Financial Services Innovation Challenge announces winners
trade and supply chain finance
Services Innovation Challenge were announced on Sunday evening, the culmination
of an event that accelerates digital innovation and collaboration in the
fintech ecosystem.
their solution, which made use of Thomson Reuters, APIs and data analytics.
They won because they used a wide variety of tools and data sources to deliver
a solution that is commercially applicable to trade finance and could be
implemented immediately.
the real winning factor was that Finnovation’s pitch involved taking on live
data on where ships are located and matching it against trade finance
documentation so fraudulent documents could be detected much earlier in the
process.
National University of Singapore (NUS) Business Analytics Centre, challenged NUS
students to innovate in trade and supply chain finance.
partners of the event, with EY, UN Women and DXMarkets providing mentoring and
coaching to the students.
Challenge explores how emerging technologies – such as blockchain, cognitive
analytics and APIs – can bring
innovation to trade and supply chain solutions in Singapore and the
Asia-Pacific region.
students worked on their solutions, as well as practised their pitch
presentations.
and Head of South East Asia and India at ANZ, said: “We’re delighted with the
outcomes from the innovation challenge. Singapore is proving to be a great base
for finding new ways of doing things – tapping into the country’s growing
position as a global fintech centre and the environment that is being built
around it. That environment is creating an ecosystem of talent, energy, diverse
thinking and partners that we’re proud to be a part of. Our event was a great
platform to foster collaboration and innovation, by exposing a group of
incredibly smart students to some of our real-world challenges and encouraging
them to come up with practical solutions.”
Professor Jorge Sanz, Director of the Business
Analytics Centre at NUS, said: “The financial services industry needs
constructive innovation, moving value-creation from potential technologies into
new revenue streams and/or savings. It is high time that good ideas from new
technologies leave the pretence of ‘disruption’ to deliver instead concrete
economic and societal improvements through existing financial services organisations.
We educate our students in Business Analytics to work with Financial Services,
Content Providers and Technology Solutions enterprises and co-create real-life
Financial Services Technology solutions beyond the comfort of a laboratory or
just ‘promising thinking’. This innovation challenge, organised with some of
our main industry partners, is a model event for the education we want our
young students to build upon.”
Dirk Claessens, Vice President, IBM Asia Pacific,
Analytics, said: “Talent and skills development, especially in new
technology, is an integral part of IBM’s strategy and continued commitment to
innovation and our partnership with ANZ Bank. IBM Bluemix, Watson and Blockchain
technologies are optimal building blocks in the development of technology
pilots, including finance and trade industries as is the case with this
Innovation Challenge. With our IBM experts in Bluemix, Watson Analytics,
Blockchain, Trade Finance, UX/UI and Design Thinking working with and mentoring
participants, we look forward to what will surely be creative and progressive
outcomes.”
For the LATEST tech updates,
FOLLOW us on our Twitter
LIKE us on our FaceBook
SUBSCRIBE to us on our YouTube Channel!
