AI in Finance Global Challenge
The hackcelerator is now closed. All shortlisted finalists have been contacted.
Congratulations to the winners of the MAS Global FinTech Hackcelerator 2023 (in no order of merit):
- Pints AI
- Toggle AI
- Visa Inc.
Congratulations to the winners of the MAS Global FinTech Hackcelerator 2023 (in no order of merit):
- Pints AI
- Toggle AI
- Visa Inc.
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The Monetary Authority of Singapore (MAS) launches the 8th edition of the Global FinTech Hackcelerator titled “AI in Finance Global Challenge”. The competition is conducted in partnership with AI Singapore (AISG) and powered by Oliver Wyman. It seeks to produce innovative and market-ready Artificial Intelligence (AI) solutions to transform the financial services industry.
Problem Statements
Problem Statement #01
Elevating Customer Experience
How can AI help provide hyper-personalised experiences for customers, through the analysis of internal and external datasets, to understand their underlying needs and expectations (e.g. tailored financial advice, product recommendations, communications, pitchbooks)?
Problem Statement #02
Elevating Customer Experience
How can AI-powered interfaces be leveraged to respond directly to customer queries in a safe and relevant manner which complies to organisational and regulatory requirements?
Problem Statement #03
Elevating Customer Experience
How can AI-powered interfaces empower customer service call centres and operational teams to, quickly and appropriately, respond to customer queries and requests taking into consideration their differing contexts?
Problem Statement #04
Elevating Customer Experience
How can AI be used to reliably measure and maintain quality assurance of customer service in a scalable way through transcription, comprehension, and analysis of customer support interactions?
Problem Statement #05
Enhancing Operational Efficiency
How can predictive AI help trading institutions, asset managers, and investors manage their portfolios, and recommend optimal trade strategies, in line with execution objectives based on real-time market data and customer
preferences?
Problem Statement #06
Enhancing Operational Efficiency
How can AI help streamline and optimise information collection, collation, and
analysis for purposes such as insurance underwriting/loan issuance/payments etc.? This could include data entry, document processing, digitization of analogue data, KYC, onboarding etc.
Problem Statement #07
Enhancing Operational Efficiency
How can AI help generate non-standard reports/responses to ad-hoc customer/internal asks?
Problem Statement #08
Enhancing Operational Efficiency
How can AI be used to effectively triage and process simple claims submissions, with various attached document formats, to allow claims teams to focus on more complex claims?
Problem Statement #09
Enhancing Operational Efficiency
How can AI provide employees with an efficient means to obtain documents/information from a live organisational data repository, which consists of proprietary company information, while adhering to compliance requirements (e.g. IP rights, personally identifiable information)?
Problem Statement #10
Strengthening Risk, Compliance, and Fraud Monitoring
How can AI automatically flag potential risks and fraudulent activities without human intervention, while maintaining the required levels of customer privacy?
Problem Statement #11
Strengthening Risk, Compliance, and Fraud Monitoring
How can AI analyse internal/external data to quantify and map risk levels of a portfolio, client and/or supply chain against a risk-scale or an AML/monitoring model?
Problem Statement #12
Strengthening Risk, Compliance, and Fraud Monitoring
How can AI improve investor confidence of private company valuations through better assumptions, modelling parameters, and anomaly flagging via AI?
Problem Statement #13
Strengthening Risk, Compliance, and Fraud Monitoring
How can AI help monitor the activities of employees, vendors and/or contractors across corporate and social media platforms to flag suspicious/unauthorised activity? (e.g. surveillance on digital marketing activities)
Problem Statement #14
Strengthening Risk, Compliance, and Fraud Monitoring
How can AI help companies keep up with new regulations to ensure compliance amidst an evolving regulatory landscape coupled with information coming from multiple sources?
Problem Statement #15
Enabling Environmental, Social and Governance (ESG) Solutions
How can AI support organisations and investors to measure, track, and/or validate climate risk/emissions/ESG data effectively and reliably in a standardised manner given limited and fragmented data across institutions?
Problem Statement #16
Enabling Environmental, Social and Governance (ESG) Solutions
How can AI support in net zero planning (e.g. forecast of current business, scenario analysis), based on nature of business and sustainability journey, considering factors such as forecasted climate risk, industry standards, regulatory requirements, or business goals? Example of net zero planning includes decarbonisation pathways, sustainability performance targets, sustainability linked loans etc.
Prize
Win up to S$50,000 in cash prize and a chance to secure up to S$500,000 worth of Start Up grant!
Winners and finalists will be awarded:
$20,000 cash stipend
Each finalist will receive a cash stipend of S$20,000 and access to Microsoft founder's hub
S$50,000 cash prize
Top 3 winners will receive cash prizes worth S$50,000 each
Up to S$500,000 worth of Start Up grant
Winners can apply for the exclusive AISG Start Up grant to vie for a further prize money of up to S$500,000. Applications must be submitted within three months of the announcement of winners
Eligibility
We welcome all interested parties with a market-ready solution that can address any of the published problem statements. Individual participants must be aged 18 and above; Corporate participants must be a registered company.
Media Centre
FAQ
Am I eligible to participate in the AI in Finance Global Challenge?
We welcome all individual and corporate participants with a market-ready solution that can address any of the published problem statements. Individual participants must be aged 18 and above; Corporate participants must be a registered company.
Are there requirements in forming a team?
Applicants participating as a team must form a team prior to registering for the Challenge. Each team should be limited to a maximum of 5 members and each participant is limited to joining 1 team in the Challenge.
What are the benefits of participating in the AI in Finance Global Challenge?
Finalists will each receive a S$20,000 cash stipend, mentorship by industry experts and access to potential clients. Three winners will each receive S$50,000 in prize money and can also apply for the exclusive AISG Start Up grant to vie for a further prize money of up to S$500,000. Applications must be submitted within three months of the announcement of winners.
Can I submit more than 1 proposal to different problem statements?
Yes, you may submit more than 1 proposal. However, each proposal should answer a different problem statement.
Who are the corporate champions?
The corporate champions are the contributors of the problem statements or industry experts who will work together with you during the program to help contextualise your solution better to the industry or their organisation.
What should participants expect during the technical review?
Teams will be asked to present and showcase their prototypes to the reviewers, giving them the opportunity to see, experience or even interact with the prototypes personally. There will also be a Q&A session.
What are the key dates for the AI in Finance Global Challenge that I need to remember?
Registration begins on June 12, 2023 and participants can submit proposals up till July 18, 2023. Finalists will be announced on August 21, 2023 and will join the Hackcelerator programme from September 4, 2023 to November 12, 2023. Demo day will be on November 15, 2023. Winners can apply for AISG’s S$500,000 Start Up Grant from November 16, 2023 till February 15, 2024.
Do I have to be based in Singapore to participate?
No, we welcome applications from all over the world. The Hackcelerator sessions are mandatory (at least one member of your team should attend) and will mostly be conducted virtually allowing you to participate from all over the world. The final three weeks (exact dates to be shared) leading up to and including demo day will constitute a tech panel, mock panel and networking sessions for which we require at least one member of your team to be present in person. Finalists will be provided with a cash stipend after the end of the challenge to compensate for their travel.
Proposal Judging Criteria
Proposal Judging Criteria
A. Product relevance and impact
- How well does the product address the problem statement and how well does it positively impact the problem?
B. Product advantage
- How does the product fare against its competitors in the market/how unique is the product in the market?
C. Product scalability and interoperability
- What is the product's ability to scale across segments and market, and easily integrate with other infrastructure, products, or systems?
D. Growth strategy
- Is there strong evidence of long-term realised or potential growth of the product in the market?
Final round judging criteria
Final round judging criteria
Across each of the following criteria, we will evaluate the solution from both business and technical perspectives:
A. Strength of idea
- To what extent does the solution address the selected problem statement?
- Does the solution adequately engage the target audience in the selected problem statement?
B. Innovative application of technology
- To what extent would this solution disrupt existing products, services, and/or business models in the financial services industry?
- How differentiated is this solution from its competitors' solutions?
C. Ability to successfully execute the project
- How easily can the solution be adopted or implemented by customers? (e.g., cost, timeline)
D. Benefits to the industry
- What is the potential scale of impact on the industry? (e.g., end user reach, applicability to various segment)
About AISG Start Up Grant
About AISG Start Up Grant
Please find more details about AISG's Start Up Grant on https://aisingapore.org/ai-in-finance-global-challenge/