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Allen & Gledhill sponsors S$50,000 in legal credits for the first Allen & Gledhill FinTech prize
14 Nov 2017

​Allen & Gledhill is proud to announce its support of the 2017 Global FinTech Hackcelerator, one of the key highlights of the Singapore FinTech Festival.  The Firm will sponsor S$50,000 in legal credits for the inaugural Allen & Gledhill Fintech Prize. While the Festival is in its second year, this marks the first time that such a prize (in the form of legal credits) has been offered to a winner of the Global FinTech Hackcelerator. This is also the first time that a Singapore law firm has been involved in the sponsorship of awards for winning FinTech businesses.

The Allen & Gledhill FinTech Prize to be awarded on Thursday, 16 November, entitles the winning team to up to S$50,000 of legal value-add services or legal “credits”. These legal “credits” may then be used to obtain legal advice from the Firm’s sector experts in financial services, technology, intellectual property and privacy laws, and to receive assistance with the drafting of documents. The award will help the winning team navigate through the legal and regulatory issues which they might encounter during the process of bringing their solution to the market. The award of the prize will be judged by Adrian Ang and Alexander Yap, Co-heads of Allen & Gledhill FinTech practice. In addition to the award, Allen & Gledhill will provide smaller-scale assistance to other selected Global FinTech Hackcelerator finalists by way of conducting legal clinics. The Firm will also be engaged in other activities in the Festival such as legal seminars on Friday, 17 November.

Allen & Gledhill is honoured to partner the Singapore government and its authorities in supporting the growth of the country’s reputation as an international FinTech Hub. 

“This prize is a milestone as it acknowledges the significance of the legal sector in the overall FinTech ecosystem, and we are proud to be a representative of the Singapore legal community in supporting new FinTech businesses. While businesses face complex issues in the development and operationalisation of their products and services, the regulatory environment should not be given secondary importance. As one of the leading and largest legal service providers in Singapore and South-east Asia, we have seen firsthand, how unfamiliarity with FinTech legal requirements can be fatal to interesting new start-up ideas. We are therefore excited to be able to share our expertise and experience with the winner of the Allen & Gledhill FinTech Prize.” said Allen & Gledhill FinTech Department Co-head, Adrian Ang.  
 
For more information about Allen & Gledhill's FinTech practice, please click here.
 
About the Singapore FinTech Festival and the Global FinTech Hackcelerator Programme
 
The Singapore FinTech Festival, which commenced on Monday, 13 November and runs until Friday, 17 November, provides a line- up of distinct FinTech events, ranging from discussions and demonstrations to debates. The event caters to start-ups, technology companies, investors, financial institutions, research institutes and innovation professionals in the global FinTech space.
 
As part of the effort to assist up-and-coming FinTech businesses, the Festival offers a Global FinTech Hackcelerator Programme, which invites start-ups from across the globe to address problems identified by the international FinTech and financial services community. Start-ups which applied to the programme were required to demonstrate how they could innovate to address these problems. 580 submissions were received from over 40 countries. Of these submissions, 20 teams were selected and matched with industry champions, to customise their proposed solutions into contextualised prototypes ready for adoption. The top three winning start-ups will be awarded cash prizes.

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