KPMG Partners Central Bank of Singapore on FinTech

• KPMG Partners Central Bank of Singapore on FinTech

KPMG Nigeria in collaboration with the Monetary Authority of Singapore (MAS) will be sponsoring a Global FinTech Hackcelerator programme as part of the annual Singapore FinTech Festival which will take place from November 13-17.

Speaking at a press briefing in Lagos at the weekend, the Senior Manager Fintech Practice, KPMG, Ladi Asuni, said the festival was expected to bring over 30,000 people from the global financial community together for a week-long expose of financial technology.

He stated that the Global Financial technology Hackcelerator 2017 is powered by KPMG Digital Village.

He added that it was aimed at looking for the most innovative start-ups from all over the world, who can address challenges in the areas of customer engagement, lending, insurance, asset management, and financial inclusion.

Asuni explained that the programme aims to get 1,000 applications from FinTech start-ups across the globe, adding that the top 20 teams would be selected for a 12-week Hackcelerator programme in Singapore.

He stressed that each team would receive a stipend of $20,000 and they would be matched with industry champions to customise their prototypes into market-ready solutions for adoption.

“The top three teams would receive an additional cash prize of S$50,000 each. Financial Technology outfits across Nigeria have been asked to apply for the ‘Hackcelerator’ programme, and demonstrate how they can innovate to address the highlighted problem statements.

“The 20 shortlisted Fintechs will have the opportunity to work with KPMG as well as industry experts to further conceptualise and develop workable pro-types ready for the market.

“Last year 700 applied. For this year, we are expecting 1,000 applications. Out of the 1,000, the top 20 will be selected for the hackcelertor programme which will be beginning from August 28 to 16 November, where the three finalists will be selected. ”

Asuni added that one of the benefits of the programme is that it would empower start-ups to be able to respond to financial solution challenges which cut across Nigeria and other locations across the world.

In his remarks, the Partner and Head, Fintech at KPMG in Nigeria, Boye Ademola, said they have realise that there are several Financial Technology solutions with brilliant solutions in Nigeria.

He added that the country have individuals who can create Financial Technology solutions that solve deep industry issues with global applicability.

Ademola added: “We are therefore inviting Nigerian FinTechs to take advantage of the Global FinTech Hackcelerator to showcase their solutions and bring Nigeria to the forefront as a leading FinTech hub. Interested individuals or teams are required to submit their applications before the deadline of July 15.”