We are pleased to announce that Solidatus has been selected as a finalist for the Global FinTech Hackcelerator 2019. Having opened an office in Singapore earlier this year, we entered the Local Programme stream and were selected by the Monetary Authority of Singapore (MAS) as a top 10 winner from over 200 submissions across 30 countries. Co-founder, Philip Miller, will pitch our solution during Demo Day on 11 November at Singapore FinTech Festival x Singapore Week of Innovation and TeCHnology (SFF x SWITCH).
The global FinTech community and the financial industry identified 70 problem statements across three focus areas: Financial Inclusion, Banking and Finance, and Insurance. Solidatus selected problem statement 9 in the Banking and Finance sector: “How might we drive standardisation and efficiencies in delivering regulatory reporting across multiple jurisdictions.” This was an obvious selection for us since many of our clients are faced with this challenge and are using Solidatus to align the way they operate and direct their change priorities, developing a practical path to compliance and delivering business value.
The Global FinTech Hackcelerator is powered by KPMG Digital Village and organised by MAS. The annual programme called on innovative start-ups from around the world to step forward to address the most complex challenges faced by the financial industry today. Having applied back in June, Solidatus was pleased to be selected as a finalist and completed the mid-point check programme in Singapore on 8 of October 2019. The final presentations are from 1pm to 4:45pm on 11 of November and are a comprised of a 5-minute pitches, followed by 5-minutes of Q&A by a panel of industry judges. The top 3 winners will be announced and awarded following the pitch presentations. Solidatus is pitching at 1:40pm.
A total of 20 finalist were shortlisted from two different programmes: local and international. 10 were selected from the Local Programme, with the mandate to tackle problem statements originating from the financial industry in Singapore and the broader Asia region. The International Programme had more than400 FinTechs participants in the competition across the five countries (Abu Dhabi, Kenya, South Africa, United Kingdom and United States of America). 10 winners we selected, two per country.
The top three winners will win S$50,000 in prize money each. All 20 finalists received a S$20,000 cash stipend and be fast-tracked in their applications to receive grant funding under the MAS Financial Sector Technology and Innovation (FSTI) Proof-of-Concept Scheme and were awarded a booth in Exhibition Hall 4 at SFF x SWITCH, Solidatus will be at Kiosk #4ZB06. Finalists also receive the opportunity to work with real client owners and receive guidance and support from industry experts, subject-matter experts and regulatory bodies.
More information on the Global FinTech Hackcelerator or to view the Industry Problem Statements, click HERE.