The inaugural Global FinTech Hackcelerator has been announced which is a platform for Fintech startups to showcase their solutions. The hackcelerator, also a Metta opportunity will be held in Singapore and will include a competition to identify new and emerging ideas in fintech. It will source ideas from around the world with selected teams going through a 10-week virtual program that will allow them to build connections with the industry, including leaders from the financial institutions, technology and investment community.
Interested parties will need to make online submissions by 31 July 2016 to allow for the evaluation of their ideas. In the application form, they will be required to highlight how their solution solves the 100 published problem statements by the organizers. Following evaluation, 20 teams will be selected from across the world for the virtual program.
Applications will be assessed based on relevance to the problem statements, business potential, innovativeness of the idea, ability of the team to execute as well as team composition. The program is also open to teams at all stages of development and will include in the application a plan for the development of the solution and the timeline for the same. Participants will receive up to S$20,000 per team as a cash stipend, technology support to scale their solutions in addition to an opportunity to connect with the FinTech ecosystem in Singapore.
The top 3 teams at demo day will also receive a further cash award of $50,000 Singapore Dollars each. In addition to the cash awards, teams will also receive additional support including infrastructure, access to API and sample datasets, industry mentorship, talks, consults and opportunities to meet investors.
