KPMG Digital Village, in collaboration with the Monetary Authority of Singapore (MAS), has launched the 2nd Global FinTech Hackcelerator 2018. This intensive 12-week programme is designed to identify and nurture innovative startups globally, focusing on those with FinTech solutions capable of addressing pressing challenges within the financial industry. The initiative calls upon promising startups to apply and demonstrate their ability to resolve critical industry pain points across four identified focus areas, aiming to foster real impact and transformation.

The hackcelerator targets solutions within specific problem statements across four major focus areas:

Financial Inclusion: Solutions under this category are sought to empower consumers and businesses by enhancing their access to essential financial services. This aims at bridging gaps and ensuring broader participation in the financial ecosystem.

RegTech and SupTech: This area focuses on innovative solutions that help financial institutions ensure strict compliance with regulatory requirements. It is particularly crucial for corporate activities, aiming to streamline regulatory processes and bolster supervisory technologies.

InsurTech: Startups in this domain are encouraged to develop solutions that can fundamentally transform and shape the future state of the insurance industry, driving innovation and efficiency in insurance services.

General: This broad category welcomes solutions that enable financial institutions to significantly enhance customer experience or substantially increase their operational efficiency across various functions.

Participating startups stand to gain substantial benefits from the FinTech Hackcelerator. After an initial application and pre-selection pitching phase, 20 successful startup teams will be chosen for the 12-week programme. Each selected team will receive a $20,000 cash stipend to support their development. Furthermore, they will be assigned an industry champion who will provide invaluable mentorship and necessary technology resources. This support is crucial for customizing market-ready solutions into contextualized prototypes, making them suitable for immediate industry adoption.

The programme culminates at the prestigious Singapore FinTech Festival, where the startups will present their refined solutions. A significant incentive awaits the top three performing startups, each receiving an additional cash prize of S$50,000. Beyond monetary rewards, teams will collaborate closely with their industry champions to devise strategic plans for the actual adoption and seamless integration of their solutions into real client contexts. Top teams will also be granted the opportunity to join corporate adoption programmes and become part of collaborative ecosystems, such as the KPMG Digital Village, fostering long-term growth and impact.

Innovative startups interested in applying for this global opportunity must meet specific criteria. Their proposed solution must be unique and directly address one or more of the identified problem statements. A robust business model, excellent customer experience, and clear collaborative applicability to the industry are also essential. Applicants must demonstrate their capability to effectively implement these solutions, showcasing strong technical prowess, a solid company record, and relevant industry knowledge. Applications are currently open, and interested startups must submit their applications by the firm deadline of June 15, 2018.