Innovation matchmaking platform Matchi has launched a global fintech innovation challenge, inviting aspiring startups to pitch working prototypes to a pool of global banks.
Launched in November 2013, Hong Kong-based Matchi has so far signed up 30 member banks, including three sponsors from Caixabank, Standard Bank of South Africa, and Israel's Bank Hapoalim. Bank members can use the platform to post specific challenges to the Matchi innovator community.
For the global fintech event, applicants are invited to submit proposals across six different challenges that include security & fraud reduction, mobile payments & customer service, lending & alternative financial services, personal financial management & investment, business banking & SME's, and corporate banking.
Entries close on 24 October, after which 20 finalists will be selected from the pool of completed responses. The six highest ranking firms will then be invited to present their working prototypes in person to sponsor banks and others at the Matchi Innovation Sponsor Summit on 4-5 December 2014 in South Africa.
The remaining 14 finallists (or runners-up) will win exhibition spaces (valued at $1500 each) at the Standard Bank Fintech Innovation Showcase in Johannesburg, South Africa.