Launched by SWIFT in 2009, the Innotribe Startup Challenge introduces industry decision-makers and early-stage investors to emerging innovations poised to transform the financial services industry. The announcement was made at Sibos 2013, being held September 16-19 in Dubai.

"The Innotribe Startup Challenge presents a unique and valuable opportunity for SAP to collaborate with emerging technology talent globally along with banks, investors and other industry influencers," said Don Trotta, global head, Banking Industry Development, SAP. "This initiative aligns closely with SAP's ongoing commitment to leading on innovation for financial services. We are very excited about being able to foster and support young companies dedicated to bringing new and innovative solutions that can help transform the industry and improve people's financial lives around the world."

Bringing together technology industry influencers, innovators and start-ups, the Innotribe Startup Challenge aims to develop promising financial technology and services. A year-round program, Innotribe features three invitation-only regional showcases in the U.S., Asia and Europe. Participants engage in discussions of emerging innovations, pitch their ideas and network with industry leaders. The challenge culminates at Sibos, SWIFT's annual conference, where finalists showcase their innovations to an audience of venture capitalists, angel investors and key industry professionals. In 2014, the winner will be awarded a US $50,000 prize.

In 2013, the challenge drew more than 200 applications that were evaluated by a panel of expert investors and financial industry professionals. Fifteen finalists from the regional summits will present to a global audience of financial institutions at the Innotribe space at Sibos on September 18.

"We are very happy to have SAP on board as a Global Sponsor for 2014," said Nektarios Liolios, executive producer of the Innotribe Startup Challenge at SWIFT. "SAP embraces continuous and strategic innovation as a key driver of the financial services industry, and will be a strong partner as we nurture top talent and connect leading innovators to industry influencers."