FTV Singapore Challenge for Port Trust

The government of Andhra Pradesh in India (Fintech Valley Vizag) and MAS have a strategic partnership and are encouraging Fintechs in the Singapore region to get market access to the government and Banking/Financial Services Corporates in India. This challenge will be conducted at Singapore during the Singapore Fintech Festival.

Port customers who are desirous of utilizing the services in Vizag port are presently required to submit Bank Guarantees to secure due payments to the Port on account of shortfall of charges for services rendered to them. But the bank guarantee issuance and encashment is time consuming resulting in revenue loss and moreover increasing the operating cost, as it is largely paper driven. We are looking at the use of emerging technologies which can help automate process of Bank Guarantee issuance, redemption and extensions along with all the stakeholders.

Timelines:
• Innovation Challenge Application Entry :31st October - 7th November
• Application Shortlisting :8th – 9th November
• Announcement of Short Listed startups :10th November
• In Person Demo :11th - 12th November
(Location : TBD in Singapore)
• Final Demo :15th November
(Location: India Pavilion, Singapore Fintech Festival)


Opportunity:

• The winners of the Innovation Challenge get an opportunity to do a Proof of
Concept (PoC) with the Indian Government in the state of Andhra Pradesh
• Fintech Valley Vizag will provide the infrastructure support for the same
• PoC will be funded by MAS and Government of Andhra Pradesh subject to
conditions