Singapore's FinTech Festival has just launched the first phase of its Hackcelerator initiative, which aims to deliver innovative and production-ready FinTech and InsurTech solutions within the Asia Pac market.
The team has now gathered and released 100 challenges from a combination of banks, insurers and other financial institutions.
The challenges include:
- KYC/ Identity Authentication
- Trade Finance
- Financial Literacy
- Financial Inclusion & SMEs
- Customer Engagement
- Portfolio Management
- Capital Markets
- Generic Topics and
Asia Pac insurers seem to be looking for enabling solutions in the areas of claims automation, smart contracts, end to end digital insurance platforms, social media-led engagements, smart pricing, drones, fraud prevention, natural catastrophe prediction and human-centred statement disclosure.
I feel that many well-known InsurTech startups, we have seen across the European markets could support this interesting set of topics.
Startups including RightInDem (customer driven digital claims management + cost efficiency + fraud), Helperbit (P2P + blockchain + natural catastrophe prediction), BoughtByMany (social media led engagement), Doorda, Fitsense, BuzzMove, Domotz (smart pricing + advanced underwriting techniques), Insly, Surely, Kasko (end to end digital insurance platforms), Drox (Drones), Nominet (Flood-led natural catastrophe prediction system) could potentially do well within the Asian markets.
Many of the other topics listed above though are as relevant to banks as they are to insurers.
For instance, CoViAnalytics which aims to make compliance simple, would fit in the RegTech category and help codify regulation as well as automate regulatory interpretation and reporting.
We have solicited 100 technology problem statements from the financial industry. The Global FinTech Hackcelerator will create impactful, market-ready, fintech solutions that solve real industry needs. The global FinTech community and the financial industry submitted problem statements for the Global FinTech Hackcelerator. They also identified potential applications of technology to address these challenges.