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Global FinTech Hackcelerator 2016 FAQ
How do I submit an entry for the Global FinTech Hackcelerator?
Submit by 31 July 2016.
You will need to fill out the online submission form by 31 July 2016 to enable us to evaluate your idea. In the application form, you will highlight which of the 100 published problem statements your solution solves. 20 teams will be selected from around the world to join the program, which involves a 10-week virtual mentoring and development program leading up to the demo day.
I am not based in Singapore, can I still participate?
The program is run virtually, you will have to be in Singapore for the demo day and Singapore FinTech Festival week (14-18 November 2016).
The objective of the Global FinTech Hackcelerator is to source ideas from around the world. Selected teams will go through a virtual program in the lead-up to the demo day that would allow them to build connections with the industry, including leaders from the financial institutions, technology and investment community. You are expected to have check-ins with the organising team and mentors and participate in the 10-week virtual program. The 20 selected teams are expected to be in Singapore during the week of the Singapore FinTech Festival and the demo day on the 15th November 2016.
Can I submit more than 1 solution?
You may submit more than 1 application for different solutions.
If you have 1 idea/solution that solves more than 1 problem statement, you will only need to submit 1 application. You may submit different applications for different products/solutions/teams.
I am gainfully employed, can I join the program?
Please check with your employer.
You will be expected to participate in the 10-week program where you will develop your solution to be market-ready by demo day. The stipend and prize for the winners will be disbursed through a registered company.
Who is eligible for the program?
Open to global teams, support will be provided to selected teams through a registered company.
The program is open to global, FinTech companies, start-ups and teams. Monetary support from the program will be disbursed through a registered company (Singapore or otherwise). The program aims to create market-ready solutions to real industry problems and is structured to benefit teams looking to commercialise their solutions.
How will teams be selected for the program?
Teams will be selected in consultation with the industry.
Teams will be selected, in consultation with the industry. Applications will be assessed based on the following criteria:
- Relevance to problem statements
- Business potential
- Innovativeness of the idea
- Team composition and ability to execute
We are a group of individuals submitting a new idea to the program, how should we do this?
You can submit as long as you have a solution to the published problem statements.
Great, the program is open to teams at all stages of development. You should include in your application a plan for the development of your solution and a timeline. Why wait till the selection process to start working on your solution?
What do you take in return for the program?
We do not take any IP/Equity in return for your participation in the program.
The program does not take any IP or equity in exchange for your participation. Selected teams will be provided with support (including cash awards) as part of the program. The goal is to develop new and innovative solutions to the problem statements and challenges solicited from the financial industry.
What benefits do the 20 selected teams receive as part of the program?
We want you to build market-ready solutions by demo day.
The 20 selected teams will be provided a stipend of $20,000 Singapore Dollars (per team) for the development of their product. This will be given out in tranches. The top 3 teams at demo day will also receive a further cash award of $50,000 Singapore Dollars each. In addition to the cash awards, teams will also receive additional support including, but not limited to, infrastructure, access to API and sample datasets, industry mentorship, talks, consults and opportunities to meet investors.
Will physical office space be provided?
The program is run virtually to allow teams from anywhere in the world to participate.
Physical space will not be provided as part of the program, which will be run virtually.
Who are your partners/mentors?
Contact us if you would like to be a mentor
We will announce program and outreach partners and mentors on the website shortly. We welcome participation from leaders from the industry. If you wish to be involved as a peer mentor, subject matter expert or corporate customer/investor. Please reach us through the contact form on this website.