The Monetary Authority of Singapore (MAS) will introduce a major awards program to step up its efforts as a leader in the Asia-Pacific region.

The Fintech Awards will be part of the inaugural Singapore Fintech Festival that will take place between November 14 and 18 later this year. Comprised of the MAS Fintech Awards and the ABS Global Fintech Award, innovative financial solutions, platforms, ideas and leaders will be recognised.

The recipients of the nine awards will receive between $50,000 and $250,000, adding to a total prize pool of more than $1M.

A cross-section of experts from both the private and public sectors will form the judging panel and are set to evaluate entries based on impact, practicality, interoperability, uniqueness and creativity. 

“The MAS Fintech Awards and ABS Global Fintech Award represent the industry’s highest accolade for fintech innovation. These awards celebrate the spirit of innovation in the financial sector by providing recognition to innovative fintech projects that have been implemented in Singapore,” said MAS chief fintech officer, Sopnendu Mohanty.

“It is our belief that such recognition will help foster a culture of innovation within the financial sector.”