By Nayela Deeba
Sept. 15, 2016
Students from the National University of Singapore (NUS) were crowned winners of the recent ANZ-NUS Financial Services Innovation Challenge.
The event, which was organised by ANZ Bank and NUS, challenged students who study business analytics to come up with trade and supply chain solutions.
As such, the judges announced NUS' Finnovation team as winners because they made use of Thomson Reuters, application programming interfaces (APIs) and data analyticsto deliver a solution that is commercially applicable to trade finance and could be implemented with immediate effect.
Furthermore, the solution made it easier to detect fraudulent documents on ships by matching live data on the ship's location with trade finance documentation.
Tech firms such as IBM, Thomson Reuters and GitHub supported the event, and Ernest & Young (EY), UN Women and DX Markets provided coaching to students who took part in the event. The students worked on pitching ideas and solutions over the weekend on 10th and 11th September respectively.
The Financial Innovation Challenge typically explores how emerging technologies,such as blockchain and APIs, can bring innovation to supply chain solutions in the Asia Pacific region.
"The financial services industry needs constructive innovation, moving value-creation from potential technologies into new revenue streams and/or savings. It is high time that good ideas from new technologies leave the pretence of 'disruption' to deliver instead concrete economic and societal improvements through existing financial services organisation," said Professor Jorge Sanz, Director of Business Analytics Centre at NUS.