The FinTech Innovation Challenge is a competition that invites global participants to submit solutions to specific problems in order to support the growth and application of FinTech.

 The challenge will allow companies to pursue development opportunities within the world's leading regulatory environment, as well as encourage collaboration with local communities to produce sustainable and innovative technologies to solve key challenges facing the financial sector.

For companies participating in the FinTech Innovation Challenge, this is a unique opportunity to work with government, regulator and businesses in a leading digital hub and scale ready solutions for the global market.

The challenge aims to achieve three main goals:

  1. Providing technology-based solutions to key industry challenges.
  2. Show what success looks like for global fintech companies.
  3. Developing the FinTech ecosystem and inspiring creativity and collaboration.

Participants will be able to choose from a range of three pre-defined fintech innovation challenges, as well as a “wildcard” option.

Challenge systems in technology competitions

Challenge Statement #1

Topic: Digital identity management

This challenge requires a solution that covers identity management, overcoming the complexities of moving from an analogue to a digital environment including:

  1. Secure digital storage of existing documents (passports etc.) and attributes (DoB, address) uploaded by the individual/company
  2. Independently verify and ensure the accuracy of this information (including photo and real-life comparisons)
  3. The ability of the identity owner to share information in a safe and secure manner with third parties (financial institutions, etc.)
  4. A new, complete digital ID “card” either issued by the private sector under agreed standards or a new government ID card

Challenge Statement #2

Know Your Customer: It is a key procedure in financial services onboarding where the identity of the customer will be verified and verified. This challenge asks how can an e-KYC solution be developed to reduce costs, automate the process, and ensure data security while adhering to AML and KYC regulations? The solution should take into account:

  • Different types of documents that can be used for KYC purposes
  • User identity verification and how listings are verified may vary by organization and jurisdiction
  • Risk assessment, profiling and reporting
  • A secure way for the KYC owner to share this information electronically, with parties of their choosing, as a pre-packaged package

Challenge Statement #3

Fraud prevention and risk management are essential to the success of financial institutions. This challenge requires a solution that uses the power of technology to simplify and transform organizations' organizational activities. This could include the role of machine learning and artificial intelligence to screen for penalties in payments and transactions, so that manual touchpoints can be reduced to a minimum. It is also worth considering how financial information can be shared between parties to enhance AI accuracy without compromising privacy.

Challenge Statement #4

Challenge Statement 4 is designed to be a wildcard, and we encourage all eligible FinTechs to identify a problem statement they believe exists and propose a technology-based solution to this problem. This can relate to any aspect of the financial services industry.