Westpac sets aside $50,000 for 2019 Innovation Challenge winner

Westpac sets aside $50,000 for 2019 Innovation Challenge winner

Westpac has set up a $50,000 prize pot to tempt startups to enter its 2019 Innovation Challenge, which this year is focusing on a new wave of data-driven initiatives based on the recent passage of Consumer Data Right legislation.

The Challenge asks entrants to create a solution using data to solve a business problem specific to one of five different sectors: micro business, energy, insurance, aged care or government.

In 2019, data in Australia is gaining momentum through the passage of Consumer Data Right legislation and the phased introduction of Open Banking from February 2020, which will allow consumers and third parties to access bank account data.

Kate Cooper, Westpac head of innovation, says: “We’re looking for innovative ideas that help businesses which operate in highly regulated or scrutinised sectors overcome unique challenges and deliver value for customers.

“A key part of the Challenge this year will be involving Westpac’s commercial and institutional customers, and enabling a platform for innovative start-ups to meet potential customers and collaborators"

Five finalists will be chosen to pitch their idea on 4 December 2019 in front of a live audience and a judging panel.

The 2019 Westpac Innovation Challenge will be launched at an official event at the Sydney Startup Hub today. Applications close at 11.59pm AEST, Sunday 20 October 2019.

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