The world’s financial situation was in jeopardy once global economies were taken over by the coronavirus. Major countries have witnessed a recession like a situation that has caused millions to lose their jobs.
To curb this, the Singapore Monetary Authority [MAS] has kick-started a $1.75 million competition to bring innovative fintech solutions to solve COVID-19 issues. Singapore was one of the few countries that heavily invested in blockchain technology with the goal of helping its citizens.
The MAS Global Fintech Innovation Challenge is set up to promote fintech solutions in the country that would aid frontline workers in the fight against the pandemic. The initiative will be comprised of two different awards, mainly the MAS FinTech Awards and the MAS Global FinTech Hackcelerator. Reports from sources revealed that the challenge will be hosted on the popular API Exchange.
According to inside information, the usage of Apix will not only collate more fintech solutions but also allow said solutions to be contextualized in a practical sense. The 12 winners of the competition will receive a total price of $1.2 million, presented in the Asean FinTech and Singapore Financial Institution category. There will be two different segments for the MAS Global FinTech Hackcelreator: the International Programme and the Local program.
In the International, Programme will comprise of winners from various other fintech competitions conducted at a global level. These separate fintech competitions were sponsored by bigwigs such as the Saudi G-20 Presidency, the Bank of International Settlements Innovation Hub, the United Nations Capital Development Fund, and Women’s World Banking.
The Local Programme, on the other hand, will cover high priority problem statements collated from the finance industry within Singapore as well as other global markets. Competition runners have said that over 107 different problem statements were received in 2020 alone. This was the first time that such a large number of statements were filed under the MAS Global Fintech Hackcelerator Local Programme.