The Monetary Authority of Singapore (MAS) has announced the 19 finalists for the “Artificial Intelligence (AI) in Finance Global Challenge” under the 2023 Global Fintech Hackcelerator.

The finalists submitted solutions such as the use of cognitive AI technology to process financial documents at scale, Large Language Models to generate ESG sentiment analysis for financial institutions and investors, and Generative AI to identify and evaluate financial risks.

They will undergo a 10-week programme organised by Oliver Wyman to further refine their solutions and pitch them to a panel of judges at the Global Fintech Hackcelerator Demo Day at the Singapore Fintech Festival on 15 November 2023.

All 19 finalists will receive a S$20,000 cash stipend and a start-up kiosk at SFF to showcase their solutions.

The top three winners will each receive S$50,000 in prize money and will also be eligible to apply for the exclusive AISG Start Up grant of up to S$500,000.

12 finalists were shortlisted through the Local Programme and another seven finalists from the International Partner Programme.

Here are the finalists:

1. Alaya Cloud Digits (Local)

2. Exponential Digital (Local)

3. Fintelite (Local)

4. Flagright (Local)

5. IceKredit (Local)

6. IN-D (Local)

7. International Finance Corporation (IFC) (Local)

8. PAND.AI (Local)

9. Staple AI (Local)

10. Squirro (Local)

11. Unity Compliance (Local)

12. Visa Inc. (Local)

13. Algolytics (International)

14. DELIGHT (International)

15. Dovetail Finance (International)

16. IPOXCap AI (International)

17. Pints AI (International)

18. Toggle AI (International)

19. ValueCoMetrics SAS (International)

Sopnendu Mohanty

Sopnendu Mohanty

Sopnendu Mohanty, Chief Fintech Officer, MAS said,

“The overwhelming number of applications this year is a clear indication of the industry’s commitment to develop cutting-edge AI solutions to solve real industry needs.

We look forward to seeing our finalists achieve greater success in further developing the technologies and AI use-cases for the industry.”

Chia Tek Yew

Chia Tek Yew

Chia Tek Yew, Vice Chairman, Singapore of Oliver Wyman said,

“Artificial Intelligence holds great promise for financial services, and the excitement in this field is apparent as we received a high number of applications for this year’s AI-focused MAS Global Fintech Hackcelerator.

We saw most applications for problem statements around risk compliance, operational efficiency, and customer experience. We look forward to journeying with the finalists and their corporate champions, as they tackle industry’s challenges, and shape an AI-driven future for the sector.”

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Source: https://fintechnews.sg/78752/singapore-fintech-festival-2023/mas-announces-19-finalists-for-ai-in-finance-global-challenge/