MAS reveals 19 finalists for global AI in finance challenge

The Monetary Authority of Singapore has unveiled the 19 finalists for the “Artificial Intelligence (AI) in Finance Global Challenge” as part of the 2023 Global Fintech Hackcelerator. 

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These finalists have proposed innovative solutions aimed at revolutionising the financial sector, harnessing the power of AI.

The solutions presented by the finalists are diverse and promising, addressing key challenges in the finance industry. 

Some of the highlighted innovations include the utilisation of cognitive AI technology to efficiently process financial documents on a large scale, the application of Large Language Models for generating ESG sentiment analysis tailored for financial institutions and investors, and the use of Generative AI to pinpoint and assess financial risks.

The chosen finalists will embark on a 10-week intensive programme orchestrated by Oliver Wyman, a renowned global management consulting firm. This program will provide them with the opportunity to fine–tune their solutions and prepare for a crucial pitching session in front of a panel of expert judges at the Global Fintech Hackcelerator Demo Day, a part of the Singapore Fintech Festival scheduled for 15 November 2023.

To support the innovative endeavours of these finalists, each of the 19 teams will receive a generous S$20,000 cash stipend along with a coveted startup kiosk at the Singapore Fintech Festival. 

The top three winners will be rewarded with an even more substantial prize of S$50,000 in cash, in addition to gaining eligibility to apply for the exclusive AISG Start–Up grant, which can provide financial backing of up to S$500,000.

The finalists were selected through two distinct routes: 12 from the Local Programme, while an additional seven finalists were chosen through the International Partner Programme. 

This diverse selection of finalists promises to bring fresh and innovative solutions to the table, fostering a dynamic environment for the evolution of AI in finance.

Here is the full list of the 19 finalists:

1. Alaya Cloud Digits (Local)
2. Exponential Digital (Local)
3. Fintelite (Local)
4. Flagright (Local)
5. IceKredit (Local)
6. IN–D (Local)
7. International Finance Corporation (IFC) (Local)
8. PAND.AI (Local)
9. Staple AI (Local)
10. Squirro (Local)
11. Unity Compliance (Local)
12. Visa Inc. (Local)
13. Algolytics (International)
14. DELIGHT (International)
15. Dovetail Finance (International)
16. IPOXCap AI (International)
17. Pints AI (International)
18. Toggle AI (International)
19. ValueCoMetrics SAS (International)

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