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Entrepreneurship

UBS launches fintech startup competition



UBS’s Future of Finance Challenge is back for a fourth iteration. Photo: Shutterstock

UBS’s Future of Finance Challenge is back for a fourth iteration. Photo: Shutterstock

UBS has announced its fourth Future of Finance Challenge, open to fintech companies in Luxembourg and abroad.

The startup competition is looking for technology firms that operate in the following areas: sustainable banking; tech and cyber security; app stores and platforms; and investing “reimagined”. The submission deadline is 6 August 2021.

Each of the four categories above represents a sub-competition, with USD 10,000 in prize money for the winner in each. Ten finalists per category will pitch virtually in October in order to vie for the prize. Also on offer is coaching by UBS experts and access to UBS decision-makers, which entrepreneurs can use to further commercialise and scale their product or service using the bank’s worldwide reach.

New to this iteration of the competition is the Female Founder Award: any participating startup with a female founder or executive board member is eligible for this prize, also worth USD 10,000.

“We see technology not just as an enabler, but as a differentiator,” says Ralph Hamers, group chief executive of UBS. “And we know we need to partner with others and build ecosystems.”

“This is a great opportunity for Luxembourg fintechs to stand out on an international level,” adds Heinrich Baer of UBS Luxembourg.

Held every other year since 2015, the UBS Future of Finance Challenge is held in collaboration with Anthemis, Deloitte and Microsoft for Startups.