Competition Heats Up To Identify Best Financial Tech Innovators
As technology spending in the financial industry continues to grow, two high-profile competitions promoting financial technology development have kicked off their search for the most promising companies developing cutting-edge technology for the financial services, with the aim of matching them with investors.
SWIFT, the financial messaging provider, just announced the launch of the Innotribe Startup Challenge 2012, a year-round competition that will introduce financial industry decision makers and early-stage investors to innovative technology companies. The Challenge will include three regional showcases in the U.S, Asia and Europe, with 15 companies selected in each region. To present at Sibos, SWIFT's annual conference, in Osaka in 2012.
To be eligible, startups must have a working prototype and less than $1 million in revenue or investment, SWIFT said. Later-stage companies must present innovations that are still under the radar. This year's regional showcases will be held in New York on 8 February 2012, Bangkok in April 2012 and Belfast in June 2012.
Meanwhile, the FinTech Innovation Lab, a program run by the New York City Investment Fund - the economic development arm of the Partnership for New York City - and Accenture, have launched their second annual search for the best financial technology innovators.
The aim of the program is to help sustain and grow New York City's role in financial services, according to a release. The chief technology officers and senior technology executives from 12 financial services firms will pick up to six entrepreneurial companies to participate in the Lab, which begins in May 2012. The participating financial organizations are: Bank of America, Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, State Street, UBS, American Express and Capital One.
During the 12-week program, selected technology firms are partnered with senior level bank executives to try to best tailor their new products to the needs of the financial world. At the end of the program, entrepreneurs pitch their products to a group of venture capitalists. In addition to mentoring and feedback, winning companies are entitled to receive $25,000 and work space.
The renewed focus on promoting financial technology innovation comes as technology spending in the financial industry continues to grow. According to Celent, the U.S. retail and corporate banking sector is expected to increase spending on new IT investments and innovations by one-third through 2013, from $10.6 billion in 2011 to $14.1 billion in 2013.
Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio
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