SINGAPORE (Oct 8): The Monetary Authority of Singapore has unveiled 60 finalists of the Global FinTech Hackcelerator and FinTech Awards. They were picked from a field of more than 500 submissions from more than 40 countries.

The finalists are startups focusing on various niche sectors of the rapidly developing fintech ecosystem. The winners will be announced next month at the third Singapore FinTech Festival, billed as the largest of its kind in the world.

Among them, there is Capital Bay from Malaysia that helps companies ease cash flow by making supply chains more efficient; PayPlus from Laos that focused on digital payments and remittances and Lucep, from Singapore, is described as a sales and marketing accelerator.

Sopnendu Mohanty, MAS’ Chief FinTech Officer, observes that there has been an increase in the number of high-quality submissions this year. “We have also seen more innovative FinTech talent in the region coming through the new Asean PitchFest, making it to the final round of the FinTech Awards this year.”

Jan Reinmueller, Partner, Head of Digital Village, KPMG in Singapore, who helped whitle the list of finalists, calls this year’s entries “more sophisticated” and having the potential for wider regional application than previously.

“With this year’s competition, the bar has been raised yet again for start-ups in this space and we expect to see even higher-calibre solutions entering the market in the coming year, especially in insurance which is a hot bed for disruption and transformation,” he adds.

“It is rewarding to see how FinTech companies have matured and grown not just locally but within the Asean region, and we expect this effect to raise the level of competitiveness in our FinTech landscape,” says Wong Wanyi, FinTech Partner, PwC Singapore’s Venture Hub, who also took part in the selection.

The third Singapore FinTech Festival, which will be held between Nov 12 and 16, features more than 400 exhibitors from over 100 countries.

Speakers will come from a wide spectrum ranging from government leaders like India’s Prime Minister Narendra Modi as well as from top MNCs such as insurance giant Prudential’s global CEO Mike Wells.

Various other government and industry leaders such as Singapore’s education minister Ong Ye Kung, managing director of the International Monetary Fund Christine Lagarde.

This year’s Singapore FinTech Festival will come with a heavy Asean flavour, partly to tie in with Singapore’s role as this year’s Asean chair.

The Edge Singapore is again an official media partner of this year’s Singapore FinTech Festival.