UBS launches its fourth Future of Finance Challenge, an open competition for fintech startups and tech entrepreneurs around the world, held every other year since 2015.
UBS is looking for innovative and potentially disruptive technology products and solutions that address these specific challenges to support the transformation of the banking industry:
App stores and platforms
Tech and cyber security
The UBS Future of Finance Challenge lets participants present their products and solutions in a global competition with cash prizes and benefits equivalent to a total value of more than USD 400,000. The prize money for each challenge winner is USD 10,000. Non-cash benefits include over 120 hours of dedicated coaching by UBS experts and mentors, as well as unique access to UBS experts and decision-makers. This year, we are also launching a Female Founder Award, to encourage female entrepreneurs to participate in the challenge. Every entrant with a female executive board member or founder is eligible to win this additional prize, worth USD 10,000.
Group Chief Executive Officer Ralph Hamers: “Technology is central to innovation in the financial industry. We see technology not just as an enabler, but as a differentiator. And we know we need to partner with others and build ecosystems. That’s why we tap into open innovation, into startups and fintechs as a way of bringing new ideas and solutions into our firm and to our clients.”
“The Future of Finance Challenge underscores our commitment to work with fintech start-ups and the broader tech world to shape the future of banking. Participants have a chance to see their solutions being considered for implementation at UBS and appear on the radar of UBS Next, our dedicated investment portfolio for promising startups,” says Mike Dargan, Chief Digital and Information Officer.
The competition winners get a chance to receive UBS’s support in further commercializing and scaling their products and technologies by using the bank’s global presence, deep expertise in banking and its ecosystem of innovation partners. Since 2015, about 50% of the finalists have received additional funding post the Future of Finance Challenge, some with significant funding rounds. The competition demonstrates UBS's ongoing commitment to innovation and underlines the bank’s long-term contribution to the startup community.
The UBS Future of Finance Challenge is delivered in collaboration with Anthemis, Deloitte and Microsoft for Startups. This collaborative approach offers commercial and technical expertise to the those participating in the competition and provides them with access to the innovation pipeline of a leading global financial services firm.
Entries can be submitted at www.ubs.com/innovate. The deadline for submissions is August 6, 2021.
10 participants per challenge will be invited to pitch in a virtual competition final in October hosted from different UBS locations: Zurich, Singapore, London, or New York.
The Regional Finalists will receive the following support and prizes:
Shared across all regional finalists:
120+ hours of dedicated coaching from UBS mentors and partners.
Selected finalists will have the opportunity to accelerate their idea with UBS support and expertise in regional innovation spaces to further validate and commercialize their proposition.
Regional Finals winners:
1st prize winner: USD 10,000
Female Founder Award winner:
Prize winner: USD 10,000