The Monetary Authority of Singapore (MAS) on 15 September announced a Danish start-up, ERNIT, among the finalists for the 2017 Global FinTech Hackcelerator and FinTech Awards. These are among the highlights of this year’s Singapore FinTech Festival, which will take place in Singapore from 13 to 17 November 2017.
In May 2017, MAS published a catalogue of 100 problem statements gathered from the financial industry and invited the global FinTech community to develop new and innovative solutions to any of the problems for the Global FinTech Hackcelerator. The problem statements fall under 4 categories: Customer-Facing, Financial Inclusion, RegTech, and General.
MAS received 580 submissions from over 40 countries. From the submissions, 20 teams were shortlisted by a panel of industry judges. The entries were evaluated on (i) Relevance, (ii) Competitive Advantage, (iii) Revenue, (iv) Scalability, (v) Business Stage, and (vi) Team Experience.
The Global FinTech Hackcelerator provides a platform for the finalists to work with corporate champions and industry mentors to convert their proposals into market-ready solutions by the time of the FinTech Festival.
The teams will undergo a 12-week programme, led by KPMG Digital Village, during which they will work and meet with corporates, investors, partners and regulators. The teams will present a working prototype of their solutions at Demo Day, which will be held on 16 November 2017 (Day 4 of the FinTech Festival). This will be followed by a Q&A session with the judges. The Demo Day judging panel, which represents a cross-section of the financial industry, will evaluate teams on their relevance to address the problem statement, company’s business potential, innovativeness of idea, and team profile and ability to execute.
SnapCheck, Inc. (USA)
Alternative Circle (Kenya)
MyCash Online (Malaysia)
Dathena Science (Singapore)
Solus Connect (Malaysia)
Lingua Custodia (France)
Privé Services (Hong Kong)
Ernit empower children with essential lifelong skills by using technology to spark a global conversation creating financial tools so that kids can connect with each other and reach their goals.
ERNIT was earlier in 2017 also selected as a National Finalist for the Nordic Startup Awards 2017 in the Best IoT startup category. The Nordic Startup Awards is part of the Global Startup Awards, who recognizes and celebrates start-up ecosystems all around the world. They bring together amazing ideas and the best talents from the winners of the four regions to praise entrepreneurial spirit.
The Singapore FinTech Festival is a platform for key stakeholders of the global and regional FinTech community to connect, learn from one another and co-create new solutions to real problems. The inaugural Festival in 2016 attracted more than 13,000 participants from across 60 countries. The Festival is organised by the Monetary Authority of Singapore (MAS), in partnership with the Association of Banks in Singapore (ABS), and in collaboration with SingEx.