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Singapore fintech startup among winners of Citi’s T4I Challenge

Nurdianah Md Nur | June 16, 2017
Seventeen fintech developers from eight countries showcased their solutions that promote integrity, accountability and transparency in the public sector and beyond at the Demo Day in Singapore.

T4I 2017 Demo Day Winners in Singapore
T4I Singapore Demo Day Winners. Credit: Citi

Sqreem Technologies & Synechron—a Singapore fintech startup—was one of the three award recipients from Citi's recent Tech for Integrity Challenge (T4I) Demo Day in Singapore.

Sqreem fuses structured and unstructured data to give early warnings of anomalous behaviour that may indicate financial crime. It received the audience choice award.

The other two award winners were iProov from London, and identitii from Sydney.

The iProov Verifier solution, which secures online authentication using face matching, uniquely protected from replicas and replays with patented One Time Biometric technology, won the T4I and Peer Choice awards.

Meanwhile, identitii—the other Peer Choice award winner—helps banks share information over existing financial messaging systems like SWIFT to improve financial crime compliance.

Awards accorded to the winners include a total of US$5.5 million in kind and cash. In addition, the award recipients will have the opportunity to work with any business, organisation or government interested in exploring innovative integrity tools.

One government agency that is keen to help ASEAN fintech startups to scale outside their home countries is the Monetary Authority of Singapore (MAS). The central bank plans to do so by developing the ASEAN Financial Innovation Network (AFIN) together with IFC, a member of the World Bank Group.

AFIN aims to establish a regional network to help financial institutions, fintech firms and regulators address issues of connectivity, local compliance and cross border compatibility. It will also provide a cloud-based industry sandbox for distribution of fintech solutions to financial institutions located in multiple jurisdictions. This enables fintech players and banks to develop, test and refine digital finance and inclusion solutions, said Sopnendu Mohanty, Chief FinTech Officer, MAS, during the panel discussion at the Demo Day in Singapore.

T4I is structured as a global open innovation competition, where companies of any type or size were invited to submit tech solutions that promote integrity, accountability and transparency in the public sector and beyond.

Selected participants were then placed in a virtual accelerator programme, which provided mentoring, curriculum and infrastructure support to help them enhance their submissions.

After which, the 103 finalists representing 25 countries showcased their solutions at one of six Demo Days locations. The locations include Abu Dhabi, Buenos Aires, Hyderabad, Dublin, Mexico, and Singapore.

Held on 9 June 2017, the Demo Day in Singapore was participated by 17 fintech developers from eight countries.

Commenting on the challenge, Jay Collins, Vice Chairman of Corporate and Investment Banking at Citi, said: "The Citi Tech for Integrity Challenge has successfully crowdsourced game-changing solutions to help public and private sector entities tackle global integrity challenges. The solutions showcased in Singapore highlight how frontier technologies can be applied and implemented to drive integrity."

 

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