MAS Names 42 Finalists for the 2026 Global FinTech Hackcelerator and Awards, With Zurich Insurance Challenging Startups to Help SMEs Quantify Business Risk

Singapore's financial regulator has moved its annual fintech competition from the application stage to the finals, and the shortlist shows what banks and insurers want from startups. The Monetary Authority of Singapore (MAS) announced on October 19, 2026 that 42 finalists had been chosen for the 2026 Global FinTech Hackcelerator and the SFF FinTech Excellence Awards. MAS had invited applications for both programmes in June 2026, with an earlier outline describing a focus on artificial intelligence in banking, wealth management and risk assessment for small businesses. The finalist announcement confirms those themes and sets the dates for the final stage.

The Global FinTech Hackcelerator is organised by MAS together with the Global Finance and Technology Network (GFTN), a not-for-profit entity set up by MAS. It works by asking established companies, called corporate champions, to set a problem and inviting fintech firms around the world to propose market-ready solutions. This year's three champions and challenges are GXS Bank, a digital bank, which asked for integration of credit and fraud risk modelling in digital banking; Julius Baer, a global wealth manager, which asked how to reimagine wealth management for a digitally native generation; and Zurich Insurance, which asked for help enabling small and medium-sized enterprises to better assess, quantify and proactively manage their business risk exposure. Eighteen finalists were shortlisted. The release names the categories but, in the version reviewed, does not list the finalists themselves, which are in annexes to the announcement.

Prizes and follow-on support are specified. There is one winner per problem statement, three in total, and each receives S$80,000. Finalists can explore pilot engagements with their corporate champion, and can apply for the Global FinTech Hackcelerator Scale-Up Grant under the Financial Sector Technology and Innovation scheme, known as FSTI 4.0. The grant provides follow-on funding for product development, commercial milestones and establishing a presence in Singapore. The finalists present their solutions at a Demo Day on November 18, 2026, held as part of the Singapore FinTech Festival (SFF), which runs from November 18 to 20.

The second programme, the SFF FinTech Excellence Awards, is organised by MAS and the Singapore FinTech Association (SFA), supported by PwC Singapore. It recognises corporates and individuals whose initiatives have significantly contributed to the fintech ecosystem and advanced innovation in financial services. The awards received 131 submissions across six categories. In the five corporate categories there were 119 submissions, and four finalists were shortlisted in each, for 20 in total. The categories are Emerging FinTech, Financial Inclusivity, Regulatory Leader, Sustainable Innovator and a thematic award for AI Champion, and each has one winner receiving S$50,000. The individual category, the FinTech Mentor Award, received 13 submissions and four finalists, of whom three will win S$5,000 each. Adding up the 18 Hackcelerator finalists, 20 corporate finalists and four mentor finalists gives the total of 42 in the announcement. Winners will be revealed at the awards dinner on November 19, 2026.

Eleven organisations contributed to the FinTech Gives Back initiative this year, which supports promising fintech innovators: Finmo, Ripple, HeyMax, Aspire, dtcpay, Experian, LexisNexis, Sfye, Sumsub, Width and YouTrip. Kenneth Gay, MAS's chief fintech officer, said the Hackcelerator and Awards aim to help promising fintech solutions gain industry traction and scale into regional and global markets. SFA president Holly Fang noted that 2026 marks the association's tenth year, and Wong Wanyi of PwC Singapore said the awards are entering a new chapter after their tenth anniversary.

The announcement sits within a wider set of MAS initiatives that the release lists. On July 3, 2026, MAS and industry published a white paper called Safeguards for Agentic Finance at Runtime, or SAFR, on safeguards for AI agents in finance, developed under the BuildFin.ai initiative. On August 26, SFF 2026 was announced with a theme of exploring five forces reshaping global finance. And on August 31, MAS committed S$220 million over three years under the renewed FSTI 4.0 scheme. Together they show a regulator that backs both the technology and the rules around it.

For the insurance sector, the Zurich challenge is the most relevant element. Small and medium-sized businesses often struggle to understand what risks they face and how much cover they need, and insurers struggle to assess those risks cheaply. A solution that helps an owner of a small firm quantify exposures could, in principle, lead to better-targeted cover and lower distribution costs, though the announcement does not describe any specific product and no results can be expected until after the demo day. What readers can verify is the structure: a regulator-backed contest, three corporate problems, S$80,000 for each winner and a route to pilots and grants.

What to watch next is the Demo Day on November 18 and the awards dinner on November 19, where the winners will be named. After that, the useful signs will be whether winners secure pilots with their corporate champions and whether any move to set up in Singapore through the scale-up grant. The competition does not guarantee commercial results, but it shows what problems major financial firms are willing to put in front of startups.