UBS launches The UBS Future of Finance Challenge, an open competition for entrepreneurs and technology startups around the world.
The bank said it is “looking for innovative and potentially disruptive technological ideas and solutions that will support the transformation of the banking industry”.
It will support the winner of the competition by helping them commercialise and scale their ideas by using its “global presence, deep expertise in global banking and ecosystem of innovation partners”.
Rewards for the regional and global finalists include cash prizes and acceleration opportunities worth over $300,000 and the bank says finalists will receive over 300 hours of coaching and mentoring from UBS experts and partners.
The challenge will focus on four key areas: client experience, high-quality product, building an efficient operating model and security.
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.
“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,” said Oliver Bussmann, Group Chief Information Officer.
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.
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