The Financial Authority of Singapore (MAS) has unveiled the finalists for the 2024 International Fintech Hackcelerator.
The winners of the competitors can be introduced on 7 November 2024 throughout the SFF Fintech Excellence Awards.
The 2024 Hackcelerator, themed “Bettering Monetary Well being,” goals to foster options that assist people and companies handle their funds extra successfully.
The International Fintech Hackcelerator, organised by MAS in partnership with Elevandi, obtained 77 proposals worldwide this yr.
The 18 finalists have been chosen primarily based on options to challenges in credit score entry, monetary literacy, cross-border funds, and personalised safety, amongst different areas.
The shortlisted groups, comprising fintech companies and resolution suppliers from areas together with Australia, India, america, and Kenya, have introduced proposals utilising applied sciences like Synthetic Intelligence (AI) and Distributed Ledger Know-how (DLT) to boost monetary well-being and resilience in at this time’s evolving financial panorama.
Finalists will take part in a two-day programme organised by Elevandi, the place they are going to work intently with company mentors, have interaction with traders, and refine their pitches.
Every finalist receives a S$20,000 stipend, and the highest three winners will every safe a further S$50,000 prize.
These groups will current their options on the Demo Day held on 6 November 2024 on the Singapore Fintech Competition (SFF).
Right here Are the 18 Finalists for International Fintech Hackcelerator 2024
1. Mitt Arv (India)
Envisioning a future the place nobody is left in monetary or emotional chaos on the passing of a cherished one, Mitt Arv is a startup that gives a platform for his or her shoppers to plan and construct their legacy with their family members.
With their product, Asset Vault, customers will be capable of listing property’ info and share it with their family members, at a time of their alternative.
By combining know-how, strategic collaborations and a give attention to inclusivity, Mitt Arv plans to make legacy planning hassle-free and addressing each monetary and emotional legacies for a variety of customers.
2. Wimika RMS Applied sciences Ltd (Nigeria)
The Wimika workforce consists of seasoned professionals with various, but complementary, experience masking cybersecurity, software program engineering, product administration, insurance coverage, fintech, digital fraud prevention, danger administration, authorized and management.
The collective energy of the workforce provides them a big benefit in attaining their enterprise goals, fulfilling buyer commitments and delivering on monetary projections.
Wimika’s resolution, MoneyGuard, is a cyber fraud insurance coverage resolution that gives particular person financial institution clients speedy reimbursement of misplaced funds inside seven days.
Powered by superior fraud detection and seamless integration with monetary establishments, it supplies peace of thoughts and monetary safety towards monetary cyber fraud.
3. Vitto (India)
Vitto is a MSME targeted fintech startup utilizing behavioural knowledge for credit score danger profiling and automating credit score decisioning with AI help.
The Vitto app improves monetary well being by serving to customers handle their private finance by means of automated expense monitoring, personalised budgeting, and monetary insights.
4. Heymax.AI (Singapore)
Heymax.ai operates Max Miles, Singapore’s latest multi-merchant loyalty programme.
Based in 2023, Heymax has captured a big base of over 120,000 frequent travellers who use it to optimise their spending and earn free journey.
Heymax.ai provides customers a set of instruments to make higher monetary choices, together with card spend monitoring and proposals, service provider code lookup instruments, product search and buy hyperlinks permitting customers to earn Max Miles at over 450 retailers.
The heymax.ai Card Maximiser helps customers monitor their spending and optimise their rewards, offering them with personalised insights that empower them to benefit from their monetary sources.
By way of a first-of-its-kind partnership with Visa, customers can hyperlink their playing cards in a minute, and begin seeing all of their card transactions tracked in real-time within the heymax.ai app, which identifies areas for enchancment, guiding customers to higher monetary choices.
5. SmashFi (South Korea)
SmashFi is a service designed to assist particular person traders simply accumulate and securely retailer Bitcoin.
Typically, new traders buy Bitcoin by means of exchanges and depart it there, exposing their property to dangers akin to change chapter or hacking.
Whereas self-custody by way of private wallets is another, the method is advanced and daunting, with the added concern of shedding property if the non-public secret’s misplaced.
SmashFi addresses these points by simplifying the method of transferring Bitcoin from fiat-to-crypto exchanges to private wallets, lowering related charges, and providing a restoration service in case of misplaced non-public keys.
Moreover, SmashFi supplies an automatic buying and selling bot to assist improve the person’s Bitcoin holdings. Their aim is to boost accessibility to Bitcoin and promote a safer, extra knowledgeable funding tradition.
6. DigiChain Improvements (Australia)
DigiChain Improvements is a full-fledged internet 2.0 and internet 3.0 digital options and advertising firm that could be a 360° resolution supplier and a one-stop store.
Their dynamic workforce of younger and veteran professionals present artistic and revolutionary options that drive visitors and gross sales for our shoppers globally.
DigiChain Improvements’ resolution goals to deal with these challenges by means of a multifaceted method.
By leveraging the Mannequin Regulation on Digital Transferable Data to create verifiable and transferable digital commerce paperwork on a blockchain platform, DigiChain Improvements can facilitate the digitisation of commerce paperwork.
Moreover, sensible contracts are utilised to automate commerce processes and guarantee compliance with predefined situations.
Lastly, the answer integrates the usage of stablecoins for fast settlement by enabling real-time, safe funds by means of stablecoins as soon as escrow situations within the sensible contract are met.
7. Mulai (Indonesia)
Mulai is an open-source, no-code AntiMoney Laundering and Fraud Prevention platform designed to assist monetary providers improve cross-border cost effectivity whereas lowering prices.
By providing an accessible and open-source resolution for antifinancial crime compliance, Mulai addresses the numerous challenges that conventional compliance programs pose, together with excessive funding prices and steep studying curves for compliance groups.
The platform’s aim is to allow all monetary service suppliers to simply meet regulatory necessities with out the burden of advanced and costly programs, selling broader entry to compliance options throughout the trade.
8. Prometheus Information (United States)
Prometheus Information is a pioneering fintech firm revolutionising danger administration and decision-making processes.
The platform harnesses the ability of AI to ship options that empower each monetary establishments and particular person shoppers, enabling them to navigate the complexities of cross-border transactions and worldwide dealings with confidence and precision.
Prometheus Information has developed an revolutionary AI-powered resolution that enhances credit score entry for small companies and entrepreneurs, particularly these working throughout borders.
Their know-how leverages optical character recognition and Giant Language Fashions to course of monetary knowledge from numerous languages and sources, changing it into universally accepted credit score metrics.
By integrating Open Banking knowledge and industrial knowledge, they will generate different credit score scores that empower companies with fairer entry to monetary providers, driving world monetary inclusivity.
9. KaiOS Allow Tomorrow (China)
The digital revolution provides huge entry to info, communication, and monetary providers, but many stay excluded because of the digital divide, missing know-how and web entry.
KaiOS is a game-changer, with its light-weight cellular working system designed for function telephones, bringing web energy to reasonably priced gadgets.
Its success in bridging this divide is confirmed by over 175 million gadgets shipped globally since inception.
KaiOS empowers people and communities with accessible schooling, turning monetary wellness right into a sustainable actuality.
KaiOS goals to remodel monetary literacy with a gamified, interactive method that’s accessible to everybody – even these with out handphones.
Ditching the one-size-fits-all strategies with their personalised studying expertise on sensible function telephones, KaiOS ensures customers achieve sensible and enduring monetary expertise. KaiOS’s ‘learn-to-earn’ mannequin supplies actual incentives to embark on a digital journey, step-by-step.
Customers convert the factors they earn into cash with financial worth, which might then be used for financial savings and different monetary providers.
Recognising that many people nonetheless depend on money, the platform utilises present cash-digital bridges like airtime and cellular cash brokers.
10. Perfingo (Singapore)
Perfingo is the workforce behind Singapore’s largest private finance neighborhood on Instagram, bringing monetary literacy to the lots.
With practically a decade in monetary advisory and experience in AI options, the workforce blends trade information with cutting-edge tech.
Their mission: empower people to attain their distinctive monetary objectives by means of an ecosystem of revolutionary instruments.
They leverage neighborhood insights, advisory expertise, and technological prowess to revolutionise private finance administration.
Perfingo is an revolutionary AI-powered private finance app that revolutionises how Gen Z and Millennials method their funds.
It uniquely combines behavioural science, AI and gamification with blockchain know-how to create lasting monetary habits.
The app addresses the crucial want for personalised, on a regular basis monetary steerage by reworking advanced monetary administration into an attractive, rewarding expertise.
11. Dobin (Singapore)
Dobin is a Singapore fintech startup that empowers banked and underbanked clients in Southeast Asia to attain monetary well-being by means of open finance and AI.
Dobin is a complete monetary administration platform that leverages knowledge and personalisation to assist customers construct and maintain wholesome monetary habits.
Dobin aggregates knowledge from financial institution accounts, bank cards, and digital wallets, enhancing customers’ monetary visibility and management.
It then helps customers profit from tailor-made service provider reductions, personalised bank card suggestions, and entry to credit score by constructing their credit score profile.
Dobin additionally supplies real-time insights into spending, personalised suggestions on bank cards, and curated reductions to assist customers save and earn extra rewards.
12. ALGOGENE (Hong Kong)
ALGOGENE is the next-gen funding platform for studying, growing, testing, executing and investing buying and selling bots.
The workforce have been working with numerous brokerage companies, crypto exchanges, asset administration firms, household workplaces and prop buying and selling companies by offering clever buying and selling algorithms and wealth administration options.
ALGOGENE’s options are extremely recognised within the monetary market with 30+ worldwide awards, together with 1st place within the International Fintech Award at SFF 2023 introduced by MAS.
ALGOGENE’s Portfolio Builder is an AI-driven determination software designed to assist traders study and construct personalised funding portfolios.
It leverages superior AI fashions and Nobel prize-winning funding theories to analyse danger and returns, enabling customers to find optimum asset allocations aligned with their monetary goals and constraints.
The answer supplies complete evaluation, together with multi-asset portfolio building, dynamic constraints optimisation, efficiency simulation, and real-time danger alerts.
It simplifies the complexities of economic analysis and buying and selling administration, offering an institutional funding course of accessible to all market individuals.
13. Your Monetary Wellness (Australia)
The workforce at Your Monetary Wellness (YFW) is a devoted group of economic consultants, technologists, and strategists targeted on accelerating monetary literacy and constructing good monetary habits.
By leveraging superior knowledge analytics and personalisation, the workforce delivers tailor-made monetary schooling and options which can be uniquely related to every person’s monetary journey.
Their imaginative and prescient is to make monetary wellness accessible, actionable and impactful for all. YFW provides a scalable, personalised platform designed to deal with the worldwide challenges of economic literacy and wellness.
The platform is a turn-key resolution made accessible by means of monetary establishments and employers and helps customers articulate and obtain their monetary objectives and aspirations.
By leveraging superior knowledge analytics and algorithmdriven personalisation, YFW delivers content material that’s uniquely related to every person’s monetary state of affairs, making certain larger engagement, improved monetary literacy and higher decision-making.
14. Ample Fintech Pte. Ltd. (Australia, Singapore)
Ample is advancing next-generation monetary infrastructure with a give attention to tokenisation for trusted credentials and programmable funds, significantly in cross-border commerce, provide chain finance and inclusive finance. Ample accomplished Phases 1 (UTC-based Verifiable Credential) and a couple of (PBM-based cost) of Mission DESFT (Digital Economic system Semi-Fungible Token), and efficiently completed the CBDC (Central Financial institution Digital Forex) Pilot Mission with the Reserve Financial institution of Australia, attaining third place.
Ample was awarded the MAS FSTI Innovation Acceleration grant for excellence in fintech. Ample resolution addresses the challenges by means of the next improvements:
• Tokenised trusted digital commerce paperwork and credentials on the blockchain to scale back belief prices for companies whereas enhancing accessibility underneath privacy-protected situations.
• Instantaneous settlement programmable funds to programme the usage of cash primarily based on its meant objective, and making certain compliance whereas permitting each events in a commerce to automate commerce processes by means of sensible contracts.
• Simply auditable trusted transaction recordsto obtain trusted, verifiable, and simply auditable historic transaction data. This helps enterprises extra simply receive commerce and provide chain financing, selling inclusive finance.
15. Immortalize – Elderhood Market (Singapore)
The workforce is made up of 5 girls obsessed with reworking elderhood planning from a maze of confusion right into a seamless journey.
With various backgrounds – a Bloomberg journalist, a enterprise proprietor, and three graduates – spanning throughout three nations, they unite underneath one shared imaginative and prescient.
Every member brings together with her a novel set of expertise and views important to the event of Immortalize.
Immortalize Elderhood Planning Digital Concierge is an automatic private assistant that offers you a giant image of what you should find out about planning in your legacy, tells you what options are best for you, identifies which resolution suppliers are appropriate in your wants, exhibits you the best way to optimise prices and manages and displays your legacy plan for you.
For individuals with intent to do legacy planning, the digital concierge transforms legacy planning from a maze of confusion right into a seamless journey.
For individuals with out intent, the digital concierge empowers and incentivises wealth managers to assist their shoppers with legacy planning.
16. WeGro (Bangladesh)
WeGro is a pioneering Agri-fintech platform that leverages Open Banking and peer-topeer (P2P) lending to supply tailor-made monetary merchandise, together with loans, financial savings accounts and agricultural insurance coverage, particularly designed for smallholder farmers.
By way of different credit score scoring and knowledge aggregation, WeGro supplies personalised monetary options, particularly to girls who face limitations to formal credit score entry.
The platform integrates all facets of the farmer’s monetary journey, together with onboarding, KYC verification, mortgage origination, product buying, and reimbursement inside a single digital market.
Moreover, WeGro facilitates P2P lending, enabling people and traders to instantly fund farmers, aligning their pursuits, and fostering neighborhood pushed monetary help.
WeGro additionally provides a WeGro Visa pay as you go debit card, built-in with POS programs at farmer centres, additional enhancing monetary accessibility and inclusion.
17. Cladfy Inc (Kenya)
Cladfy is a knowledge analytics firm that creates instruments to help Microfinance Lenders with sensible mortgage administration and statements evaluation software program, and connects them to reasonably priced, dependable, financing companions.
Cladfy Inc’s resolution is CashIQ, a transactionbased, credit score profiling software program that leverages Machine Studying know-how to extract and organise knowledge from cellular cash and financial institution statements, to construct a credit score profile of MSEs like smallholder farmers, market distributors, neighbourhood outlets, supply riders, and so forth.
18. UNO Digital Financial institution (Philippines, India, Vietnam)
UNOvators are pioneers of a brand new method to banking—one which elevates the person by making banking easy, higher and accessible.
They’re your companion for options to monetary wants in transactions, saving, borrowing, funding, and safety by means of merchandise which can be appropriate for you, precisely while you want them.
UNObiz is an revolutionary retail resolution from UNO Digital Financial institution designed to offer important monetary instruments and sources for microbusiness within the Philippines.
The service provider platform not solely goals to digitalise the operations of the dominant section of the retail trade, embody them into formal finance, but in addition supplies the important entry to credit score to the micro retailers/micro entrepreneurs in a handy method to assist them develop their enterprise making a virtuous cycle.
By granting monetary entry to the unbanked by means of UNObank’s underwriting resolution – the credit score line issuance of UNObank by way of transaction knowledge from MMS, transaction knowledge from distributors, submission of tape receipts and/or gross sales logs, endorsement by distributors, risk of open banking (as a result of there isn’t any open banking but in PH), cost behaviours knowledge, financial institution statements to call a number of.