UBS dangles $200,000 carrot to woo startups to fintech challenge
16 June 2017 | 8322 views | 0
UBS is promising funding of up to $200,000 to run proof-of-concept or pilot trials for outstanding startups emerging from its second global Future of Finance competition.
The Swiss bank is inviting startups from around the world with innovative and potentially disruptive technological ideas to apply for participation in the contest by end-July.
The bank is looking for a maximum of 40 startups, grouped into four regional geographic areas, to join the competition and sign up for 250 hours of dedicated coaching and mentoring as they refine their ideas. Participants will be expected to address four specific niches, defined as Ecosystem, RegTech and LegalTech, Investment Banking 4.0 and Wealth in the Digital Age.
Demo day finals will take place in Hong Kong, New York, London and Zurich in the autumn. The winners from each region will qualify for a $20,000 cash prize and the prospect of a $200,000 cash injection to take the idea into production.
UBS Group COO Axel Lehmann, says: "Technological enhancements present a unique opportunity for a step-change to our client offering. We aim to support fintech companies and organizations who are transforming our industry and work with them to provide even better services to our clients. I strongly encourage ambitious, growing fintechs to enter this exciting competition."