Launch of The UBS Future of Finance Challenge – collaborating with the next generation of startups and entrepreneurs
Zurich/Basel, 12 August 2015 – Today, UBS launches The UBS Future of Finance Challenge, an open competition for entrepreneurs and technology startups around the world. UBS is looking for innovative and potentially disruptive technological ideas and solutions that will support the transformation of the banking industry. It is UBS’s aspiration to support the competition winners in their bid to commercialise and scale their ideas and technologies by leveraging on its significant global presence, deep expertise in global banking and eco-system of innovation partners. Rewards for the regional and global finalists include cash prizes and acceleration opportunities worth over USD $300,000 and over 300 hours of dedicated coaching and mentoring from UBS experts and partners.
As the financial industry faces disruption and rapid technology change, UBS seeks to further progress by searching for solutions to four challenges for banks going forward: delivering the ultimate client experience, offering superior products, building an efficient operating model and ensuring security in banking. By inviting entrepreneurs and startups to present their ideas, UBS also supports a more open and collaborative financial services industry.
The UBS Future of Finance Challenge will be delivered in collaboration with several of the leading Fintech crowd-working and accelerator spaces including Level39 and JFDI.Asia, as well as the innovation agency 100%Open. This collaborative approach offers commercial and technical expertise to the innovators participating in the competition, and provides them with access to the innovation pipeline of a leading global financial services firm at the same time.
Check out the website now: www.ubs.com/innovate
«Financial services companies must have a desire to understand how technology can help them adapt to changing economic forces and new client and employee behaviors. We aim to support the pioneers who are transforming our industry and work with them to provide even better services to our clients. I strongly encourage every ambitious Fintech startup to enter this exciting challenge.»
Sergio P. Ermotti, Group Chief Executive Officer
«Digital disruption is driving an unprecedented transformation of our industry and radical new technologies present a unique opportunity for a step-change to our client offerings. Fostering an open and collaborative ecosystem between banks, technology firms and start-ups is critical to drive new innovation forward. I am very excited to be supporting the participants in this competition.»
Oliver Bussmann, Group Chief Information Officer
«Level39 working closely with world-leading financial organizations such as UBS reinforces the fact that even the giants of the industry are truly embracing reinvigoration and transformation. The UBS Future of Finance Challenge ethos, bringing disruptive technologists with ground-breaking ideas and putting them together with experts in financial services, demonstrates not only the forward-thinking nature of UBS but the importance of the Fintech startup and innovator community in the wider industry.»
Eric Van der Kleij, Head of Level39, Canary Wharf Group
- Entries should be submitted at www.ubs.com/innovate. The deadline for submissions is September 23, 2015.
- Participants will be divided into 4 regions: Asia-Pacific (including Japan and Australia), EMEA (Africa & Western Europe), EMEA (Central and Eastern Europe, Middle East & Russia) and Americas.
- A maximum of 15 participants per region will be shortlisted to attend Immersion Workshops in either Singapore (November 2 & 3), London (November 5 & 6), New York (November 9 & 10) or Zurich (November 12 & 13).
- Three regional winners from each region will be selected to do a Final Pitch at the Global Final to be held in Zurich on December 10, 2015.
- All participants must attend the Immersion Workshops / Global Final in person.
The regional and global finalists will receive the following support and prizes:
Shared across all regional and global finalists:
- 300+ hours of dedicated coaching and mentoring from UBS experts and partners
- Up to eight regional innovation spaces to be allocated by UBS
- Global 1st prize winner: USD $50,000
- Global 2nd prize winner: USD $20,000
- Global 3rd prize winner: USD $10,000
9 Global runner-ups:
- USD $5,000 (each)
Full details on the competition can be found at www.ubs.com/innovate.
UBS Group AG
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 57
APAC: +852-297-1 82 00