Capgemini and Efma today launched the Financial NewTech Challenge 2020, powered by FinTechVisor, which offers an opportunity for NewTechs and financial institutions to showcase their collaborative business solutions to an elite panel of experts and industry influencers. Financial NewTechs are all startup and scaleup[1] firms which provide B2B solutions for financial institutions.

The Efma-Capgemini Financial NewTech Challenge 2020 will recognize and reward the most innovative financial NewTechs alongside the most inspiring collaborative projects between NewTechs and financial institutions. The competition will run from today until April 22, with March 2 being the deadline for submissions. This challenge is powered by FinTechVisor, a global platform that enables FinTechs, InsurTechs, RegTechs and Financial NewTechs to showcase their solutions as well as empowering them with an interactive matchmaking tool to foster new partnerships for them with financial institutions.

“Building on last year’s successful Race to the Top challenge, in 2020 we want to recognize the best Financial NewTechs and their collaborations with financial institutions,” said Elias Ghanem, Global Head of Market Intelligence for Capgemini’s Financial Services. “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. At Capgemini, we strongly believe that the future of financial services relies on this effective combination to offer the best customer experience.”

NewTechs are invited to submit entries on their innovative solutions in the following three categories:

• Retail Banking
• Payments
• Wealth Management.

Additionally, a fourth category focuses on Financial NewTech Collaboration inviting NewTechs and financial institutions to jointly submit their most inspiring industrialized collaborative project.

A shortlist of 10 StartUps and 10 ScaleUps applicants in each of the three NewTech 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 March 16, 2020. From the shortlisted entrants, the winners will be selected by a jury of experts (75% weighting of the vote) and online voting accessible to both financial institutions and NewTechs (25% weighting of the vote). Winners will present their inspiring initiatives at Efma’s Bank + FinTech conference in Berlin on April 22, 2020 to an audience of key decision-makers, senior executives, and major sector players within the industry.

The Efma-Capgemini Financial NewTech Watchlist 2020 will include the top 100 NewTechs from the Challenge, and will be unveiled also at the Efma Bank +FinTech event in Berlin. 

“Since the launch of the FinTechVisor portal, we’ve built a strong community of innovative FinTech organizations and fostered collaborations with banks,” said Vincent Bastid, CEO of Efma. “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.”