• Published on 17 November 2016
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Ten companies recognised for innovative solutions at inaugural fintech awards in Singapore

The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) awarded 10 FinTech companies a total of S$1.15 million at the FinTech Awards. Organised as part of the Singapore FinTech Festival, the FinTech Awards recognise innovative FinTech solutions that have been implemented by
FinTech start-ups, financial institutions, and technology companies.

The FinTech Awards comprise the MAS FinTech Awards and ABS Global FinTech Award. Deputy Prime Minister and Chairman of MAS, Tharman Shanmugaratnam, and ABS Chairman, Wee Ee Cheong, presented the awards to the 10 FinTech companies in a ceremony that was attended by more than 1,000 attendees. The 10 awardees are:

ABS Global FinTech Award:

• BioCatch (S$150,000)

MAS FinTech Awards (Singapore Open):

• 1st place – fastacash Pte Ltd (S$250,000)
• 2nd place – M-DAQ Pte Ltd (S$100,000)
• 3rd place – Pole Star Space Applications Ltd (S$50,000)

MAS FinTech Awards (Singapore SME):

• 1st place – Tookitaki (S$150,000)
• 2nd place – Turnkey Lender Pte Ltd (S$100,000)
• 3rd place – Funding Societies Pte Ltd (S$50,000)

MAS FinTech Awards (Singapore Founder):

• 1st place – CashRun (S$150,000
• 2nd place – Aimazing (S$100,000)
• 3rd place – FinChat Technology (S$50,000)

The FinTech Awards received over 200 global submissions, with the bulk coming from Asia Pacific, and the list was narrowed to 40 finalists. The winners were selected by a panel of 13 judges, representing a cross-section of international and local experts from the private and public sector. The entries were evaluated based on criteria such as impact, practicality, interoperability, and uniqueness and creativity.

Mr Ravi Menon, Managing Director, MAS, presented prizes to the winners of the Global FinTech Hackcelerator, which was earlier held on Tuesday. The top three teams each won a cash prize of S$50,000.

Mr Sopnendu Mohanty, Chief FinTech Officer of MAS, said, “The MAS FinTech Awards celebrate the spirit of innovation and creativity within Singapore’s financial sector. We were impressed by the technical quality and breadth of the solutions, many of which span multiple business areas. We look forward to seeing how these solutions can redefine and improve the way we experience financial services.”

Mrs Ong-Ang Ai Boon, ABS Director, added, “The ABS Global FinTech Award is a true manifestation of collaboration between FinTech companies and our members. The generation and incubation of new ideas and solutions for the industry plays an important role in strengthening strategic competitiveness in this digital age. ABS hopes for sustained collaborative efforts within the industry, as Singapore strives towards innovation and excellence as an international financial hub.”

Re-disseminated by The Asian Banker