The Singapore Fintech Competition (SFF) has introduced the finalists for its 2024 Fintech Excellence Awards, organised in partnership with the Singapore Fintech Affiliation (SFA) and supported by PwC Singapore.
These awards spotlight firms and people whose fintech initiatives have contributed to advancing monetary know-how, selling monetary inclusion, and enhancing service supply.
This 12 months’s awards classes have been up to date to emphasise measurable impression, with a concentrate on contributions to areas like monetary inclusion and regulatory compliance.
A brand new class was launched to recognise progress in synthetic intelligence and quantum know-how.
Over 200 submissions have been acquired throughout six classes, with 175 entries within the company classes and 29 within the particular person Fintech Mentor Award class. 4 finalists have been shortlisted in every class.
Finalists within the company classes have been evaluated primarily based on impression, sustainability, practicality, interoperability, and creativity, whereas particular person submissions have been assessed on contributions to the Singapore fintech sector.
Eight award winners can be chosen by a global panel of business specialists, with bulletins throughout SFF 2024.
This 12 months’s awards are additionally supported by 12 fintech neighborhood members, together with Ripple, NETS, ADVANCE.AI, and HSBC, as a part of the ‘Fintech Provides Again’ initiative, geared toward encouraging innovation and supporting rising expertise.
Ripple, NETS, Syfe, and YouTrip returned as sponsors this 12 months.
Listed below are the finalists for the SFF 2024 awards:
Class #1 Corporates – Rising Fintech Finalists
Fluid Monetary Pte Ltd
Fluid is a Singapore-based B2B Purchase Now Pay Later resolution, serving to suppliers (each conventional and market platforms) to finance consumers’ purchases on the level of checkout.
The corporate replaces conventional B2B fee strategies (e.g. bill factoring), which have outdated and cumbersome processes.
Fluid seamlessly connects to suppliers’ ERP and accounting techniques and allows prompt underwriting of B2B funds, providing a win-win as consumers get higher fee phrases whereas suppliers unlock money circulate that’s caught in account receivables
Payouts.com
Payouts.com provides a complete resolution for international B2B transactions, combining mass payouts, full automation, and Vendor Relationship Administration (VRM) in a single highly effective platform.
Their system seamlessly integrates with shoppers’ current infrastructure to automate the whole payout course of, from bill era to fee execution.
The platform’s full automation leverages real-time information synchronisation and a novel connector construction, eliminating handbook processes and lowering errors.
Their superior self-invoicing system generates correct, compliant invoices robotically, streamlining monetary operations throughout a number of departments and entities.
Built-in VRM options rework vendor interactions, providing complete instruments for onboarding, communication, and efficiency monitoring.
This holistic method not solely simplifies funds but in addition fosters stronger, extra clear vendor relationships.
ThitsaWorks Pte. Ltd.
Thitsa Fee Portal is a web-based platform built-in with Mojaloop. It allows monetary establishments, particularly these with out core banking techniques or with techniques missing API integration, to handle bulk transactions.
Initially designed for Microfinance Establishments to deal with digital bulk mortgage repayments and disbursements, the portal is now being enhanced for broader use circumstances.
Walee Monetary Companies
Hakeem is a cutting-edge digital financing app designed to facilitate seamless B2C financing in Pakistan.
Initially providing typical loans, Hakeem is now introducing its Tawarruq Islamic financing product, enabling Shariah-compliant loans for its customers.
Powered by a sturdy credit score scoring system, Hakeem analyses a variety of information factors to evaluate private and monetary attributes, offering mortgage approvals or rejections inside minutes.
The app contains a fast and environment friendly 7-step digital KYC course of, minimising default charges by totally analysing buyer credibility.
Hakeem’s in-house developed mortgage administration system provides detailed analytics and insights into buyer behaviour, guaranteeing efficient mortgage restoration.
Built-in with financial institution accounts and digital wallets in Pakistan, Hakeem gives clients with simple disbursement choices.
Class #2 Corporates – Monetary Inclusivity Finalists
ANEXT Financial institution Pte Ltd
The ANEXT Programme for Business Specialists (“APIs”) is ANEXT Financial institution’s key embedded finance initiative designed for digital platforms to simply provide tried and trusted monetary providers to companies working on their platforms.
The APIs has not solely helped platform companions unlock new income alternatives, extra importantly, it has allowed ANEXT Financial institution to have interaction and allow the ecosystem of companions to speed up and scale monetary inclusion for unserved and underserved MSMEs.
For the reason that launch in November 2022, the APIs has partnered with a complete of six digital platforms, availing monetary providers to over a million MSMEs in seven markets throughout procurement, provide chain, supply, fintech, fee providers and e-commerce sectors.
This enables MSMEs to achieve one-stop entry to a complete suite of banking providers, whereas having fun with the comfort of a consolidated view on their enterprise reminiscent of pockets stability, mortgage quantity and reimbursement standing, and so forth.
IME Digital Answer Ltd (IME Pay)
IME Pay’s initiative, Access4All, actively bridges the monetary divide in Nepal. This complete suite of digital options targets the unbanked and underbanked populations, offering important entry to beforehand unreachable monetary providers.
The answer consists of collateral-free loans for migrant employees, seamless integration with InDrive for automobile financing, inexpensive medical insurance packages, refundable airline ticketing, and a pioneering all-women Digital Ambassador programme to advertise monetary literacy.
LendMN
Flexi Enterprise Mortgage by LendMN is Mongolia’s first and solely 100% absolutely digital, collateral-free enterprise financing resolution, revolutionising the normal lending course of for micro and small enterprises.
Up to now, the answer has disbursed $16.5 million in loans. Every day, roughly 500 micro and small enterprise house owners use their app to use/request for a enterprise mortgage.
Notably, 65% of their clients are feminine enterprise house owners, and 18% of the companies they serve are situated in distant rural areas.
PolicyStreet
PolicyStreet specialises in pioneering Insurtech options, specializing in embedded insurance coverage and digital platforms to bridge the safety hole for underserved communities.
They seamlessly combine insurance coverage into every day life, enhancing buyer expertise and streamlining operations by way of know-how.
Their initiatives embody however are usually not restricted to embedded gig employees’ safety, embedded private accident coverages with unemployment options, and Injury Safety Plans, supported by proprietary tech platforms that simplify buying and claims processes with information analytics for tailor-made options.
Up to now, they’ve insured over 200,000 gig employees with roughly RM20 billion in sum insured, straight and not directly served over 1,500 SMEs, insured over 10 million on-line purchases, and guarded over 10,000 Malaysians in opposition to private accidents and retrenchments.
Class #3 Corporates – Regulatory Chief Finalists
Automa8e Applied sciences Pte. Ltd.
Automa8e is model title for a collection of cloud-based AI powered enterprise transaction and accounting software program, primarily to supply firm accounts, experiences and tax to fulfill the necessities of administration in addition to for regulatory compliance submissions to authorities. Automa8e is an IRAS ASR+ Tier 3 licensed software program.
Elven Group Pte. Ltd.
Elven is a crypto accounting software program that helps combine varied information sources right into a single accounting platform which additionally consists of automations of tedious transactions monitoring if carried out and not using a software program like this.
Napier AI
Napier AI is a RegTech delivering anti-money laundering and monetary crime compliance software program to monetary establishments, funds and wealth and asset administration companies.
Napier AI designs and engineers technological innovation to make a measurable distinction in driving down monetary crime.
Napier AI Continuum is an AI pushed monetary crime prevention platform to attach information, management operations and handle threat in a single, absolutely built-in monetary crime threat administration centre.
By unifying threat monitoring purposes, instruments, and information into one setting, Napier AI Continuum builds a holistic view of threat whereas enhancing operational efficiencies and delivering higher ranges of Return on Funding and lowered Whole Price of Possession.
Constructed absolutely cloudnative, and whether or not deployed by way of absolutely managed SaaS, public cloud, on-premise personal cloud, air gapped or hybrid mannequin, Napier AI Continuum’s modular method empowers shoppers to configure their compliance techniques in accordance with their particular necessities.
Symphony
Symphony is a completely open, scalable, safe collaboration platform purpose-built for monetary markets.
Along with connecting with over half 1,000,000 verified professionals on Symphony, customers of their federated messaging resolution can prolong connectivity to their shoppers on WhatsApp, WeChat, SMS and LINE – with out sacrificing compliance.
Within the age of cellular communication, this allows customers to securely and conveniently talk by way of shoppers’ most popular platforms whereas lowering the chance of regulatory missteps.
Class #4 Corporates – Sustainable Innovator Finalists
Axe Finance
Axe Credit score Portal (ACP) is a cutting-edge AI-driven resolution designed to revolutionise the digital lending panorama.
Developed by Axe Finance, ACP provides an end-to-end resolution that automates the whole credit score lifecycle from KYC and mortgage origination to servicing together with origination, credit score scoring, and automated decision-making.
With its omnichannel capabilities, ACP ensures a seamless and aggressive financing journey throughout all consumer segments not solely restricted to retail, industrial, company, monetary establishments and sovereigns but in addition different particular sorts of lending reminiscent of inexperienced loans, microfinance, embedded financing, and Islamic finance.
Key options of ACP embody ESG Integration in digital lending, AI-powered digital lending, and so forth. By leveraging superior know-how and a user-centric design, ACP enhances lending efficiency by enhancing accuracy, lowering dangers, and accelerating time-to-market.
Kenergy Plus Firm Restricted
WATT’S UP utility is an end-to-end EV bike rental digital platform centered on selling and supportingthe adoption of electrical bikes (EV bikes) in Thailand.
Developed by considered one of KASIKORNBANK subsidiary firms to facilitate the transition in direction of cleaner and extra sustainable transportation, WATT’S UP goals to be a complete resolution for each shoppers and companies.
Quadient
Quadient’s enterprise Buyer Communication Administration resolution, Encourage Flex, has remodeled the client expertise of hundreds of firms all over the world.
They allow fast response to market modifications and velocity digital transformation by empowering non-technical enterprise customers to securely design, handle, and ship personalised, compliant content material throughout all channels.
All of it occurs from one easy-to-use platform that eliminates siloed workflows and reduces the necessity for IT
Rizal Industrial Banking Company (RCBC)
RCBC’s dedication to enhancing digital monetary entry for each Filipino advanced over time, adapting to shifting Philippine and international landscapes.
The financial institution accelerated its digitalisation efforts in 2020 with the launch of RCBC Diskartech, the world’s first multilingual monetary inclusion app, and the enlargement of RCBC ATM Go, offering essential support to underserved areas in the course of the international well being disaster.
RCBC additionally launched RCBC Barangayan (village/neighborhood) Banking, mixing human contact with digital finance to succeed in underserved communities.
RCBC Diskartech is a multilingual monetary inclusion utility, obtainable in Taglish (Tagalog-English) and Cebuano.
Its inclusive options and streamlined onboarding course of (requiring just one ID, no minimal deposit, and 0 sustaining stability) contributed to its unprecedented progress throughout and after the COVID-19 pandemic.
Class #5 Corporates – Thematic (AI, Quantum Champion) Finalists
Tencent
Tencent’s Palm Recognition Answer, launched in China in Could 2023 is a contactless biometric resolution that scans customers’ palms as a method to determine the consumer.
That is carried out primarily for the needs of authorising fee, granting entry to sure places, and so forth.
By hovering their hand over compact, Tencent-developed sensors, it verifies customers’ distinctive palm prints and vein patterns, that are distinctive sufficient to even inform equivalent twins aside.
The answer provides a monetary payment-grade algorithm for palm recognition, and presents vital potential throughout retail, monetary providers, public transportation, and bodily safety purposes.
To-date, Tencent’s palm recognition resolution has efficiently processed thousands and thousands of transactions every day, demonstrating its efficacy and transformative impression in biometric fee techniques.
Ant Worldwide
Ant Danger’s Antom Card Fee Safety resolution is designed to supply retailers with real-time threat management decision-making capabilities for card funds to minimise retailers’ fraud chargeback legal responsibility.
In keeping with the settlement with the service provider’s ris desire, card fraud threat scanning is carried out for every transaction, in accordance with the expertise of threat specialists, robust technique system, cutting-edge AI algorithm and international information community to make determination of every transaction to grasp 100% real-time threat selections.
Ought to a call result in a subsequent fraud chargeback, they supply retailers with an clever dispute service powered by massive language fashions. They will obtain and submit AI-created chargeback protection supplies to reclaim losses from chargebacks.
This resolution enhances the accuracy and velocity of decision-making, resulting in more practical fraud prevention and reducing of false negatives, enhancin general buyer satisfaction and loyalty.
JPMorganChase
The agency validated Quantum Key Distribution (QKD) know-how in a Knowledge Centre setting utilizing current fibre infrastructure with end-to-end IPsec encryption of precise IP information in an air-gapped setting.
This served as step one in direction of integrating QKD know-how into totally different safety protocols (e.g. OTNsec, MACsec, IPsec, HSE) from totally different distributors outdoors the lab setting. The answer could be usable for everybody utilising the Knowledge Centre infrastructure.
Oversea Chinese language Banking Company Restricted (OCBC)
This resolution allows the safe distribution of encryption keys between geographically dispersed speaking events utilizing quantum ideas.
QKD ensures that the keys are distributed securely and stays so in opposition to any computational energy, together with that of an eavesdropper with limitless assets, thereby defending in opposition to any potential eavesdropping or tampering makes an attempt.
By incorporating QKD at layer 3 of IPsec, the general safety of the IPsec framework is considerably enhanced, offering a sturdy and unbreakable encryption mechanism for safe communication.
Class #6 Particular person – Fintech Mentor Finalists
Andrea Baronchelli, CEO and Cofounder, Aspire
Andrea Baronchelli is the CEO and Co-founder of Aspire. By way of Endeavor, he mentors the subsequent era of founders by sharing his experiences and providing steerage to these dealing with related hurdles.
His function as a mentor has allowed him to straight assist fellow entrepreneurs, serving to them navigate challenges and obtain their targets.
Beneath Andrea’s steerage, 20+ startups over the previous 3 years hav gotten qualitative suggestions to enhance their Y Combinator purposes.
His mentorship has helped founders refine their pitches, develop stronger enterprise fashions, and achieve confidence of their startup journey.
Andrea can also be a outstanding participant in fintech occasions, ceaselessly sharing his experience and insights, and performs a pivotal function in partaking with regulators to form a balanced regulatory setting that fosters innovation and safety
Dr Dorian Selz, CEO, Squirro
Dr Dorian Selz is the Founder and CEO of Squirro AG. He exemplifies distinctive management inside Squirro, embodying the corporate’s values every day and main by instance.
His hands-on method is obvious in his real dedication to supporting his staff. He sources expertise from prime technical universities throughout Switzerland and Europe, guaranteeing a various and extremely expert workforce.
He invests in his staff’s skilled progress by way of mentorship applications, facilitating upskilling and reskilling alternatives to maintain tempo with quickly evolving applied sciences.
Notably, Squirro extends its dedication to social accountability by financing coding schooling for workers with refugee standing.
He has spearheaded Squirro’s transformation into a world chief in fintech and AI, positioned it as a pacesetter in remodeling information into actionable intelligence, enabling shoppers to not solely meet however exceed their strategic aims in an everevolving market.
Frans Wiwanto, CEO – APAC, Flywire (Singapore)
Frans Wiwanto is the APAC CEO of Flywire Singapore. He has demonstrated robust management in mentoring people to beat challenges and assist their progress by offering assist and creating transparency inside the Firm.
He’s prepared to determine aims and consequence, consider the end result to find out if modifications are wanted, and can receive suggestions from stakeholders and clients when executing a brand new initiative.
He is ready to assessment and streamline processes to enhance effectivity and units milestones to maintain monitor of initiatives.
Frans has contributed in a significant approach in direction of the fintech neighborhood and ecosystem by taking part in several occasions/ talks associated to fintech.
He strives to study the most recent traits and growth of fintech and share these info with the Firm and the interior staff to remain forward of the business. He’s additionally a speaker for various fintech occasions representing Flywire.
Romain Zanolo, Managing Director APAC, Fee Companies, IDEMIA
Romain Zanolo is Managing Director for the APAC Fee Companies at IDEMIA. His management is exemplified by his hands-on method and teambuilding abilities.
Romain demonstrated robust management by personally initiating the gross sales course of inside the fintech ecosystem.
Beneath Romain’s management, the IDEMIA staff has streamlined card program launches and built-in with main fintech fee processors within the worth chain, making it attainable to launch card applications in a number of weeks.
He challenged and reinvented work and enterprise processes to align with fintech-specific wants, distinctly totally different from conventional banking.
To realize this, Romain rolled out complete coaching plans to reinforce his staff’s understanding of a card P&L, remodeling them into true advisors for purchasers.
Romain’s involvement in pioneering know-how launches in APAC consists of initiatives reminiscent of dynamic CVV playing cards with RHB, biometric playing cards with MatchMove, tokenisation for digital funds, SoftPOS in Australia, and CBDC initiatives with JCB and Softspace.
