Contxto – BBVA is currently searching for fintech startups to assist in its disruption of the traditional banking industry as part of its worldwide Open Talent 2019 competition.
In Summary
According to organizers, Open Talent is the world’s largest international fintech competition. It has been around for over the past decade helping BBVA gain faster momentum in the industry while accelerating startups.
Around 6,000 startups from 90 countries have participated in the event over the past decade, landing major funds in the process.
This event is part of BBVA Group’s Open Innovation unit that forges partnerships between fintech entrepreneurs and the bank. The main purpose is to collaborate with innovators to develop innovative products and financial services, not to mention attract new customers.
From the looks of it, BBVA seems to be on the brink of a digital transformation. Younger fintech startups with modern digital business models may offer the alliances BBVA desires to accomplish these goals.
To qualify, startups must be fintech with at least one viable product either in advanced or demo stages. Prospective participants must have raised under US$2.25 million, as well.
In-Depth
There are three components to this multi-faceted competition. First, there are going to be regionals competitions from BBVA’s nine core markets. These include Spain, Argentina, Colombia, Mexico, Paraguay, Peru, Turkey, Uruguay, and the United States.
Out of this multi-national batch, only three will go on to the next stage as national finalists. According to the event website, this will be announced on August 12.
From then, they will compete for a US$112 thousand at the global finals in Madrid from October 23 to 24. Whoever has the most “financially sustainable” innovation can also expect to earn the event’s sustainability award.
In Madrid, the top-performing startups are going to be joined by regional winners and the financial sustainability award beneficiary. Everyone will present their projects while the three global finalists will contend to win the grand prize.
“Our focus is on identifying and rewarding businesses that are not only great innovators in their own right but that are putting forward solutions to the big strategic and commercial challenges that banking and financial services are grappling with,” said Ainhoa Campo Nieto, global head of BBVA Open Innovation.
The industry is undergoing a digital transformation revolution and developing products and services that address customer needs in ways that incumbents can’t always manage alone.
Registration closes on July 5. Following the appraisal, international finalists will learn the outcome on August 12 via the BBVA Open Talent website. Finalists and the financial sustainability award recipient can then expect to learn how they performed on September 16.
-JA
