The Monetary Authority of Singapore and the Association of Banks in Singapore have awarded 10 financial software companies a total of S$1.15 million ($808,549).

The awards took place at a 'fintech awards' ceremony that formed part of the Singapore FinTech Festival and came in recognition of innovative software set up by IT start-ups, financial institutions and technology companies.

The ABS Global FinTech Award (for a fintech project implemented in any part of the world by any company) of S$150,000 went to BioCatch.

There were three MAS FinTech Awards (for Singapore-based companies of any size) that went to Pole Star Space Applications Ltd (S$50,000); M-DAQ Pte Ltd (S$100,000); and fastacash Pte Ltd (S$250,000).

Three other MAS FinTech Awards (for Singaporean small-to-medium firms, i.e. firms with annual sales turnovers of not more than SGD$100 million and/or fewer than 200 workers) went to Funding Societies (S$50,000); Turnkey Lender (S$100,000); and Tookitaki (S$150,000).

Three further MAS FinTech Awards (which go to any firm with a physical office in Singapore that has at least one Singaporean founder, not necessarily with a majority of shares) went to FinChat Technology (S$50,000); Aimazing (S$100,000); and CashRun (S$150,000).

The MAS FinTech Awards, according to the regulator, are designed to celebrate the spirit of innovation and creativity in Singapore’s financial sector.