Global FinTech Hackcelerator 2022

Accelerating a Greener Digital Future

WINNER ANNOUNCEMENT DATE: November 2, 2022

Winners :
1. Fox
2. Norbloc
3. WeavInsight

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#globalfintechhackcelerator #gfh2022

GLOBAL FINTECH HACKCELERATOR JOURNEY

  • Start Registration

  • Submit Proposals by

  • Shortlist Finalists by

  • Hackcelerator Programme from

  • Demo Day

All timings are as per (GMT +8:00) Singapore, Beijing, Perth, Hong Kong
Organized By
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About Us

In its 7th edition, the Monetary Authority of Singapore (MAS) Global FinTech Hackcelerator, powered by Oliver Wyman, seeks to unlock the potential of FinTech in accelerating the development of Web 3.0 and Green Finance solutions.

The Global FinTech Hackcelerator is open to all solution providers with a market-ready product. Winners will walk away with a total cash prize of S$150,000, and the chance to conduct a Proof-of-Concept with a Singapore-based financial institution with up to S$200,000 from MAS' FSTI Proof-of-Concept grant.

Problem Statements

These problem statements focus on two pillars: Web 3.0 and Green Finance

For Web 3.0:

(A) Embed Blockchain Technology
Explore areas that will help overcome scalability and implementation challenges

(B) Expand DeFi
Explore problems around identification and development of real-world use cases

For Green Finance:

(C) Monitor Commitment
Enhance investor and financial institution ease of monitoring sustainability commitments from issuers

(D) Measure Impact
Improve ability to measure impact of loans and investments against their stated sustainability goals

Click here to download the full Problem Statement Brochure

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Problem Statement #01

Embed Blockchain Tech


How can identity and KYC/AML checks conducted by financial institutions (e.g. during onboarding of new clients) be optimised using blockchain technology for easier onboarding?

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Problem Statement #02

Embed Blockchain Tech


How can blockchain technology be used to help with building a digital identity and identity management for individuals/entities?

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Problem Statement #03

Embed Blockchain Tech


How can blockchain technology and tokenization services be used to modernised market infrastructure to support instantaneous trading, clearing and settlement (including capital markets, wealth / investment)?

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Problem Statement #04

Embed Blockchain Tech


How can tokenised collateral allow clients to price, trade and exchange collateral without settlement friction?

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Problem Statement #05

Embed Blockchain Tech


How can blockchain technology be leveraged to track/screen credit card transactions (e.g. for data/analytics, fraud management, Anti Financial Crime checks, etc.)?

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Problem Statement #06

Embed Blockchain Tech


How can we ensure blockchain technology landscape’s resiliency (including
cybersecurity)?

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Problem Statement #07

Embed Blockchain Tech


How can we build interoperability between existing protocols or between applications within a protocol?

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Problem Statement #08

Embed Blockchain Tech


How can blockchain technology be used to democratise rewards & loyalty?

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Problem Statement #09

Embed Blockchain Tech


How can blockchain technology be used to empower payment while lowering the cost and friction (i.e., Merchant Discount Rate, etc.)?

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Problem Statement #10

Embed Blockchain Tech


How can blockchain be utilised to address markets where low latency
(e.g., FX, equity trading) is required?

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Problem Statement #11

Embed Blockchain Tech 


How can the economic sustainability and technical stability of individual tokens be easily modelled and assessed?

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Problem Statement #12

Embed Blockchain Tech


How can we ensure tokens are auditable and capture history from source to end user while also increasing traceability in real-time?

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Problem Statement #13

Embed Blockchain Tech


How can public-listed companies, regulators and accountants use blockchain-powered financial accounting systems to perform vetting, tracking and acceptance of financial statements (e.g., quarterly and annual statements) in order to improve transparency?

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Problem Statement #14

Expand DeFi


How can we ensure same level of accessibility & user experience of DeFi to non-tech savvy users?

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Problem Statement #15

Expand DeFi


How do we give non-tech savvy users comfort around the stability and risks of the underlying code?

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Problem Statement #16

Expand DeFi


How can we ensure unique real-world assets that are digitally represented and used as collateral are only digitised once (i.e., solve for trust at inception /
reduce risk of duplication and multi-staking)?

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Problem Statement #17

Expand DeFi


How can data privacy and fraud issues be addressed to ensure security for users (e.g., reversal of fraudulent transactions, avoidance of identity theft, etc.)?

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Problem Statement #18

Expand DeFi


How can the inherent coding/technical risks of DeFi applications (e.g. risk of code vulnerability, loopholes/bugs, etc) be calculated, accounted for, and
minimised?

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Problem Statement #19

Expand DeFi


How can we enable the Travel Rule in an efficient and scalable manner across
different jurisdictions (FATF Travel Rule Recommendation 16 expects all digital
fun transfers creators and beneficiaries should exchange descriptive
information such as name, account number etc.)?

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Problem Statement #20

Expand DeFi


How can disputes be managed among parties and users, particularly knowing ledgers are immutable, and as smart contracts may be prone to human error?

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Problem Statement #21

Expand DeFi


How can DeFi be used to help accelerate settlement (especially across less liquid asset classes)?

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Problem Statement #22

Expand DeFi


How can we bridge the lack of trust of an asset ownership despite having digital records without physical possession (i.e., right to issue, right to sell)?

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Problem Statement #23

Expand DeFi


How can custody solutions be improved to ensure digital assets can be easily moved around within the network (e.g., between custody providers)?

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Problem Statement #24

Expand DeFi


How can smart contracts and DeFi solve market efficiency shortcomings (i.e., price discovery and accessibility of markets)?

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Problem Statement #25

Expand DeFi


How can access to wealth and investment products be democratised through DeFi?

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Problem Statement #26

Expand DeFi


How can off-ramp and on-ramp friction be reduced to increase the uptake of DeFi (i.e., off-ramp is when money is taken out of the system)?

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Problem Statement #27

Expand DeFi


How can financial institutions partake and segregate responsibilities and liabilities in a DAO governance orientated environment?

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Problem Statement #28

Expand DeFi


How can we set-up two-tier system of governance in financial institutions  (i.e., centralised rule setting and decentralised rule setting democratically done by users)? 

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Problem Statement #29

Expand DeFi


As FIs hold both traditional asset and digital assets, how can financial institutions utilise such assets interchangeably and seamlessly e.g. banks utilising their digital assets for collaterals?

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Problem Statement #30

Expand DeFi


How can we efficiently and effectively assess and monitor the overall market
capitalisation of digital assets that have undergone tokenisation?

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Problem Statement #31

Monitor Commitment


How can we assess or identify carbon offsetting efforts through the use of land or land reclamation, and use that information as a factor into investment decisions?

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Problem Statement #32

Monitor Commitment


How can we extend ESG and green signals coverage in small cap companies through the volunteering and gathering of information on businesses or products and structuring data inputs while still including information that proves transparency?

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Problem Statement #33

Monitor Commitment


How can we overcome the lack of readily available data (e.g. clients’ carbon emissions, geographical location of assets) to facilitate capital providers’ climate risk assessment and portfolio target setting?

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Problem Statement #34

Monitor Commitment


How can market participants leverage market benchmarks such as sustainability indices or risk ranking, to keep companies on track with their environmental commitments?

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Problem Statement #35

Monitor Commitment


How can we bridge the gap and enable decision makers to access real-time
environmental data from asset owners in order to enable effective tracking of
environmental impact, progress towards achieving ESG targets and advance policy development areas such as green financing?

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Problem Statement #36

Monitor Commitment


How can green projects and impacts be verified and traced (e.g., through emerging tech such as blockchain) to promote a more homogenous pricing of carbon credits?

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Problem Statement #37

Monitor Commitment


How can we enable suppliers across the entire value chain to post declarations and input data easily in a cost- effective manner to ensure end-to-end transparency and traceability? Can the same solution be used to independently verify claims from suppliers to ensure accuracy and reliability?

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Problem Statement #38

Monitor Commitment


How can we better measure environmental risks on the properties that are
underwritten by insurers to better inform pricing and claims practices?

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Problem Statement #39

Monitor Commitment


How can we use technology to offer a solution that can help provide data based on commercial clients’ payments and collections to assess how green their supply chain is (i.e., usage of ESG ratings of various companies that trade with the commercial client)?

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Problem Statement #40

Monitor Commitment


How can companies use technology like IoT sensors to enable timely tracking of carbon footprint across the supply chain & measure progress towards emission targets?

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Problem Statement #41

Monitor Commitment


How can companies gain a reliable and cost-efficient data source outlining
emissions from supply chain through the use of technologies?

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Problem Statement #42

Monitor Commitment


How can we create a standardised tool for companies to set their own
SDG-related or other ESG impact targets and follow-up on their progress, where those targets and progress measures may also be accessed by asset managers or private equity funds interested in investing in those companies?

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Problem Statement #43

Monitor Commitment


How can we design an open-source data platform that allows investors and lenders to gain access to relevant social and environmental information from corporate reporters (listed and unlisted) and other data sources (e.g., Bloomberg)?

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Problem Statement #44

Monitor Commitment


How can we track the progress of companies against their stated climate transition pathways in a trusted manner on an ongoing basis to assess how they are performing in relation to their commitment?

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Problem Statement #45

Monitor Commitment


How can we use data-driven analysis to incorporate quantitative information in appraising green issuance when external records are generally qualitative in
nature?

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Problem Statement #46

Monitor Commitment


How can we make it easier for companies to know which disclosure reporting is required for each jurisdiction and how they could generate these disclosure
reports?

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Problem Statement #47

Monitor Commitment


How can we build a solution that can help conduct negative screens near real-time to monitor accumulation of sensitive exposures such as coal and tobacco for corporates, insurers and reinsurers?

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Problem Statement #48

Monitor Commitment


How can we build solutions in the Green Real Estate space to indicate that the use of Green Financing, debt and working capital within the project is green?

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Problem Statement #49

Monitor Commitment


How can we overcome the lack of readily available data on borrowers’ ESG-risk profile, in order to ascertain if they are green and sustainable?

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Problem Statement #50

Measure Impact


How can we develop a rating tool or platform that uses credible methodologies that considers all types of ESG activities for corporates, insurers and reinsurers?

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Problem Statement #51

Measure Impact


How can we leverage technology to create energy consumption benchmarks to rate companies on a green scale based on their size and type of business?

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Problem Statement #52

Measure Impact


How can we simplify the costs involved in monitoring, collecting, and publishing ESG data?

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Problem Statement #53

Measure Impact


How can we build a solution that standardises sustainability reports across regions and industries to enable investors to benchmark Small to Medium Enterprises (SMEs)?

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Problem Statement #54

Measure Impact


How can we consolidate an ESG portfolio score for Wealth Management clients, to enable them to better understand their investment decisions and for relationship managers to suggest greener alternatives?

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Problem Statement #55

Measure Impact


How can we effectively attribute and analyse returns and volatility of investments driven by ESG or climate and environmental decisions that have been integrated into traditional investment processes (i.e., comparison of specific dimensions between ESG/ SDG and traditional investment factors across funds when ESG/ SDG inputs are not standardised across providers)?

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Problem Statement #56

Measure Impact


How can we develop a tool to help individuals track and reduce their overall carbon footprint through their daily commute, consumption, and communication in a consolidated fashion?

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Problem Statement #57

Measure Impact


How can we leverage technology to localise ESG performance benchmarking since sustainability policies and ESG scoring are conducted mostly at a global level?

Prize

Up to S$150,000 Worth of Cash Prizes to be Won!

Finalists and winning teams will get:

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S$ 20,000 in Cash Stipend

All finalists will receive a cash stipend of S$20,000 each

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Up To S$200,000 in POC Grant

All finalists can be fast-tracked to receive up to S$200,000 in MAS Financial Sector Technology and Innovation Proof-of-Concept grant

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S$50,000 In Cash Prizes

Top 3 winners will receive cash prizes worth S$50,000 each

Eligibility

We welcome all solution providers with a market-ready solution that can address any of the published problem statements.

Media Centre

Check out testimonials from past finalists and winners of the Global FinTech Hackcelerator

FAQ

Am I eligible to participate in the Global FinTech Hackcelerator?

We welcome all solution providers with a market-ready solution that can solve any of the problem statements to apply for the Global FinTech Hackcelerator.

What are the benefits of joining the Global FinTech Hackcelerator?

Finalists will receive a S$20,000 cash stipend, free access to APIX, a cloud-based sandbox environment for rapid prototyping, mentorship by industry experts, access to potential clients and investments and the chance to win 1 of 3 cash prizes worth S$50,000.

Can my company 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.

What is the judging process?

There will be 2 rounds of judging. The first round will select up to 20 finalists, and the second round will select up to 3 winners.

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 virtual programme to help contextualize your solution better to the industry or their organisation.

Contact

For

Global FinTech Hackcelerator 2022

related queries, please reach out to

For technical queries during registration or proposal submission process, please reach out to