The Open Innovation Platform (OIP), an initiative by the Info-Communications Media Development Authority of Singapore (IMDA), aims to connect real business challenges to problem solvers.
The New Gen Infotech Private Limited (New Gen) is a Singapore-based Smart Digital software product development solution company. The company was founded in 2013 with a vision to create paradigm shifts through the delivery of unique technology solutions. Their key customer segments include financial institutions, the maritime industry and the retail industry within Asia.
New Gen is calling for submissions to address a growth opportunity in trade financing. Today, trade financing requires extensive, complicated and labour-intensive Letter of Credit document screening process and extend to verify the details against Anti-Money Laundering (AML) checks and customer due diligence checks, regardless of the quantum of the transaction.
As a result, 50% of SME funding applications are rejected by banks due to their relatively small funding amount vs the cost of processing the transaction and the inherently higher credit risk of a SME. An opportunity lies in unlocking the underserved global trade finance business value (estimated at $1.5 trillion annually) and enable SMEs to receive the credit support needed to continue their business.
New Gen is looking to leverage technology to create efficiencies and streamline both the process of evaluating transaction requests, as well as the process of monitoring the associated global financial regulations. This would make it more cost-effective for banks (thereby increasing their likelihood of supporting SME requests) and more straightforward for SMEs (thereby increasing their ability to submit requests that clearly conform to regulations).
How might we make the process of trade financing transaction documentation screening (i.e. AML and KYC checks) more efficient and streamlined, so that we make it more cost-efficient for financial institutions to support SME’s trade financing transactions?
WHAT ARE WE LOOKING FOR
There are no restrictions on the geographic location of the problem solvers who may choose to apply to this challenge. However, the prototype needs to be demonstrated in Singapore.
POSSIBLE USE CASE
WHAT’S IN IT FOR YOU
30% of the prize money will be awarded to each selected finalist at the start of the prototype development process, with the remainder 70% to be awarded during the prototype development process, based on milestones agreed between New Gen and the solver.
Note that a finalist who is selected to undertake the prototype development process will be required to enter into an agreement with New Gen that will include more detailed conditions pertaining to the prototype development.
We are open to global and Singapore-based individuals, research providers and companies that have digital technology expertise and innovation capabilities. Some of these include Info-Comm and Media (ICM) start-ups, SMEs and larger companies. Problem Solvers should have the ability and desire to co-create and innovate with Problem Owners or/and other partners to translate their ideas into solutions that can address real business needs.
Global solvers may apply for challenges on the OIP. However, from time to time, some Problem Owners may require applicants to have a physical presence in Singapore in order to perform a demonstration of the Proof-of-Concept or Prototype. Global applicants must be prepared to bear the additional cost of travel. Applicants are encouraged to check the respective challenges if there are such requirements before applying.
Technical details of the problem statements as well as information related to the innovation calls can be found on the IMDA Open Innovation Platform (OIP) which you will be redirected to after clicking on the 'Proceed To Details' button below and filling up a short form with your basic information.