UBS on search to find innovative start-ups with ideas to “transform” banking
Financial services firm is offering $50,000 for businesses with solutions to improve client experience, efficiency, security and financial products
Financial services firm UBS has launched its Future of Finance Challenge, a competition to find financial technology (fintech) businesses from around the world with “innovative and potentially disruptive ideas” to transform the banking industry.
UBS is looking to find solutions to four banking challenges which includes improving client experience, building an efficient operating model, ensuring security and creating superior financial products.
The overall winner of the initiative, backed by Level39 and JFDI.Asia, will receive a cash prize of $50,000 alongside mentoring from USB to commercialise and scale their idea.
Regional and global finalists will also receive cash prizes and “acceleration opportunities” worth more than $300,000, as well as 300 hours of coaching and mentoring.
To be eligible, businesses must have incorporated on or after 1 January 2010, have an annual turnover lower than $3m, have raised less than $10m in total (no more than Series A or B funding) and should also have developed a demo or prototype of a product, service or application focused on banking or finance.
A maximum of 15 participants will be shortlisted to attend Immersion Workshops in either Singapore, London, New York or Zurich – with three regional winners chosen for a final pitch at the global final in Zurich on 10 December.
Sergio P. Emotti, UBS CEO, commented: “Financial services companies must have a desire to understand how technology can help them adapt to changing economic forces and new client and employee behaviours.
“We aim to support the pioneers who are transforming our industry and work with them to provide even better services to our clients. I strongly encourage every ambitious fintech start-up to enter this exciting challenge.”
Interested businesses can apply here.