Twelve innovative FinTech solutions recognised at the 2018 FinTech Awards
Nov 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  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:
|ASEAN Open Award ||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 ||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 ||1st place – CCRManager||S$150,000|
|2nd place – Cynopsis Solutions||S$100,000|
|3rd place – Thin Margin||S$50,000|
|Global Award ||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 . 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.
 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.
 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).
 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.
 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.
 One of the awards in the Global category is given by The Association of Banks in Singapore.
 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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Annex A – Top winners of each category
|ASEAN Open Award|
|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|
|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|
|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
|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|