UBS has launched The UBS Future of Finance Challenge, an open competition for entrepreneurs and technology startups around the world.
The Swiss banking giant is looking for innovative and potentially disruptive technological ideas and solutions that will support the transformation of the banking industry.
The deadline for submissions is September 23, 2015.
It is UBS’s aspiration to support the competition winners in their bid to commercialise and scale their ideas and technologies by leveraging on its significant global presence, deep expertise in global banking and eco-system of innovation partners.
Rewards for the regional and global finalists include cash prizes and acceleration opportunities worth over USD $300,000 and over 300 hours of dedicated coaching and mentoring from UBS experts and partners.
As the financial industry faces disruption and rapid technology change, UBS seeks to further progress by searching for solutions to four challenges for banks going forward: delivering the ultimate client experience, offering superior products, building an efficient operating model and ensuring security in banking. By inviting entrepreneurs and startups to present their ideas, UBS also supports a more open and collaborative financial services industry.
The UBS Future of Finance Challenge will be delivered in collaboration with several of the leading Fintech crowd-working and accelerator spaces including Level39 and JFDI.Asia, as well as the innovation agency100%Open. This collaborative approach offers commercial and technical expertise to the innovators participating in the competition, and provides them with access to the innovation pipeline of a leading global financial services firm at the same time.
Sergio P. Ermotti, Group Chief Executive Officer at UBS said, “Financial services companies must have a desire to understand how technology can help them adapt to changing economic forces and new client and employee behaviors. 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 startup to enter this exciting challenge.”
Participants will be divided into 4 regions: Asia-Pacific (including Japan and Australia), EMEA (Africa & Western Europe), EMEA (Central and Eastern Europe, Middle East & Russia) and Americas.
A maximum of 15 participants per region will be shortlisted to attend Immersion Workshops in either Singapore (November 2 & 3), London (November 5 & 6), New York (November 9 & 10) or Zurich (November 12 & 13).
Three regional winners from each region will be selected to do a Final Pitch at the Global Final to be held in Zurich on December 10, 2015.
Full details on the competition can be found at www.ubs.com/innovate.
