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A total of S$1.15 million (US$806,000) was handed out to these startups at the Singapore FinTech Awards
The inaugural Singapore FinTech Festival comes to a close today after a pulsating week of activity that spanned across the nation. There were conferences that saw fintech startups mingle with financial corporations, c-level executives evangelising the merits of fintech, and the Singapore central bank (MAS) outlining its plans to propel Singapore’s financial hub status to new heights.
e27 also went down to see with our own eyes which fintech startups possessed the potential to commercialise their products.
As part of the festival, MAS and The Association of Banks in Singapore (ABS) also organised fintech competitions to recognise outstanding implemented fintech innovations spread across four categories. A total of S$1.15 million (US$806,000) was allocated to the winners of the FinTech Awards. Out of 200 submissions from across the globe, only 10 were selected.
Here are the distinguished winners from each category.
ABS Global FinTech Award
This award is open to any fintech startups globally, and there was one winner.
1. BioCatch
The US-based company BioCatch offers a cloud-based solution that provides protection against cyber threats and frauds using a system of behavioural authentication and other threat detection solutions. It was awarded S$150,000 (US$106,000).
MAS FinTech Awards (Singapore Open)
This award is open to any Singapore-based company that has rolled out their solutions domestically. Here are the three winners in order of their rankings.
1. fastacash
The Singapore-based online payment startup allows users to make value transfers – for instance, money, airtime, and coupons — through social networks and messaging platforms. fastacash partners with banks, mobile operators, remittance companies, payment service providers, mobile wallets and other financial institutions to enable these value transfers. It was awarded S$250,000 (US$175,000).
2. M-DAQ
M-DAQ makes foreign securities trading more profitable by providing a platform that reduces the impact of foreign exchange rates on cross-border trades by providing a real-time tradable graph (giving the investor more buying/selling opportunities). It was awarded S$100,000 (US$70,000).
3. Pole Star Space Applications
Pole Star Space Applications provides financial institutions with a solution that allows them to screen incoming shipping vessels and cargo to ensure that they meet sanction compliance standards. It was awarded S$50,000 (US$35,000).
MAS FinTech Awards (Singapore SME)
This award is open to all Singapore startups with an annual sales turnover of not more than S$100 million (U$70 million) or a staff size of not more than 20. Here are the three winners in order of their rankings.
1. Tookitaki
Tookitaki provides a service that leverages on Big Data and automated predictive modelling to identify analyse consumer behaviour, which allows advertisers to tweak and deliver content curated for each market segment. It was awarded S$150,000 (US$106,000).
Turnkey Lender is a cloud service that allows borrowers to obtain and monitor their loans online easily. The system can automatically reject or accept loan applications based on the borrower’s based on his or her expert scorecard, credit bureau report as well as other business rules. It was awarded S$100,000 (US$70,000).
Funding Societies is a P2B lending platform targeting SMEs to help them secure loans for growth. To date, it has helped facilitate S$16 million (US$8.6 million) in loans to over 200 businesses. It was awarded S$50,000 (US$35,000).
MAS FinTech Awards (Singapore Founder)
This award recognises any Singapore-based SME with at least one Singaporean founder. Here are the three winners in order of their rankings.
1. CashRun
CashRun is transaction fraud detection service that leverages on Big Data and machine learning. It is able to analyse in real time pertinent variables such as customer purchase behaviour, account logins and social media behaviour to determine whether a fraudulent transaction is taking place. It was awarded S$150,000 (US$106,000).
2. Aimazing
Aimazing is a unique POS system that uses sound waves to process a transaction, which it claims is more secure than QR codes or plastic cards. It was awarded S$100,000 (US$70,000).
FinChat provides compliance monitoring that captures and archives all business-related communication on popular messenging apps such as WhatsApp, WeChat , LINE , SMS and stores them in corporate servers for retrieval by audit officers at a later time. It was awarded S$50,000 (US$35,000).
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