These are the Official Rules of The UBS Future of Finance Challenge.

No purchase or payment neccessary; void where prohibited.

By participating in the Competition, you accept and agree to abide by these Official Rules and represent and warrant that you meet the eligibility requirements. In addition, you agree to accept the decisions of UBS as final and legally binding in all respects.

Updated on 13th August 2015

1.1 The UBS Future of Finance Challenge (the “Competition“) is sponsored and administered by UBS AG, P.O. Box, 8098 Zurich, Switzerland (“UBS“).

1.2 All Challenges in the Competition will be set, moderated, administered and managed by UBS.

1.3 All Participants agree and accept that UBS’s decisions on all issues relating to the Competition, including eligibility, shall be final and legally binding in all respects.

2.1 To enter the Competition, participants must either be :

(a)(i) individuals of 21 years of age or older;

(ii) not subject to any bankruptcy or insolvency proceedings or any proceedings relating to the protection of rights of creditors;


(b)(i) start-ups or small & medium-sized enterprises (SMEs) that are ongoing business concerns; and

(ii) incorporated on or after January 1, 2010; and

(iii) received less than US$10 million in financing to-date (no further than Second-Round institutional/venture capital financing); and

(iv) have an annual turnover of less than US$3 million

(collectively, the “Participants” and each a “Participant“);

2.2 Participants must be able to travel to and from the following locations from the Participant’s home location on the dates as specified:

(a) the Workshop Location that nearest his/her home location on the dates specified below:

  • Singapore (November 2nd–3rd, 2015)
  • London, England, United Kingdom (November 5th–6th, 2015)
  • New York City, New York, USA (November 9th–10th, 2015)
  • Zurich, Switzerland (November 12th–13th, 2015); and

(b) Zurich, Switzerland between December 9th–10th, 2015.

2.3 Each Participant must hold a current and valid passport and any other relevant travel documentation required for international travel and is responsible for obtaining the relevant visas to travel to the relevant Workshop Location and Switzerland.

2.4 Employees of the UBS group of companies, 100%Open, their affiliated and subsidiary companies, and the officers, directors, partners, managers, members, trustees, employees, contractors, agents and suppliers of each (the “Associated Parties”) and the immediate family members and/or those living in the same household of each (collectively, the “Excluded Parties”) are not eligible to enter or win. Immediate family member is defined as husband, wife, civil partner, children, mother, father, sister, sister in-law, brother or brother in-law.

Participants who are affiliated with any Excluded Parties, or who otherwise have a relationship, association, connection or involvement with any Excluded Parties who helped to set up the Competition, or who are involved in administering or managing the Competition (especially in the evaluation or judging of Participants, entries or submissions) or are connected in any way with the Competition are also not eligible to enter or win. An affiliation is deemed to arise if a UBS employee or 100%Open employee is a shareholder, officer, director, partner, manager, member, trustee, employee or agent of a Participant.

2.5 Entries received from persons or residents of countries who are subject to economic sanctions measures imposed by the United Nations, European Union, Switzerland, the United States or any relevant and applicable jurisdiction and/or involving the Crimea Region, Cuba, Iran, North Korea, Syria or Sudan will be voided.

3.1 To enter the Competition, Participants must do the following:

(a) choose any of the following Challenges:

– The Secure Banking Challenge

– The Banking Efficiency Challenge

– The Superior Offering Challenge

– The Client Experience Challenge

(b) submit their idea by completing all the required fields in a submission form.

Once a completed submission form has been sent in, it becomes a formal idea submission (a “Proposal“), and no more changes can be made to it.

3.2 There is no limit on the number of Proposals that can be submitted by a Participant.

3.3 To withdraw a Proposal from the Competition, Participants should contact

3.4 The odds of winning depend on the quality of the idea within a Proposal and how the idea meets the judging criteria and not the number of Proposals submitted.

3.5 All Proposals must be submitted via this website. Proposals submitted via other means (e.g. email, through another UBS webpage, post) will not be considered.

4.1 The Competition opens on August 12th, 2015 and closes on December 10th, 2015.

4.2 All Proposals must be submitted via this website from 00.00 Central European Time (CET) on August 12, 2015 (the “Start Date for Submissions“) until 23:59:59 CET on September 23, 2015 (the “Closing Date for Submissions“).

Any submission forms or Proposals submitted after the Closing Date for Submissions will not be considered.

4.3 The initial review of Proposals will take place between September 24th, 2015 and October 9th, 2015. During this time, representatives of UBS may contact Participants by telephone to discuss their Proposals and to obtain further clarification and information, as necessary. Not every Participant will be contacted.

4.4 Participants will be grouped into four (4) regions :

i) Americas;

ii) Asia-Pacific;

iii) Northern and Western Europe and Africa;

iv) Switzerland, Eastern Europe, Central Asia and the Middle East.

A shortlist of not more than fifteen (15) Participants for each Region, i.e. a total of sixty (60) Regional Finalists will be determined and announced on October 12th, 2015.

4.5 The Regional Finalists will be invited to attend Immersion Workshops held at one of the following locations (each, the “Workshop Location“) on the corresponding dates:

  • Singapore (November 2nd–3rd, 2015)
  • London, England, United Kingdom (November 5th–6th, 2015)
  • New York City, New York, USA (November 9th–10th, 2015)
  • Zurich, Switzerland (November 12th–13th, 2015)

(each, the “Immersion Workshop Dates“).

4.6 Three (3) Global Finalists will be chosen upon the conclusion of each Immersion Workshop to participate in the Final Pitch. The full list of Global Finalists will be made available after the last Immersion Workshop has been held and concluded.

4.7 Each of the twelve (12) Global Finalists is required to carry out their final pitch in Zurich, Switzerland (the “Final Pitch Location“) on December 10th, 2015 (the “Final Pitch Date“).

4.8 The top three (3) prize winners will be announced at the end of the Competition on December 10th, 2015.

All Proposals will be judged against a “6P” framework

  • Proposition: How compelling is your idea or technology?
  • Pioneering: How new and different is your idea or technology?
  • Potential: How big is the market opportunity?
  • Practical: How easy will it be to implement your idea or technology?
  • Plan: What are the next steps to get your idea or technology to market?
  • Proposer: What are your relevant capabilities and experience?

6.1 UBS does not, unless agreed with a Participant, claim any rights of ownership to any idea, information or content submitted as part of a Proposal (the “Content“).

6.2 All Participants retain ownership and copyright to their Content, and by submitting a Proposal, each Participant represents and warrants to UBS that:

(a) the Participant is the owner of all the Content and is authorized to submit the Content to UBS and grant the rights, licenses and releases set out in these Official Rules;

(b) the Proposal and the Content is not confidential and is not submitted in confidence or trust, and no confidential or fiduciary or other legal relationship is created (or intended to be created) with UBS and/or 100%Open by submitting a Proposal;

(c) the Participant is free to submit the Proposal and disclose and provide the Content and by doing so, no prior obligation of confidentiality is or has been breached and no proprietary, intellectual property, privacy or contractual rights of any third party is or has been infringed; and

(d) Participant understands that UBS has no obligation, either express or implied, to develop a Proposal unless otherwise agreed between UBS and a Participant.

7.1 Each Participant grants UBS a non-exclusive, worldwide, irrevocable, perpetual, royalty-free right and license to:

(a) to process and evaluate each Proposal and the Content therein along with other Participants for the purposes of the Competition and for UBS’s own evaluation purposes; and

(b) to display, publish, transmit, edit, store, re-format, reproduce and distribute the Content on this website and any other media now known or in the future invented in order to publicize and market the Competition.

7.2 Each Participant acknowledges and accepts that

(a) UBS may have been and/or may already be developing or licensing (whether independently and with third parties) products and/or services with functionalities similar to those described in a Proposal; and

(b) nothing in this Competition will restrict UBS’s independent development or purchase of competing products and/or services or give a Participant any right with respect to such products and/or services.

Participants must not submit any information that is confidential. UBS is under no obligation or requirement to keep any Proposal or Content confidential and no confidential or fiduciary or other legal relationship is created (or intended to be created) between a Participant and UBS and/or 100%Open by submitting a Proposal.

9.1 The top three (3) Global Finalists will be awarded one (1) of the following prizes:

  • First Prize – US$50,000 cash
  • Second Prize – US$20,000 cash
  • Third Prize – US$10,000 cash

Each remaining Global Finalists will be awarded a prize of US$5,000 cash.

9.2 In order to claim a prize, each Global Finalists must have a valid bank account that:

(a) is held in the Global Finalist’s own name – joint accounts are not permitted;

(b) has been held by the Global Finalist for at least six (6) months prior to the Start Date of Submissions;

(c) is able to receive funds in United States currency;

(d) is opened with a reputable bank operating legally within the Global Finalist’s home location.

9.3 Prizes are not negotiable, not exchangeable and non-transferable. Cash prizes will be deposited directly into the prize winner’s bank account.

9.4 Prizes must not be used to fund or support any illegal enterprise or activity.

9.5 Prize winners are not entitled to seek a replacement prize or request for substitutions if the prize winner is unable to or does not wish to accept or receive the prize “as-is”.

9.6 If a prize becomes unavailable for any reason, e.g. cancellation of the Competition, UBS shall not be obliged to provide a substitute of equal or higher value, or any substitute prize at all.

9.7 UBS reserves the right to change the composition of the Prize or to substitute prizes of equal or greater value at any time.

9.8 Prizes are awarded at the discretion of UBS and no prizes will be awarded as a result of improper actions by or on behalf of any Participant.

10.1 All Participants will be responsible for paying for their own costs and expenses arising from preparing or submitting their Proposal(s).

10.2 If a Participant is selected as a Regional Finalist or a Global Finalist, UBS will provide the Participant with a monetary contribution towards the actual travel and accommodation costs of the Participant to attend the Immersion Workshop and the Final Pitch, according to the following amounts:

Local: Participant’s home or business location is within 150km of the Workshop Location or Final Pitch Location.

Short haul travel: Participant’s home and business location are both farther than 150km from the Workshop Location or Final Pitch Location, and flight time between Participant’s nearest international airport and the Workshop Location or Final Pitch Location is less than 5 hours.

Long haul travel: Participant’s home and business location are both farther than 150km from the Workshop Location or Final Pitch Location, and flight time between Participant’s nearest international airport and the Workshop Location or Final Pitch Location is 5 hours or more.

Participants are expected to organize their own travel arrangements to and from the Workshop Location and Final Pitch Location (as necessary) and their home location, as well as to book their own hotel or other type of accommodations at the Workshop Location and the Final Pitch Location (as necessary).

10.3 UBS will only make one (1) monetary contribution towards the total travel and accommodation costs per Participant for each of the Immersion Workshop and the Final Pitch, even if a Participant chooses to send more than one representative.

Example: If a Local Participant sends 2 representatives to the Immersion Workshop and 4 representatives to the Final Pitch, UBS will only make a contribution of US$500 towards the Immersion Workshop and another US$500 towards the Final Pitch i.e. US$1,000 in total.

10.4 Each Participant is solely responsible for arranging for any insurance coverage that the Participant decides is necessary to travel or to insure Participant’s belongings.

10.5 Except for the contribution described in Section 9.2 above, UBS will not provide any other monetary or per diem allowance to any Participant or pay for any other expenses, disbursements or costs (including meals, or personal expenses or upgrades) that a Participant may incur while participating in the Competition.

11.1 Each Participant must declare and pay any taxes, duties or other charges (such as income or profits tax) arising from collecting any prize or winning the Competition.

11.2 UBS may be required to report and withhold income taxes from the prizes according to applicable laws and regulations, regardless of the prize winner’s place of residence or home location.

12.1 Regional Finalists will be announced on October 12th, 2015 and will be notified by email or telephone. A full list of Regional Finalists will be published on this website.

Global Finalists from each Region will be announced at the end of the Immersion Workshop. A full list of Global Finalists will be published on this website after the last Immersion Workshop has been held and concluded.

The First, Second and Third Prize winners and other remaining winners will be announced on December 10th, 2015 at the end of the Final Pitch. The full list of winners will be published on this website.

12.2 Upon notification, the winner must confirm his/her/its ability to receive the prize. If a Participant is unable to claim or declines a prize for any reason upon notification, UBS will not be obliged nor required to find another winner.

12.3 All winners must complete and return to UBS an Affidavit of Eligibility, Release of Liability and Publicity Release, if required, and any other legal or administrative documentation as UBS may require.

12.4 By accepting a prize, the winner

(a) grants its permission (except where prohibited by law) to the use of the winner’s name, likeness, biographical information, country of residence and prize won for future advertising and publicity in any and all media now existing or hereafter devised throughout the world in perpetuity, without additional compensation, notification or permission;

(b) agrees to release, discharge and hold harmless UBS and all Associated Parties from any and all claims, losses, liabilities, damages, demands or causes of action arising out of such use of the winner’s information, and/or for the acceptance or use, misuse or acceptance of a Prize.

13.1 Participants will be asked to provide their personal information (such as name, email, telephone number) data so that UBS can administer the Competition or for security clearance, or other administrative or logistical purposes. As Participants progress through the Competition, a Participant’s name may also be publicized and published if the Participant is selected as a Regional Finalist, Global Finalist or winner.

13.2 Participants agree that any personal data submitted as part of or during the course of the Competition may be disclosed to, shared with and processed by UBS’s affiliate companies or UBS’s third party agents, contractors, business partners or service providers (who may be located inside or outside of a Participant’s country of residence) in accordance with applicable data protection laws.

UBS will not otherwise disclose such personal data to third parties without a Participant’s consent unless UBS is required or requested to do so pursuant to any law, regulation or regulatory order.

13.3 UBS will not sell or data mine any personal information collected or received in the course of the Competition.

13.4 Unless otherwise agreed by a Participant, personal information obtained in the course of the Competition will be destroyed within a reasonable time after the Competition has ended.

14.1 Any Participant that UBS believes does not, or is unable to, comply with and meet these Official Rules, has violated these Official Rules, is not eligible to participate, who has provided false information, acted in a harassing or unsportsmanlike manner with respect to UBS or any other Participant, or tampered with the operation of the Competition will be disqualified.

14.2 In addition, any attempt by a Participant to deliberately damage this website or undermine the legitimate operations of the Competition may be a violation of criminal and civil laws. Should such an attempt be made, UBS reserves the right to seek damages from any such Participant to the fullest extent permitted by the law and to disqualify such Participant from the Competition.

15.1 UBS is not responsible for any problems which may limit a Participant’s ability to participate in the Competition, such as

– technical malfunctions of electronic equipment, computer online systems, servers, or providers; or

– computer hardware or software failures; or

– phone lines, traffic or congestion on the Internet or any website; or

– for any other technical problems including telecommunication miscommunication or failure, and failed, lost, delayed, incomplete, garbled, or misdirected Submission Forms and/or Proposals or communications.

15.2 UBS is also not responsible for any other errors or malfunctions of any kind, whether network, printing, typographical, human or otherwise relating to or in connection with the Competition, including, without limitation, errors or malfunctions which may occur in connection with the administration of the Competition, or arising from natural disasters, war, fire, flood, earthquake, explosion, acts of terrorism, epidemic or pan-epidemic or civil commotion, strikes or lockouts or labor disputes or other events that prevent the Competition from functioning as intended.

15.3 UBS reserves the right to modify, suspend or terminate the Competition in the event it becomes infected by a computer virus or is otherwise technically impaired, and to cancel or suspend the Competition in its entirety should tampering, unauthorized intervention, fraud, technical failures or other causes corrupt the administration, security, fairness, integrity or proper play of the Competition.

15.4 By entering the Competition, each Participant hereby irrevocably releases and forever discharges UBS, 100%Open and the Associated Parties named in Section 2.4 above from any and all actions, causes of actions, claims, damages, losses, liabilities and demands or any nature whatsoever that the Participant now has or hereafter may have against UBS, 100%Open and the Associated Parties with respect to a Proposal and the Content or howsoever arising from or relating to the Participant’s participation in the Competition.

15.5 To the maximum extent permitted by applicable law, UBS, 100%Open and the Associated Parties exclude all liability and responsibility for any amount or kind of loss or damage that may result to a Participant or a third party (including without limitation, any direct, indirect, punitive or consequential loss or damage or any loss of income, profits, goodwill, data, contracts, use of money, or loss or damage arising from or connected in any way to business interruption and whether in tort (including without limitation negligence, contract or otherwise)) in connection with the Competition and/or this website.

16.1 This Competition, including all issues and questions concerning the construction, validity, interpretation and enforceability of these Official Rules, or the rights and obligations of a Participant, shall be governed by and construed exclusively in accordance with the substantive laws of Switzerland.

16.2 Each Participant agrees that any action at law or in equity arising out of or relating to the Competition, or awarding of a prize, shall be filed exclusively in the Commercial Court of the Canton of Zurich.

16.3 By participating in the Competition, all Participants waive any claims that may arise under the laws of countries, territories or jurisdictions other than Switzerland. Those who choose to participate in the Competition from locations outside of Switzerland do so on their own initiative and are responsible for compliance with local laws if and to the extent local laws are applicable.

16.4 If any provision of these Official Rules is held to be invalid by a court of law or similar, such provision shall be deemed to be severed from these Official Rules and invalidity shall not affect the enforceability of any other provisions not held to be invalid.