• Published on 10 October 2023
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MAS announces 19 AI Finance Global Challenge finalists

The Monetary Authority of Singapore (MAS) announced today the 19 finalists for the “Artificial Intelligence (AI) in Finance Global Challenge” under the 2023 Global FinTech Hackcelerator.

The finalists submitted solutions such as the use of cognitive AI technology to process financial documents at scale, large language models to generate environmental, social, and governance (ESG) sentiment analysis for financial institutions and investors, and generative AI to identify and evaluate financial risks.

Twelve finalists were shortlisted through the local programme and another seven finalists from the international partner programme.

• Local Programme – MAS, AI Singapore (AISG), and Oliver Wyman shortlisted 12 finalists from over 160 submissions which addressed 16 problem statements collated from financial institutions and industry players. Over 130 submissions were from the Asia Pacific region.

• International Partner Programme – This programme attracted submissions from selected fintech solution providers of AI-related competitions organised by international partners.

This year’s international partners are Accelpoint and the Polish Investment and Trade Agency, Paris Institute for Sustainable Finance, Nanyang Technological University of Singapore and the Indian Ministry of Education under India’s G20 Presidency, Ecobank Group and Elevandi Japan.

The finalists will undergo a 10-week programme, organised by Oliver Wyman, during which they will collaborate and network with corporates, investors, and industry professionals to further refine their solutions. This year’s Hackcelerator includes a technical judging round for finalists to showcase the technical aspects of their solutions. They will go on to pitch their solutions at the Global FinTech Hackcelerator Demo Day at the Singapore FinTech Festival (SFF) on 15 November 2023. All 19 finalists will receive an SGD 20,000 ($14,660) cash stipend and a start-up kiosk at SFF to showcase their solutions. The top three winners will each receive SGD 50,000 ($36,645) in prize money. These winners can also apply for the exclusive AISG Start-Up grant to qualify for further prize money of up to SGD 500,000 ($366,457).

Sopnendu Mohanty, chief fintech officer, MAS said: “The overwhelming number of applications this year is a clear indication of the industry’s commitment to developing cutting-edge AI solutions to solve real industry needs. We look forward to seeing our finalists achieve greater success in further developing the technologies and AI use cases for the industry.”

Chia Tek Yew, vice chairman, Singapore of Oliver Wyman said: “Artificial Intelligence holds great promise for financial services, and the excitement in this field is apparent as we received a high number of applications for this year’s AI-focused MAS Global FinTech Hackcelerator. We saw most applications for problem statements around risk compliance, operational efficiency, and customer experience. We look forward to journeying with the finalists and their corporate champions, as they tackle industry’s challenges, and shape an AI-driven future for the sector.”

Mohan Kankanhalli, deputy executive chairman, AISG said: “The recent developments in AI are not an incremental technological shift, but rather, a significant advance that can be transformative for consumers and businesses in the finance industry. The finalists of the AI in Finance Global Challenge stand at the cusp of this transformation, and we are looking forward to see how their innovations will address existing challenges while creating greater opportunities for the future.”

Re-disseminated by The Asian Banker