On 28 October 2024, the Monetary Authority of Singapore (MAS) announced the 42 finalists for the 2024 Global FinTech Hackcelerator and the SFF FinTech Excellence Awards. The highly anticipated awards will celebrate transformative FinTech innovations, with winners to be revealed at the SFF FinTech Excellence Awards dinner on 7 November 2024.
The 2024 Global FinTech Hackcelerator and FinTech Excellence Awards, aims to spotlight innovative solutions transforming financial health and advancing FinTech. This year’s Global FinTech Hackcelerator theme, “Improving Financial Health,” attracted global participation, with finalists from over 10 countries. Their solutions leverage AI, blockchain, and other digital tools to enhance financial resilience, accessibility, and efficiency. These 18 finalists, who tackle challenges such as open banking, financial literacy, and cross-border payments, will pitch their projects at the Singapore FinTech Festival, with top winners receiving cash prizes.
The FinTech Excellence Awards was jointly organized with the Singapore FinTech Association and PwC, to comeup with FinTech solutions reshaping the financial landscape. Categories include emerging technologies, financial inclusivity, regulatory leadership, sustainable innovation, and a thematic focus on AI and Quantum technology. Judged by an international panel, the awards emphasize originality, impact, and practical application, reinforcing Singapore’s commitment to fostering financial inclusivity and technological advancement.
This year’s Hackcelerator focuses on “Improving Financial Health,” a theme aimed at developing products and tools that empower individuals and businesses to manage resources, strengthen financial resilience, and navigate today’s rapidly shifting economy. The 18 finalists include innovators from a dozen countries, such as Australia, India, and the U.S., who are pushing the boundaries of FinTech with market-ready solutions that leverage cutting-edge technology like Artificial Intelligence (AI) and Distributed Ledger Technology (DLT). Each finalist will participate in a two-day program, hosted by Elevandi, where they will receive mentorship from Corporate Champions, refine their solutions, and prepare to pitch to judges on 6 November at the SFF. They will also receive a SG$20,000 cash stipend, with the top three winners earning an additional SG$50,000 each.
Complementing the Hackcelerator, the SFF FinTech Excellence Awards, jointly organized with the Singapore FinTech Association (SFA) and supported by PwC Singapore, will recognize corporate and individual innovators driving transformative FinTech practices, financial inclusion, and technological advancement. This year’s awards have taken on a more outcome-focused structure, with revamped categories highlighting tangible impacts across six key areas, including financial inclusion and regulatory compliance. Over 200 submissions were received, showcasing diverse innovations across the corporate and individual categories, including a new AI and Quantum thematic award.
In the five Corporate categories, 175 submissions led to the selection of four finalists per category, while the FinTech Mentor Award, an individual category, saw 29 entries, with four mentors advancing as finalists. Building on the ‘FinTech Gives Back’ initiative, 12 members of the FinTech community, including Ripple, ADVANCE.AI, and Crypto.com, have shown strong support, offering resources to foster innovation and celebrate the achievements of emerging FinTech talents.
Sopnendu Mohanty, Chief FinTech Officer at MAS, in his statement, lauded the finalists for pushing the frontiers of a dynamic, inclusive FinTech future, “Congratulations to all the finalists announced today. Your innovative solutions inspire us and push the boundaries for shaping a more inclusive and dynamic future. It is also heartening to witness the strong support for the ‘FinTech Gives Back’ initiative, which contributes to the continual advancement of our FinTech sector.”
Ms Wong Wanyi, FinTech Leader, PwC Singapore, in her statement, said “This year, quantum computing has gained attention from financial institutions and governments globally. It’s encouraging to see companies investing in quantum technology, underscoring the need to be ready for a quantum-powered future. Alongside AI, these advancements are not just tools, but catalysts for a new era focused on security, efficiency, and customer-centric solutions. I’m thrilled by the possibilities this new era holds and proud that PwC continues to be part of the FinTech Awards.”
