Singapore, November 4, 2022: norbloc has been awarded top prize at the Singapore FinTech Festival’s Global FinTech Hackcelerator. Winners were announced by the Monetary Authority of Singapore (MAS) during an awards ceremony held to conclude the program which was kicked off in October. As one of 17 participants, norbloc was awarded for its blockchain-based data sharing platform, Fides, a solution that is capable of supporting a distributed KYC utility and has been successfully implemented in the UAE as part of the UAE KYC Blockchain Platform.
“Winning the award is not only recognition of our efforts but also a sign that the Fides platform answers deep market needs”
“Winning the award is not only recognition of our efforts but also a sign that the Fides platform answers deep market needs,” said Vitalii Demianets, norbloc’s Co-Founder and Chief Architect. “Our vision of a fully decentralized fintech ecosystem clearly resonates with the vision of market leaders here in Singapore and being part of the Global FinTech Hackcelerator program gave us good exposure to the ASEAN financial ecosystem. Our experience being part of the program and winning the award strengthens our view of Singapore as a global innovation leader and a place to be for future-oriented fintech companies like norbloc.”
As winners of the Hackcelerator, norbloc is awarded S$50,000 and the opportunity to run a Proof-of-Concept with major entities in the Singaporean financial landscape as we have qualified to be fast-tracked for the Financial Sector Technology Innovation (FSTI) Grant from MAS. To reap the benefits of this experience and the momentum that we have built, now, norbloc is in the process of setting up our presence in Singapore as a strategic position for access to the ASEAN ecosystem.
“We look forward to seeing their continued success in accelerating the development of Web 3.0 with regard to building a distributed KYC utility [in the region].”
“As one of the winners of the MAS Global FinTech Hackcelerator, norbloc has demonstrated the strength of their Fides solution in addressing the challenges in the financial services industry. We look forward to seeing their continued success in accelerating the development of Web 3.0 with regard to building a distributed KYC utility [in the region],” said Tanuj Bhojwani, Principal at Oliver Wyman.
About Global FinTech Hackcelerator
The MAS Global FinTech Hackcelerator, powered by Oliver Wyman, publishes high-priority industry challenges, and invites RegTech and FinTech solution providers to address how they intend to solve these challenges with their proprietary solutions.
The 2022 theme for the Global FinTech Hackcelerator is “Accelerating a Greener Digital Future” with dual focus on Web 3.0 and Green Finance. The MAS and Oliver Wyman shortlisted 10 finalists for the local program, while another 7 seven finalists came from the international partner program. The 3 winners of the Global FinTech Hackcelerator were selected at Demo Day, held during SFF on 2 November 2022, where the 17 finalists pitched their innovations to an international industry panel.
For more information, please read MAS press release
norbloc is a Swedish company founded in 2016 that specializes in secure and legally compliant sharing of KYC data. As part of the Global FinTech Hackcelerator, norbloc pitched its data sharing platform Fides, which is a distributed, privacy-preserving, data sharing platform that enables the exchange of highly confidential data in a secure and sovereign manner. Any type of legally sensitive data can be shared through the platform between any accredited participant. Norbloc’s KYC/KYB platforms enhance data privacy and security and mitigate systemic risk.
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