MAS Unveils 2023 AI Finance Challenge

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by KnowESG
KnowESG_MAS 2023 AI in finance global challenge
Image courtesy of Freepik

The Monetary Authority of Singapore (MAS) has launched the 8th edition of the Global FinTech Hackcelerator, titled "Artificial Intelligence (AI) in Finance Global Challenge."

This exciting initiative aims to generate innovative and market-ready AI solutions capable of transforming the financial services industry. The competition is a collaboration between MAS, AI Singapore (AISG), and powered by Oliver Wyman.

Participants from across the globe are invited to submit their inventive solutions addressing 16 problem statements sourced from financial institutions and industry players.

These problem statements focus on four key areas where AI can be effectively used to achieve better outcomes: (i) Elevating Customer Experience, (ii) Enhancing Operational Efficiency, (iii) Strengthening Risk, Compliance, and Fraud Monitoring, and (iv) Enabling Environmental, Social, and Governance (ESG) solutions.

Up to 20 finalists will be selected to participate in a programme where they will be partnered with a Corporate Champion. Each finalist will also receive a cash stipend of S$20,000.

The judging process will consist of two distinct components. First, a technical judging round where finalists will demonstrate the technical aspects of their solutions to a review committee. Second, finalists will pitch their solutions at Demo Day during the Singapore FinTech Festival.

Three winners will be chosen, each receiving a prize of S$50,000. Additionally, these winners can apply for the exclusive AISG Start Up grant, which offers a chance to win up to S$500,000 in prize money.

Mr. Sopnendu Mohanty, Chief FinTech Officer at MAS, expressed the tremendous potential of AI in transforming financial services and emphasised the challenge's aim to discover reliable AI solutions that are interoperable, inclusive, affordable, and fair. He encouraged all innovators to participate in this global competition and showcase their solutions.

Mr. Chia Tek Yew, Vice Chairman of Oliver Wyman in Singapore, highlighted the significant advancements in AI and the exciting revolution it is driving. He expressed Oliver Wyman's enthusiasm to bring their expertise and collaborate with MAS and AI Singapore to power the AI-focused Global FinTech Hackcelerator in 2023.

This platform provides innovators worldwide an opportunity to push their boundaries and address financial services challenges related to customer experience, operational efficiency, risk management, and ESG.

Interested parties are encouraged to submit their applications for the MAS Global FinTech Hackcelerator by July 18, 2023, through the provided link.

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Source: MAS

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