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Twelve innovative FinTech solutions recognised at the 2018 FinTech Awards

November 14, 2018

Singapore, 14 November 2018… The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) today awarded 12 FinTech companies a total of S$1.2 million at the FinTech Awards, which took place at the third Singapore FinTech Festival.

This year’s winning solutions have a greater ASEAN representation [1] and focus on financial inclusion, spanning multiple business areas, such as credit-scoring, mobile security, anti-money laundering and digital investment. The 12 awardees are:

Award Company Name Prize
ASEAN Open Award [2] 1st place – LenddoEFL (Philippines) S$150,000
2nd place – SQREEM Technologies (Singapore) S$100,000
3rd place – Finantix Asia Pacific (Singapore) S$50,000
ASEAN SME Award [3] 1st place – FinAccel Teknologi (Indonesia) S$150,000
2nd place – Katipult (Thailand) S$100,000
3rd place – MoneyMatch Transfer (Malaysia) S$50,000
Singapore Founder Award [4] 1st place – CCRManager S$150,000
2nd place – Cynopsis Solutions S$100,000
3rd place – Thin Margin S$50,000
Global Award [5] 1st place – Everspin (South Korea) S$150,000
2nd place – Naffa Innovations (India) S$100,000
3rd place – Keychain (Japan) S$50,000

Please refer to Annex A for the top winners’ solutions and their quotes.

The FinTech Awards, supported by PwC, recognises innovative FinTech solutions that have been implemented by FinTech companies, financial institutions and technology companies.

This year, 40 finalists were shortlisted from more than 280 global submissions including the companies who participated in the ASEAN PitchFest [6]. The winners were selected by a panel of 17 judges who represent a cross-section of international and local experts from the private and public sectors. The entries were evaluated based on four criteria: impact, practicality, interoperability, and uniqueness and creativity. (Please refer to Annex B for the list of judges.)

Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, said, “We are delighted to see more talent in the region coming through the new ASEAN PitchFest and to observe how the winners are applying FinTech solutions to a wide range of business areas. We are thankful for the strong support from partners like PwC and industry experts who worked closely with us to identify and recognise the growing pool of FinTech talent.”

Mrs Ong-Ang Ai Boon, Director, ABS added, “ABS congratulates all the winners and finalists of the 2018 FinTech Awards. We are proud to recognise and honour the best and most sophisticated innovators arising from a good cross-section of the growing FinTech community at the Singapore FinTech Festival 2018. This is yet another feather in the cap for the third edition of the Festival in harnessing the power of the talented FinTech game changers.”

The awards were presented to the winners during the Singapore FinTech Festival by Mr Ravi Menon, Managing Director, MAS, Mr Sopnendu Mohanty, Chief FinTech Officer, MAS, Mr Calvin Choi, Chairman of the Board of Directors and President, AMTD Group, and Mr Piyush Gupta, Chief Executive Officer, DBS.

About the Singapore FinTech Festival (www.fintechfestival.sg)

Singapore FinTech Festival (SFF) is the world’s largest FinTech festival and global platform for the FinTech community, drawing more than 30,000 participants last year which comprised of FinTech players, technopreneurs, policy makers, financial industry leaders, investors including private equity players and venture capitalists, and academics. The 2018 Festival will see participants from over 100 countries and host more than 250 global luminaries and 400 exhibitors, featuring highlights such as the FinTech Conference with a new AI in Finance Summit and Global Investors’ Summit, the FinTech Awards, Global FinTech Hackcelerator, Innovation Lab Crawl, Industry Networking and Workshops. The Festival is organised by the Monetary Authority of Singapore (MAS) in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings. Festival Grand Sponsors include AMTD, Deloitte, GIC, Google Cloud and Prudential. Find out more at https://fintechfestival.sg.

About the Monetary Authority of Singapore

As Singapore’s central bank, the Monetary Authority of Singapore (MAS) promotes sustained, non-inflationary economic growth through the conduct of monetary policy and close macroeconomic surveillance and analysis. It manages Singapore’s exchange rate, official foreign reserves, and liquidity in the banking sector. As Singapore’s integrated financial supervisor, MAS fosters a sound financial services sector through its prudential oversight of all financial institutions in Singapore – banks, insurers, capital market intermediaries, financial advisors, and stock exchanges. It is also responsible for well-functioning financial markets, sound conduct, and investor education. MAS works with the financial industry to promote Singapore as a dynamic international financial centre. It facilitates the development of infrastructure, adoption of technology, and upgrading of skills in the financial industry.

About The Association of Banks in Singapore

The Association of Banks in Singapore (ABS) plays an active role in promoting and representing the interests of the banking community in Singapore. In doing so, ABS works closely with the relevant government authorities towards the development of a sound financial system in Singapore. Since its establishment in 1973, ABS has promoted common understanding among its members and projected a unifying voice on banking issues. It has brought its members closer together through various guidelines and banking practices as well as the support of projects of mutual benefit to face the challenges of the financial and banking community in Singapore. Today, ABS has a membership of 158 local and foreign banks. More information on ABS is available on the website: www.abs.org.sg.

For media queries, please contact:

Casie Eng
Assistant Director (Communications) Monetary Authority of Singapore Tel: +65 6422 5428 Email: casie_eng@mas.gov.sg
Bridgitte Lee
Assistant Director (Communications) Monetary Authority of Singapore Tel: +65 6229 9262 Email: Bridgitte_lee@mas.gov.sg
Jacqueline Ong
Deputy Director (Communications) Monetary Authority of Singapore Tel: +65 6229 9159 Email: Jacqueline_ong@mas.gov.sg

Annex A – Top winners of each category

ASEAN Open Award
Winner LenddoEFL
Name of solution Alternative data credit score
Short caption Financial inclusion through alternative data
Description LenddoEFL’s mission is to provide 1 billion people access to powerful financial products at a lower cost, faster and more conveniently. We use AI and advanced analytics to bring together digital and behavioral data to help lenders confidently serve the underbanked. LenddoEFL has provided credit scoring, verification and insights to 50+ financial institutions, serving over 7 million people.
Quote We are honoured to receive this prestigious award and to be recognised for our innovative work in the region. Our number one focus has always been to provide financial inclusion for one billion people, and this award is a testament to that focus and to the passion and hard work of the entire LenddoEFL team. Thank you to MAS and PwC.
Attributed to Richard Eldridge, CEO
ASEAN SME Award
Winner FinAccel Teknologi Indonesia
Name of solution Kredivo
Short caption A digital credit card for millennials
Description Kredivo is a first-of-its-kind digital credit card, designed for Indonesian millennials, which automates credit scoring using digital data and makes credit available, instantly, at the lowest cost in the market for personal loans and ecommerce purchases on all the top ecommerce stores. Kredivo is the highest rated lending app in Indonesia.
Quote Booyakasha!We are a team of dreamers and doers. We dream of building amazing products that give our users a best-in-class experience at the lowest possible cost. While it’s a great honour to be recognized by the Singapore Fintech Festival, winning this award was never our goal. Our greatest satisfaction comes from working with amazing colleagues who are energized and motivated by building beautiful products that drive massive impact. Credit is just the starting point, keep watching us!
Attributed to Akshay Garg, CEO
Singapore Founder Award
Winner CCRManager
Name of solution CCRManager
Short caption Connecting and Digitalising Global Trade
Description CCRManager is a cloud-based platform supporting the distribution of trade finance assets by financial institutions. Co-developed with industry leaders and practitioners, CCRManager provides workflow management tools, a secure digital marketplace, governance and compliance controls, and data analytics capabilities to over 70 member institutions in 25 countries globally.
Quote We are delighted to receive this award. It is really encouraging to be recognised by the FinTech community for our innovation. We are the 1st online platform to serve the secondary market for trade finance and are proud to be a part of the global infrastructure supporting this evolution. CCRManager will continue to work closely with industry leaders and practitioners to form the foundation for future digital innovation. Thank you.
Attributed to Tan Kah Chye, Executive Chairman & Founder
Global Award
Winner Everspin
Name of solution Eversafe
Short caption World’s First Dynamic Security Module
Description Eversafe is a mobile application security solution that is developed based on Everspin’s Dynamic Security Module Technology. The technology enables a server to send a disposable random security module in a real-time basis to user’s program. By sending security module on a real-time basis in a random pattern the technology gives potential hackers no time to analyze the module to hack user’s program. In addition to the secureness of Eversafe, the solution can detect hacking threats on a real-time basis.
Quote Maintaining a high security for FinTech, which deals with sensitive information and assets, is a requirement, not an option.
However, existing security solutions can only prolong but are unable to prevent hacking.
Just as people read books to understand the contents, hackers can read and understand the source code inside the security solution as-long-as the time is allowed.
Everspin tries to fundamentally prevent hacking by infinitely changing the source code inside the security solution every minute.
Please look forward to how we will change the world. Ever-innovate and grow confidently with Everspin. Thank you.
Attributed to Hugo Young-Bin Ha, CEO

Annex B – List of Judges

Full Name Title Organisation
Andreas Braun Managing Director Accenture Technology
George Sartorel Regional CEO, Asia Pacific, Allianz Allianz
Calvin Choi Chairman and President AMTD Group
Anju Patwardhan Managing Director Credit Ease
Sanjoy Sen Managing Director, Head of Strategy & Finance, Consumer Banking and Wealth Management DBS
Ho Kok Yong SEA Financial Services Industry Leader Deloitte
Wu Choy Peng Chief Technology Officer GIC
Prabhat Labh CEO Grameen Foundation India
Gautam Mukharya Chief Risk Officer HSBC
Tan Yinglan Founding Managing Partner Insignia Venture Partners
Amit Anand Founding Partner Jungle Ventures
Tobias Puehse Vice President, Innovation Mastercard
Murli Buluswar Senior Executive Advisor The Boston Consulting Group
Huy Nguyen Trieu Founder & CEO The Disruptive Group
Dusan Stojanovic Founder & Director True Global Ventures
Susan Hwee Managing Director & Head, Technology & Operations UOB
Ben Mathias Managing Director Vertex Ventures

[1]  In conjunction with Singapore’s ASEAN Chairmanship this year, the scope of the FinTech Awards’ SME and Open categories was to include ASEAN companies outside Singapore.

[2]  ASEAN-based companies of any size. The company must have a physical office registered in at least one ASEAN country, and the solution must have been implemented in at least one ASEAN country. The Open category allows companies of any size to participate, such as financial institutions and large technology vendors (e.g. Google).

[3]  ASEAN-based SMEs (Small-Medium Enterprises). SMEs, as defined by Enterprise Singapore, are enterprises with an annual sales turnover of not more than SGD$100 million OR an employment size of not more than 200 workers. Enterprises qualify as SMEs as long as they satisfy at least one of the two parameters.

[4]  Singapore-based SMEs with at least one Singaporean founder. The term ‘founder’ is defined as an individual who was instrumental in setting up the SME. There is no need for majority share-ownership. The SME must have a physical office registered in Singapore, and the solution must have been implemented in Singapore.

[5]  One of the awards in the Global category is given by The Association of Banks in Singapore.

[6]  The ASEAN PitchFest, powered by PwC, was launched this year to recognise innovative talent in ASEAN countries. At the Singapore FinTech Festival Roadshows that took place between June and September 2018, 70 submissions were received from the local FinTech communities. Nine winners emerged from the ASEAN PitchFest and participated in the final round of the FinTech Awards.

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