Global financial technology leader FIS announced the expansion of its annual InnovateIN48 fintech competition to include early-stage fintech startups in the APAC region. Originally an employee-based innovation competition in 2013, FIS expanded the InnovateIN48 program to students in 2021. InnovateIN48-Partner Edition is the first time the company has hosted an ideation competition for startups in the APAC region.
Open to early-stage APAC fintech startups with market-ready solutions, InnovateIN48-Partner Edition welcomed nearly 200 companies from 11 markets, including India, Singapore and Australia, to develop and pitch their innovative ideas to FIS leaders within a 48-hour window. Participants had the option to create standalone solutions or integrate their ideas with FIS technology to solve industry challenges – all under the 2022 themes of Data Innovation, Digital Assets, and AI in Fintech.
Keynote speaker Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore, and other speakers discussed current industry trends aligned with these themes, while registrants from 35 countries learned about FIS’ innovation ecosystem, products and APIs.
Winners of the 2022 APAC competition will receive support from event partners and regulators, including a possible entry (subject to eligibility criteria) into the regulatory/innovation sandbox and fintech grants (as applicable) from IFSCA, which is a unified regulator regulating financial products and services in the specially created jurisdiction of IFSC in India. Those selected will also have potential opportunities to further develop their ideas and build a proof-of-concept through FIS initiatives such as FIS Impact Ventures, FIS Fintech Accelerator and FIS Alliance Network.
“InnovateIN48 is in its tenth year at FIS and we’re thrilled to open the competition to startups in the APAC region, one of the fastest growing economies in the world,” said Vishad Gupta, Head of the Global Delivery Organization at FIS. “Our goal is to engage early innovators who have new ideas with a lot of potential to help shape how the world pays, banks and invests. We’re so pleased to have worked with such a strong group of cohorts and congratulate all the finalists on their outstanding presentations.”
SOURCE: Businesswire