UBS, a Swiss multinational financial services company with a branch in Luxembourg, has announced the launch of 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 the following specific challenges to support the transformation of the banking industry: sustainable banking; reimagining investing; app stores and platforms; tech and cyber security.
Luxembourg fintech startups in these fields are invited to join the challenge.
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 $400,000. The prize money for each challenge winner is $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, UBS is 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 $10,000.
Group Chief Executive Officer Ralph Hamers commented: “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. This is a great opportunity for Luxembourg fintechs to stand out on an international level”, added Heinrich Baer, Country Head at UBS in Luxembourg.
The competition winners will have a chance to receive UBS’s support in further commercialising and scaling their products and technologies by using the bank’s global presence, expertise in banking and ecosystem of innovation partners. Since 2015, about 50% of the finalists have received additional funding following the Future of Finance Challenge.
The UBS Future of Finance Challenge is delivered in collaboration with Anthemis, Deloitte and Microsoft for Startups.
Entries can be submitted at www.ubs.com/innovate. The deadline for submissions is 6 August 2021. Further information is available at www.ubs.com/microsites/future-of-finance-challenge.
