SFF Global FinTech Hackcelerator

Organised by Elevandi in partnership with the Monetary Authority of Singapore (MAS), the 9th edition of the Global FinTech Hackcelerator is seeking innovative and market-ready solutions that utilise technologies such as AI, machine learning and blockchain to improve financial health.

Up to 20 finalists will be selected to pitch their solutions at the world’s gathering of policy, finance, and technology on 6th Nov 2024. The Grand Champion will be crowned at the FinTech Awards dinner on 7th Nov 2024.

For more information, refer to the FAQs below or contact gfh@elevandi.io

Financial health is the extent to which a person or family can smoothly manage their current financial obligations and have confidence in their financial future. It encompasses the ability of individuals and businesses to manage daily expenses, withstand unforeseen challenges such as the loss of a family breadwinner or environmental disasters, and achieve long-term financial objectives. This includes having the right financial products and services and understanding how they work. In the face of global challenges like climate change and poverty, financial health is one of the cornerstones of economic stability, enabling individuals, businesses, and communities to plan for the future, mitigate risks, and build resilience.

2024 Winners

ALGOGENE

About ALGOGENE

ALGOGENE Portfolio Builder is an AI-driven decision tool designed to help investors learn and build personalized investment portfolios. It leverages advanced AI models and Nobel prize-winning investment theories to analyze risk and returns, enabling users to discover optimal asset allocations aligned with their financial objectives and constraints.

Our solution provides comprehensive analysis, including multi-asset portfolio construction, dynamic constraints optimization, performance simulation, and real-time risk alerts. It simplifies the complexities of financial research and trading management, providing an institutional investment process accessible to all market participants.

Ample FinTech

About Ample FinTech

Ample is advancing next-generation financial infrastructure with a focus on tokenization for trusted credentials and programmable payments, particularly in cross-border trade, supply chain finance, and inclusive finance. Supported by MAS and BoG, Ample completed Phases 1 (UTC-based Verifiable Credential) and 2 (PBM-based payment) of Project DESFT, and successfully finished the CBDC Pilot Project with the RBA, achieving 3rd place. Ample was awarded the MAS FSTI IA grant for excellence in FinTech.

Cladfy

About Cladfy

Our solution is CashIQ, a Machine Learning profiling model that leverages mobile money and bank statements to build credit profiles of small businesses like market vendors, neighbourhood shops, delivery riders.

CashIQ: A transaction-based, credit profiling software that leverages Machine Learning technology to extract and organize data from mobile money and bank statements, to build a credit profile of MSEs like smallholder farmers, market vendors, neighbourhood shops, delivery riders etc.

DigiChain Innovations

About DigiChain Innovations

DigiChain Innovations is a full fledged web 2.0 and web 3.0 digital solutions and marketing company that is 360° solution provider as a one stop shop.

Our comprehensive services range from logo and custom graphic and web design to responsive web development, domain and hosting to complete digital marketing campaigns, AI to Blockchain development. Our dynamic team of young and veteran professionals provide creative and innovative solutions that drive traffic and sales for our clients globally.

Dobin

About Dobin

Dobin is a comprehensive financial management platform that leverages data and personalisation to help users build and sustain healthy financial habits. By aggregating data from bank accounts, credit cards, and digital wallets, Dobin provides real-time insights into spending, personalised recommendations on credit cards, and curated discounts to help users save and earn more rewards. It also builds alternative credit profiles to assist underbanked individuals in accessing credit products.

Heymax.ai

About Heymax.ai

Heymax.ai operates Max Miles, Singapore’s newest multi-merchant loyalty programme. Founded in 2023, Heymax has captured a significant base of over 120,000 frequent travellers who use it to optimise their spending and earn free travel. Heymax.ai offers consumers a suite of tools to make better financial decisions, including card spend tracking and recommendations, merchant code (MCC) lookup tools, product search and purchase links allowing consumers to earn Max Miles at over 450 merchants.

Immortalize - Elderhood Marketplace

About Immortalize - Elderhood Marketplace

Immortalize Elderhood Planning Digital Concierge is an automated personal assistant that gives you a big picture of what you need to
know about planning for your legacy, tells you what solutions are right for you, identifies which solution providers are suitable for your needs, shows you how to optimize costs and manages and monitors
your legacy plan for you.

For people with intent to do legacy planning, the digital concierge transforms legacy planning from a maze of confusion into a seamless journey. For people without intent, the digital concierge empowers and incentivizes wealth managers to help their clients with legacy planning.

KaiOS Enable Tomorrow

About KaiOS Enable Tomorrow

KaiOS is transforming financial literacy with a gamified, interactive approach that’s accessible to everyone - even those without smartphones.
Ditch the one-size-fits-all methods with our personalized learning experience on smart feature phones, ensuring users gain practical and enduring financial skills.

Our 'learn-to-earn' model provides real incentives to embark on a digital journey, step by step. Users convert the points they earn into coins with monetary value, which can then be used for savings and other financial services.

Recognizing that many still rely on cash, we utilize existing cash-digital bridges like airtime and mobile money agents.
KaiOS empowers individuals and communities with accessible education, turning financial wellness into a sustainable reality.

Mitt Arv

About Mitt Arv

Mitt Arv, which means 'My Legacy' in the Swedish language, is an organization with a vision to ensure no one is left in financial or emotional chaos on the passing away of a loved one. We have built this organization ground up, piece by piece, to the extent that the vision is ingrained in the team members and is not dependent on founders being around (planning for the eventuality when founders are no more). Whether it's the leadership team, the Team leads, or the FTEs, we work for the vision.

Mitt Arv envisions a future where no one is left in financial or emotional chaos on the passing of a loved one. By combining technology, strategic collaborations, and a focus on inclusivity, we are building a solution that meets the needs of a wide range of users. We've built Asset Vault, where one can list assets’ information and share it with their loved ones, at a time of their choice.

Mulai

About Mulai

Mulai, an Open Source, no-code Anti Money Laundering & Fraud Prevention Platform to allow financial services provide more efficient and cost saving cross border payment with open source anti financial crime compliance platform.

Currently, the Anti Financial Crime requires huge investments and a high learning curve for the compliance team to adopt. Mulai aims to tackle that and provide access to all the financial service provider and allow them to be compliance with the regulatory requirements.

Perfingo

About Perfingo

Prometheus Data

About Prometheus Data

Prometheus Data is a pioneering fintech company revolutionizing risk management and decision-making processes. We harness the power of AI to deliver solutions that empower both financial institutions and individual clients, enabling them to navigate the complexities of cross-border transactions and international dealings with confidence and precision.

Prometheus Data has developed an innovative AI-powered solution that enhances credit access for small businesses and entrepreneurs, especially those operating across borders. Our technology leverages OCR and Large Language Models to process financial data from various languages and sources, converting it into universally accepted credit metrics. By integrating Open Banking data and industrial data, we generate alternative credit scores that empower businesses with fairer access to financial services, driving global financial inclusivity.

SmashFi

About SmashFi

SmashFi is a service designed to help individual investors easily accumulate and securely store Bitcoin. Often, new investors purchase Bitcoin through exchanges and leave it there, exposing their assets to risks such as exchange bankruptcy or hacking. While self-custody via personal wallets is an alternative, the process is complex and daunting, with the added fear of losing assets if the private key is misplaced.

SmashFi addresses these issues by simplifying the process of transferring Bitcoin from fiat-to-crypto exchanges to personal wallets, reducing associated fees, and offering a recovery service in case of lost private keys. Additionally, SmashFi provides an automated trading bot to help increase the user's Bitcoin holdings. Our goal is to enhance accessibility to Bitcoin and promote a safer, more informed investment culture.

UNO Digital Bank

About UNO Digital Bank

UNObiz is an innovative retail solution from UNO Digital Bank designed to provide essential financial tools and resources for microbusiness in the Philippines. The Merchant platform not only aims to digitalize the operations of the dominant segment of the retail industry, include them into formal finance, but also provides the vital access to credit to the micro retailers/micro entrepreneurs in a convenient way to help them grow their business creating a virtuous cycle. By granting financial access to the unbanked through UNObank’s underwriting solution - the credit line issuance of UNObank via transaction data from MMS, transaction data from distributors, submission of tape receipts and/or sales logs, endorsement by distributors, possibility of open banking (because there is no open banking yet in PH), payment behaviors data, bank statements to name a few.

Vitto

About Vitto

Vitto - MSME focused FinTech Startup using behavioural data for credit risk profiling and automating credit decisioning with AI assistance.

WEGRO

About WEGRO

WEGRO is a pioneering agri-fintech platform that leverages Open Banking and peer-to-peer (P2P) lending to offer tailored financial products, including loans, savings accounts, and agricultural insurance, specifically designed for smallholder farmers. Through alternative credit scoring and data aggregation, WEGRO provides personalized financial solutions, especially to women who face barriers to formal credit access. The platform integrates all aspects of the farmer's financial journey, including onboarding, KYC verification, loan origination, product purchasing, and repayment within a single digital marketplace. Additionally, WEGRO facilitates P2P lending, enabling individuals and investors to directly fund farmers, aligning their interests and fostering community-driven financial support. WEGRO also offers a WEGRO VISA prepaid debit card, integrated with POS systems at farmer centers, further enhancing financial accessibility and inclusion.

Wimika RMS Technologies

About Wimika RMS Technologies

The Wimika team is composed of seasoned professionals whose diverse yet complementary expertise include cybersecurity, software engineering, product management, insurance, fintech, and leadership. Our collective strength gives us a significant advantage in achieving our business objectives, fulfilling customer commitments, and delivering on financial projections.

Your Financial Wellness

About Your Financial Wellness

YFW offers a scalable, personalised platform designed to tackle the global challenges of financial literacy and wellness. The platform is a turn-key solution made available through financial institutions and employers and helps users articulate and achieve their financial goals and aspirations. By leveraging advanced data analytics and algorithm-driven personalisation, we deliver content that is uniquely relevant to each user’s financial situation, ensuring greater engagement, improved financial literacy, and better decision-making.

Corporate Champions

Supporting Partner

Problem Statement #1 – Improving credit access with open banking

One of the key difficulties known for entrepreneurs and small businesses are their difficulty in building a credit score for credit access. Yet, credit access is crucial to help small business to grow and to promote inclusion. Open Banking can help build credit score model that leverage 3rd party data and diversify source of validation to generate alternative credit scoring for solo-entrepreneurs and that will help their access to credit. How might an open banking credit scoring model help solve this problem to empower their access to credit? 

Problem Statement #2 – Accelerating financial literacy and education

Limited financial literacy and education contribute to poor financial decision-making and undermine financial health at both the individual and community levels. Currently, financial literacy programmes focuses mainly on theoretical knowledge, are short term in nature and often one-size-fits-all. How might we design financial literacy programmes and tools to be more personalised, accessible, engaging, and practical to foster long-term financial well-being?

Problem Statement #3 – Building good financial habits with data and personalisation

To meaningfully build financial well-being, healthy financial habits need to be ingrained into everyday life. Regular saving, budgeting, and mindful investing are habits that, when practiced daily, can lead to long-term financial stability and growth. Insights available on customers such as spending behaviour offers a unique opportunity to personalise financial products and services to influence behaviour change. How might we use technology to help individuals build and sustain health financial habits in their everyday lives?

Problem Statement #4 – Efficient and affordable cross-border payments for trade and global remittances

Small businesses and individuals face significant challenges with inefficient and costly cross-border payment systems. Delays, high fees and currency conversion costs negatively impact financial health. For small businesses, this strains cash flow and limits growth, while for individuals, it reduces the value of remittances. How might we leverage technology to address these pain points to enhance the financial resilience of small businesses and improve the financial stability of individuals relying on global remittances?

Problem Statement #5 – Legacy planning for financial resilience

The death of a family member, especially the sole breadwinner, can lead to financial uncertainty and disarray for the household. Legacy planning can significantly alleviate these challenges, ensuring that families are better equipped to handle financial matters during such critical times. However, many individuals fail to engage in thorough legacy planning due to a lack of accessible tools, understanding, or motivation. How might technology be used to increase awareness, accessibility and effectiveness of legacy planning to better provide financial security to a bereaved family in a time of need?

Problem Statement #6 – Affordable and personalised protection with open insurance

The insurance market is saturated with a myriad of offerings from different providers. Coupled with information asymmetry between insurers and buyers over coverage and exclusions, this often results in individuals being unable to fully comprehend premiums and coverage that they have. How might open insurance be leveraged to provide consumers with more transparent, affordable and personalised insurance options?

Who is eligible to participate in the Global FinTech Hackcelerator?
- We welcome all individual and corporate participants with a market-ready solution that can address any of the published problem statements. Individual participants must be aged 18 and above; Corporate participants must be a registered company.
Are there requirements in forming a team?
- Applicants participating as a team must form a team before registering for the Challenge. Each participant is limited to joining 1 team in the Challenge. It is recommended that teams should comprise no more than 10 members (2 pizza rule).
What are the benefits of participating in the Global FinTech Hackcelerator?
- Finalists will each receive a S$20,000 cash stipend, mentorship by industry experts and access to potential clients. Three winners will each receive S$50,000 in prize money.
Can I submit more than 1 proposal to different problem statements?
- No, you may not submit more than 1 proposal to different problem statements.
What do I need to include in my submission?
- The application submission is recommended to include the following:
  - The case for your solution: A single PDF document of at least one page and no longer than five pages (with a minimum of 1-inch margins and an 11-point font) to make the case for why your team should be considered as a Global FinTech Hackcelerator finalist.
  - Pitch deck: A pitch deck providing an overview of the innovation, market opportunity, relevance to the chosen problem statement, business model, team background to help the evaluators assess the solution.
  - Video: A video of one or more team members providing a demonstration of the team’s proposed innovation.
- Collectively, all the submitted materials should help the evaluators understand any specific problems identified, the proposed solution, and how the proposed solution works, taking into consideration the evaluation criteria. All documents must be in English. Videos must either be in English or contain English subtitles. Links to Google Docs, Google Sheets, or other online materials are not acceptable.
- Teams may submit materials before 30th Aug 2024, 2359 SGT. Late submissions will not be accepted.
Who are the corporate champions?
- Corporate champions are the contributors of the problem statements who will work together with you to help contextualise your solution better to the industry or their organisation.
What are the key dates for the Global FinTech Hackcelerator that I need to remember?
- Registration commences on 17 Jun 2024 and participants can submit proposals up till 30 Aug 2024.
- Finalists will be announced on 7 Oct 2024.
- Intensive workshops will be conducted in Singapore from 29 Oct 2024 to 30 Oct 2024
- Demo Day will be on 6 Nov 2024.
Do I have to be based in Singapore to participate?
- No, we welcome applications from all over the world. The intensive workshops and Demo Day in Singapore are mandatory (at least one member of your team should attend) for finalists. Finalists will each receive a S$20,000 cash stipend to offset their cost of travel and accommodation.

SFF Global FinTech Hackcelerator 2024

Demo Day: 6 Nov 2024

About the Hackcelerator

Prizes

Benefits

Theme: Improving Financial Health

2024 Winners