The competition aims to identify the most inspiring collaborative projects between NewTechs and financial institutions and to recognise the most innovative financial NewTechs. The challenge is hosted on the FinTechVisor portal, a global platform that enables solution showcasing from FinTechs, InsurTechs, RegTechs, DataTechs. Over 1,300 StartUp and ScaleUp NewTechs are registered on the platform.
“We’ve seen applied innovation and effective collaboration at its highest level during this year’s Financial NewTech Challenge. NewTechs are no longer disrupting the industry but are now full-fledged industry participants as shown by the degree of collaboration at scale that is occurring. This effective collaboration mindset is yielding innovation that is shaping what the industry of the future will look like as we achieve hyper-personalized customer experience, which is highly demanded by customers especially in these unprecedented times.”
- Elias Ghanem, Vice President and Global Head of Market Intelligence for Capgemini’s Financial Services
A total of 164 submissions were received from around the world and more than 2,700 votes were cast resulting in the following winners of The Financial NewTech Challenge 2020:
- MoEngage Inc (USA) & Mashreq Neo (UAE) in the Financial NewTech Collaboration Category for ‘Sherpa,’ an intelligent customer engagement platform that enables Mashreq to understand customer behaviour down to each unique user and make proactive decisions with straight-through processing, reduced manual intervention and enhanced AI capabilities.
- Futurae Technologies AG (Switzerland) in the Retail Banking, StartUp Category for their seamless and secure multi-factor authentication and transaction confirmation process for end-users and organisations via machine learning and sensor signal technology.
- Flaminem (France) in the Retail Banking, ScaleUp Category for their innovative cloud-based Know Your Customer (KYC) solution that acts as a single-window for digitising the entire KYC diligence process, from its creation to its archival with an audit trail.
- Xaalys (France) in the Payments, StartUp Category for their SAAS solution which offers both personalised digital banking services as well as financial education content aimed at the teenage market.
- viafintech (Germany) in the Payments, ScaleUp Category for their pan-European transaction platform that shortens the cash cycle for both consumers and businesses while providing various services through barcodes such as bill payment, money transfer etc.
- Monuma (France) in the Wealth Management, Investment & Capital Markets, Startup Category for ‘Blockchain Mobility,’ the first global blockchain application dedicated to certifying and transporting goods securely in just one click.
- Raisin (Germany) in the Wealth Management, Investment & Capital Markets, Scaleup Category for their marketplace that provides partner banks with seamless, flexible access to wider European deposit markets, and helps distribution partners broaden their product portfolio.
“Since its launch in May 2018, the FinTechVisor portal has become the home of a strong community of innovative FinTech organisations. FinTechVisor’s Financial NewTech Challenge builds on this, providing a platform for FinTechs to showcase the strength of their propositions and benchmark them against those of their peers, while underlying the impact that efficient collaboration between FinTechs and institutions will have on the future of financial services.”
- John Berry, CEO of Efma