Shanghai Pudong Development Bank (SPD Bank) holds first overseas Global Fintech Competition in Singapore
Singapore, 14 November 2019, Shanghai Pudong Development Bank, one of the leading banks in China, held its first overseas global Fintech competition in Singapore, following two successful runs in Shanghai. Into its third installation this year, the “SPD Bank Global Innovation JAM 2019” which drew more than 120 participants from 13 countries, is a significant step towards SPD Bank’s move to build a world-class digital banking ecosystem.
Citing robust economic environment and rich innovative culture as some of the pull factors for making Singapore the hosts of its first overseas Fintech competition, Mr Pan Weidong, Acting President of SPD Bank, said, “Singapore not only has strong regulatory policy support, a developed economic and financial environment, but also owns a rich atmosphere of innovation, which provides favorable conditions for financial technology innovation. The future of banks must be customer-oriented and data-driven. Banks need to be able to sense and respond to customer needs in real time, giving service advice anytime, anywhere. One of the core purposes of Shanghai Pudong Development Bank’s Global Fintech Competition is to provide high-potential technology startups with real life business scenarios to promote the integration of finance and technology, empower the society, and enhance the realization of inclusive finance.”
Since the start of registration in end-August, the “3rd SPD Bank Global Innovation JAM 2019” has solicited strong interests from more than 72 companies from over 13 countries ranging from the China and Singapore, to the United States and Israel. 106 Fintech solutions have been submitted for the competition with innovative takes on digital scenarios such as inclusive finance, supply chain finance, wealth management ecosystem, AI-assisted investment research, digital privacy protection and cybersecurity.
Following more than 5 hours of LIVE contest, imVision software Technology, Ltd. was awarded the Platinum Prize, DataVisor, Inc was awarded the Gold Prize, CloudDeep Technology and BlockTEST LLC the Silver Prize, while RootAnt Global Pte.Ltd.; Compliy; Transwarp Technology (Singapore) Pte.Ltd.; and Juzhenyuan (Shenzhen) Technology Co., Ltd. were awarded the Bronze Prize. These companies were chosen from 8 competing teams in the Finals Roadshow. These companies may have the opportunity to collaborate with Shanghai Pudong Development Bank in the field of technological innovation as per mutual agreement.
Organised by SPD Bank, co-organised by Microsoft and Temenos, and supported by the Singapore Fintech Association, Mastercard and KPMG, the “3rd SPD Bank Global Innovation JAM” aims to expand the technological horizons of the bank’s financial ecosystem, discover talented tech companies with a unique suite of technological offerings, and provide a ready platform for the advancement of financial technologies in the relevant areas of “financial services” and “pan financial services”.
“Digital transformation enabled by cloud, big data and artificial intelligence is providing enormous opportunities to every industry and every organization. The financial services sector is powering economies across Asia and is leading the way through the innovation of its products and services,” said Ralph Haupter, Microsoft Corporation VP, Microsoft Asia and Corporate President. “This global fintech competition by SPDB brings together the top talent from the region to brainstorm and co-create technological solutions to address the most important challenges facing the industry. We believe, this initiative will accelerate the development of the fintech ecosystem and it is heartening to see it grows from strength to strength.”
For more information, pls contact:
SPD Bank Singapore Branch
Manager, Corporate Communications
Assistant to GM
+65 6801 7809 / +65 91907689
Citing Singapore’s strong regulatory support, developed economy and rich atmosphere for innovation as the main reasons for hosting the bank’s first overseas Global Fintech Competition here, Mr Pan Weidong, Acting President of Shanghai Pudong Development Bank, hopes to provide high-potential technology startups with real life business scenarios to promote the integration of finance and technology, empower the society, and enhance the realization of inclusive finance
About SPD Bank Global Innovation JAM
Shanghai Pudong Development Bank (SPD Bank) held its first Global Fintech Innovation JAM in November 2018 and has since successfully conducted two editions in China. The Competition aims to provide a ready platform for tech companies, industry friends, innovative platform and incubators to congregate and share ideas on breakthrough solutions in the banking and finance industry through technology. To date, SPD Bank has invested more than RMB 10million on winning solutions from the past two editions, bringing innovative ideas to fruition. At present, a number of innovative projects have been successfully introduced, including naked-eye 3D imaging, natural language recognition and processing, intelligent correlation mapping, and secure multi-party computing.
About Shanghai Pudong Development Bank
Shanghai Pudong Development Bank Co., Ltd. (SPD Bank) was founded on August 28, 1992 with the approval of the People’s Bank of China and has been operating since January 9, 1993. It is a nationwide joint-stock commercial bank listed in 1999 on the Shanghai Stock Exchange. As one of the leading banks in China, SPD Bank has a total asset size of RMB 6.66 trillion as at end-June 2019. Currently, SPD Bank has 41 branches and almost 1,700 outlets globally, with more than 50,000 employees. SPD Bank is ranked 24th in the “Top 1000 Banking brands worldwide” by UK publication, the Banker, in January 2019 and 7th among Chinese banks. In June 2019, SPD Bank was ranked 216th among Fortune 500 companies.