetary Authority of Singapore

Tel: +65 6229 9159    




ANNEX A: About the Global FinTech Hackcelerator

The Global FinTech Hackcelerator will create impactful, market-ready FinTech solutions that solve real industry needs in three focus areas (i) Financial Inclusion, (ii) Insurance and (iii) Banking and Finance and (iv) a general category. Twenty global finalist teams were shortlisted to receive cash stipends of S$20,000, mentorship by industry experts, access to potential clients and investors, and an opportunity to win cash prizes totalling S$150,000. The finalists will also be fast-tracked in their applications to receive grant funding under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme.

Local Programme

MAS published 70 problem statements gathered from the local financial industry and invited innovative start-ups from around the world to submit market-ready solutions to tackle these problem statements. Similar to the previous three editions of the Global FinTech Hackcelerator, these finalists will go through a 12-week virtual programme and be assigned corporate champions and industry mentors to develop and refine their market-ready solutions into contextualised prototypes to be showcased on Demo Day at SFF x SWITCH.

International Programme

In addition to the Local Programme, a new component of the FinTech scouting process this year is the International Programme.

To increase the diversity of FinTech solutions in the programme and broaden the outreach to the global FinTech community, the International Programme selects two winners per country from FinTech competitions in Abu Dhabi, Kenya, South Africa, United Kingdom and United States of America.

List of Competitions



Name of Competition

Abu Dhabi

FinTech Abu Dhabi (FinTechAD) Innovation Challenge organised by Abu Dhabi Global Market (ADGM) and KPMG Lower Gulf


Global FinTech Hackcelerator @ Kenya supported by the Central Bank of Kenya and KPMG East Africa

South Africa

Global FinTech Hackcelerator @ Southern Africa supported by South African Reserve Bank (SARB) and KPMG Matchi

United Kingdom

Global FinTech Hackcelerator @ United Kingdom supported by UK Department for International Trade and KPMG United Kingdom

United States of America

FinTech Innovation Challenge organised by Women’s World Banking





Global FinTech Hackcelerator Demo Day Schedule


Monday, 11 November 2019

1pm – 4.45pm

5-minutes ‘live’ pitching session by Global FinTech Hackcelerator finalists, followed by 5-minutes of Q&A by a panel of industry judges



Awards Presentation for Global FinTech Hackcelerator Winners


Monday, 11 November 2019


Winners of First, Second and Third Prizes for Global FinTech Hackcelerator





ANNEX B: Global FinTech Hackcelerator Finalists



(Local / International)

Company Name

Solution Name

Description of Company and Solution


360F (Singapore) Pte Ltd


360-ProVestment is an artificial intelligence-enabled product recommendation engine for life insurance and wealth management. It strives to provide institutions with a reliable means to leverage their in-force policy data to not only identify up-sell and cross-sell opportunities but also detect the need for product portfolio review and prepare the customers for their next life stage.


Value3 Advisory Pte Ltd


Value3 is a B2B capital markets artificial intelligence platform for independent, predictive and automated credit ratings, research and analytics. It combines financial data with unstructured online digital footprints, local and global news, corporate/regulatory events, market sentiments, geopolitics, demographics, industry trends and patterns of the companies from diverse sources to transform data overload into actionable insights.


Advanced Fund Technology Group Pte Ltd


Compliy incorporates smart automation and collaboration into the regulatory compliance process and enables financial institutions to respond to regulatory changes better. It also strives to help compliance teams save time and reduce regulatory costs through artificial intelligence-enabled regulatory insights, regulation management, and monitoring.


CoverGo Limited


CoverGo enables insurers, brokers and bancassurance partners to digitise and distribute insurance products more quickly. It provides an end-to-end solution including instant pricing, underwriting, policy admin, claims, analytics and open insurance APIs to increase connectivity and automate insurance processes. It also allows insurers to integrate with distribution partners, online businesses and data providers to analyse customer profiles and distribute the most appropriate products at the most appropriate time.


Arthance LLC


DiligenceVault is a digital diligence platform for asset managers and allocators. It strives to make the investment information exchange process easy and collaborative. For allocators, DiligenceVault facilitates the collection, structuring and normalisation of data across investments. For asset managers, DiligenceVault centralises content, data, documents and workflows to create a responsive and institutional client service outcome.


Elifinty Ltd


Elifinty uses artificial intelligence and machine learning to give their youth customers insights into their spending and tailored financial tips. It also enables their customers to keep track of their financial activities.


neoEYED, Inc


neoEYED is a behavioural artificial intelligence solution that helps banks and enterprises to detect digital identity frauds by analysing the way the users interact with web/mobile applications.


Skyglyph AD


Skyglyph is a collaborative web platform that uses remote sensing and machine learning for better crop monitoring and production risk management. It analyses images and other data from satellites, drones and even smartphones to detect crop damages and risks.


Interactive Solutions for Financing LLC


Solfeh provides emergency cash loans to employees of their client organisations on an on-demand basis. Acting as an intermediary, Solfeh offers employees access to instant online microloans for which the employees will repay in instalments through monthly deductions from their salaries.


Threadneedle Software Pte Ltd


Solidatus offers a business process engineering tool that enables the visualisation of complex processes and data flows, and seeks to enhance governance, business transformation and reporting.

International (Abu Dhabi)

Jibrel Network

Jibrel Network

Jibrel is a blockchain and smart contract development company that seeks to leverage on cryptography, distributed ledger and smart contract technologies to build financial networks.



International (Abu Dhabi)

RISQ Intelligent Software International Ltd


RISQ seeks to enable businesses to be more efficient and effective through enabling automation and integration capabilities in financial software.

International (Kenya)

Bureau Vente Uganda Limited


Maxtrace is a digital traceability and sustainability solution that track crops through the value chain, from farmer gate to the point of export. It seeks to enable price transparency and allows farmers who pass the inspection tests to be able to charge better pricing.

International (Kenya)

Kwaduara Limited


Kwara helps to build safety nets by digitising savings cooperatives, which are member-owned financial associations that have a wider reach to the unbanked than the traditional institutions. It also seeks to enable the unbanked to have easy access to low-cost instant loans.

International (South Africa)

Ukheshe Payment Solutions (Pty) Ltd


Ukheshe empowers merchants, traders, street vendors and freelancers to accept and make real-time digital payment without the need to have a bank account. Users can choose to withdraw their funds at a specific retail partner, top up their telecommunication or utility account, or send the funds to any mobile number.

International (South Africa)

MindBridge Analytics Inc.

MindBridge AI

MindBridge Analytics’ platform automates the ingestion and analysis of data, and learns from user interaction to identify financial data anomalies for analysts, finance professionals and regulatory teams. It leverages on its proprietary machine learning algorithms and its team of artificial intelligence professions to review all transactions to detect anomalous patterns of activity and to generate a risk-weighted analysis.



International (United Kingdom)



Fluidly is a SME Financing start-up, which uses artificial intelligence to analyse the financial data in a company’s accounting system, and predict its future cashflow requirements. Based on the insights derived, Fluidly will empower accountants to provide suitable advice to their SMEs clients on the available financing options in the market.

International (United Kingdom)



Suade is a regtech start-up, which automate regulatory data requirements for financial institutions and minimise the cost of change involved with a new iteration of financial regulations. Suade allows financial institutions to process large volume of granular data while complying with the required regulatory controls and governance.

International (United States of America)



Aflore is a direct sales network of financial services for the underbanked. It recruits women from the underbanked communities, and equip them with training, tools and support to become trusted financial advisors who will distribute loans and financial products within their trusted networks.

International (United States of America)

Pula Advisors GmbH


Pula restructures agricultural insurance and seeks to use technology to insure the previously unbanked, uninsured and untapped market of smallholders across the globe. It facilitates crop and livestock insurance coverage and works with Fortune 500 companies, global NGOs, research institutions, and governments to help provide smallholders the protection they need in an increasingly unpredictable climate.




ANNEX C: Judging Panel and Corporate Mentors for the Local Programme


Judging Panel


Full Name



Shruti Ajitsaria

Head of Fuse

Allen & Overy Fuse

Robin Newnham

Head of Policy Analysis and Capacity Building

Alliance for Financial Inclusion (AFI)

Eddy Kwong

Head of Digital Marketing


Hetul Patel

Head, Acturial

Asia Capital Reinsurance

Patrick Wei

Partnership Director

Aviva Ventures

Celine Le Cotonnec

Chief Data and Innovation Officer


Stephanie Magnus

Head, Financial Services Regulatory and FinTech Practice

Baker Mckenzie

Nimish Shah

Chief Digital Officer

Bank of Singapore

Vivien Jong

Chief Digital Officer

BNP Paribas

Kanags Surendran

Head, Digital Banking


Sandra Lam

Innovation Catalyst and FinTech Partnerships Lead, VP


Jinesh Patel


Dymon Asia

Mark Yuen

Chief Business Development Officer

Fullerton Fund Management

Jeffrey Paine

Founding Partner

Golden Gate Ventures

Rajiv Chandna

Head of Growth, Business Development and Strategy


Ang Khim Siong

VP, Strategy and Transformation

Great Eastern

Emma White

Product Lead


Carmen Wee

Chief Executive Officer

Investment Management Association of Singapore (IMAS)

Borja Garcia Haendler

Director, Market Risk and Product Control

Julius Baer

Allwyn Barreto

Partner, Financial Services Consulting

KPMG (Singapore)

Tan Chee Khiong

Principal Advisor

KPMG (Singapore)

Jan Reinmueller

Head of Digital Village

KPMG (Singapore)

Paul Brenchley

Partner, Financial Services Consulting

KPMG (Singapore)

Umair Hameed


KPMG (United Arab Emirates)

Shwetank Verma

Co-founder and Partner


Tan Lay Hoon

Chief Operations Officer


Vincent Teo

VP, Head of Business and FinTech Engagement


Loretta Yuen

EVP, Head of Group Legal and Regulatory Compliance


Kalai Natarajan

SVP, Transformation Office, Head of Strategic Engagements

Prudential Assurance Corporation Singapore

Alvin Nand

Chief Operating Officer, Asia

QBE Insurance

Jessica Shearer

Head of Digital Strategy and Propositions APAC


Charlotte Wood

Global Head of Innovation


Chia Hock Lai


Singapore Fintech Association

Hugh Terry


The Digital Insurer

James Aylen

Head of UBS Evolve


Fakhrul Islam

Fund Facility Coordinator

United Nations Capital Development Fund (UNCDF)

Simon Goo

Head of Group Risk Analytics


Chua Chek Ping

Executive Director, Strategic Alliances and Fintech, Group Channels and Digitalisation


Wijaya Elham

Chief Operating Officer

UOB Asset Management

Nguyen Thi Tuyet Mai

Managing Director

Vietnam Microfinance Working Group

Kara-mae Lim

Head of Product, Singapore and Brunei


Nithyasri Sharma

Strategy Specialist

Women's World Banking

Karen Miller

VP of Marketing and Communications

Women's World Banking

Hang Thu Vu

Financial Sector Specialist

World Bank

Benedikt Signer

Senior Financial Sector Specialist

World Bank




Corporate Champions

Global FinTech Hackcelerator Finalist

Corporate Champion

Corporate Mentor

Designation of Corporate Mentor


Great Eastern

Ang Khim Siong

VP of Strategy and Transformation


Shanghai Pudong Development Bank

Nelson Png

Chen Guanghong

Head of Compliance

Head of IT



Ai Chin Chiew

Chief Strategy Officer


Deutsche Bank

Warren Lee

Innovation Specialist

Elifinty Ltd

DBS Bank

Bidyut Dumra

Head of Innovation



Celine Le Cotonnec

Jonathan Chan

Chief Data and Innovation Officer

Data and Innovation Manager



Sandra Lam

VP of Innovation Catalyst and FinTech Partnerships Lead


Grab Holdings

Rajiv Chandra

Head of Growth, Business Development and Strategy



James Aylen

Head of UBS Evolve

Value3 Advisory


Eddy Kwong

Director and Head of Digital Marketing



[1] The MAS Financial Sector Technology and Innovation (FSTI) Proof of Concept (POC) scheme provides funding support for experimentation, development and dissemination of nascent innovative technologies in the financial services sector.

[2] Deal Fridays are curated deal-making sessions for facilitating investment into start-ups and held every Friday from 21 June to 25 October 2019. The 20 finalists of the Global FinTech Hackcelerator had a dedicated Deal Fridays session for them to network and pitch to investors.

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