Capgemini and Efma have launched the Financial NewTech Challenge 2020, a competition to showcase collaborative business solutions to a panel of experts and industry influencers.

It defines NewTechs as startup and scale-up firms which provide business-to-business solutions for financial institutions. It began late last week and will run until 22 April, with 2 March being the deadline for submissions.

The challenge is powered by FinTechVisor, a global platform which lets FinTechs, InsurTechs, RegTechs and NewTechs showcase their solutions, with an interactive matchmaking tool to foster new partnerships.

Firms are invited to submit entries in the following three categories: retail banking, payments, wealth management. Additionally, a fourth category focuses on collaboration, inviting NewTechs and financial institutions to jointly submit their most inspiring collaborative project.

A shortlist of 10 startup and 10 scale-up applicants in each of the three categories, plus the 10 collaborative financial institution and NewTech applicants, will be selected by a committee from Efma and Capgemini, and announced on FinTechVisor on 16 March.

From the shortlisted entrants, the winners will be selected by a jury of experts (75 per cent weighting of the vote) and online voting accessible to both financial institutions and NewTechs (25 per cent weighting of the vote).

Winners will present their initiatives at Efma’s Bank+ conference in Berlin on 22 April. The Efma-Capgemini Financial NewTech Watchlist 2020 will include the top 100 NewTechs from the challenge, and will also be unveiled also at the event.

Elias Ghanem, global head of market intelligence for Capgemini Financial Services, commented: “Financial NewTechs operate in that B2B sweet spot which has been a focus for Capgemini for the past few years, and this challenge aims to highlight NewTech innovation through collaboration at scale with financial institutions.”

Efma chief executive Vincent Bastid added: “Since the launch of the FinTechVisor portal, we’ve built a strong community of innovative FinTech organisations and fostered collaborations with banks.

“The Financial NewTech Challenge 2020 develops this further by providing a platform for FinTechs and financial institutions to showcase the strength of their solutions and collaborative projects and benchmark them against those of their peers.”

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