In October 2023, the Monetary Authority of Singapore (MAS) unveiled the 19 finalists that would take part in the Artificial Intelligence (AI) in Finance Global Challenge, under the 2023 Global FinTech Hackcelerator. 12 of the finalists were shortlisted through the Local Program from over 160 submissions, while the remaining 7 were selected through the International Partner Program, which saw submissions from selected FinTech solution providers of AI-related competitions organized by international partners. The finalists submitted solutions such as the use of cognitive AI technology to process financial documents at scale, Large Language Models to generate environmental, social, and governance (ESG) sentiment analysis for financial institutions and investors, and Generative AI to identify and evaluate financial risks.
The finalists will undergo a 10-week program, organized by management consulting firm Oliver Wyman, during which they will collaborate and network with corporates, investors, and industry professionals to further refine their solutions. After a technical judging round for finalists to showcase the technical aspects of their solution, they will then pitch their solutions at the Global FinTech Hackcelerator Demo Day at the Singapore FinTech Festival (SFF), held in November 2023. All 19 finalists will receive a USD 15,000 cash stipend and a start-up kiosk at SFF to showcase their solutions. The top three winners will each receive USD 37,000 in prize money, and can also apply for the exclusive AISG Start Up grant to qualify for a further prize money of up to USD 370,000.
(Source: Monetary Authority of Singapore)