19 Finalists Announced for MAS’ AI Finance Global Challenge

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Singapore’s MAS Unveils Finalists for Global AI in Finance Challenge at 2023 FinTech Hackcelerator

The Monetary Authority of Singapore (MAS) has revealed the 19 finalists for the 2023 Global FinTech Hackcelerator’s “Artificial Intelligence (AI) in Finance Global Challenge.” The diverse range of submissions includes innovative AI-driven solutions for financial document processing, ESG sentiment analysis, and risk assessment within the finance sector.

Twelve finalists emerged from the local program, while an additional seven were selected from the international partner program, representing a global participation of fintech solution providers. The finalists will participate in a 10-week program organized by Oliver Wyman, culminating in a showcase at the Singapore FinTech Festival (SFF) on November 15, 2023.

All 19 finalists will receive an SGD 20,000 cash stipend and a start-up kiosk at SFF to demonstrate their solutions, with the top three winners securing SGD 50,000 each and eligibility for the AISG Start-Up grant of up to SGD 500,000. The event’s significance is underscored by the overwhelming response from the industry, reflecting a shared commitment to advancing AI-driven solutions for the financial sector.

MAS Chief Fintech Officer Sopnendu Mohanty expressed optimism about the potential of the selected finalists to pioneer transformative AI applications, addressing industry challenges and shaping the future of finance. Vice Chairman of Oliver Wyman, Chia Tek Yew, emphasized the promise of AI in enhancing risk compliance, operational efficiency, and customer experience within financial services.

AISG’s Deputy Executive Chairman, Mohan Kankanhalli, highlighted the transformative potential of recent AI developments, anticipating the positive impact of the finalists’ innovations on current challenges and future opportunities in the finance industry.