Santander aims to revolutionize the digital economy | Photo: Banco Santander.
In collaboration with the Oxentia Foundation, Banco Santander has launched the “Santander X Global Challenge | Transforming the Digital Economy.” This challenge is aimed at emerging and expanding companies to identify solutions that leverage new technologies to revolutionize the economy.
The main focus is on the Digital Industry and the Digital Society. The former seeks efficiency and productivity in industrial processes using the Internet of Things (IoT). While the latter focuses on improving daily well-being through SMART technologies without neglecting sustainability.
Santander X Global Challenge
Companies from eleven countries, from Latin America to Europe, can submit their proposals. These countries include Argentina, Brazil, Chile, Mexico, and Spain. Bids will be accepted until December 12 on the Santander X platform.
A jury of specialists has been assembled to select six outstanding proposals. These fortunate ones will share EUR €120,000 in prizes, distributed among startups and scaleups. Additionally, the winners will join the Santander X 100 community, connecting with the Fintech Station and other important companies in the IoT ecosystem.
Diego Calascibetta, from Santander Universities, expressed the bank’s commitment to innovation. According to him, the goal is to recognize and empower companies leading revolutionary solutions, providing them with resources and visibility.
“At the bank, we believe accelerating the transition to ‘smarter’ cities, industries, or commerce will drive industrial growth and productivity, improve social welfare, and benefit consumers. The goal is to identify industry companies working on the most innovative solutions and give them the resources, connections, and visibility they need to grow.”
After the proposal period closes, projects will be evaluated at various stages. The culminating phase will be a presentation before an international jury, where ten startups and ten scaleups will present the 20 best solutions. The climax will be celebrated at the 4YFN in Barcelona, a landmark event in the technological and entrepreneurial field.
Steve Cleverley, from the Oxentia Foundation, emphasizes the importance of supporting companies seeking a more innovative society:
“With the expansion of digital services throughout the economy, it’s important that we support and promote emerging and expanding companies working for a more innovative, efficient, and sustainable society. Therefore, at the Oxentia Foundation, we are delighted to collaborate with Santander X to launch this challenge. As an organization based in Oxfordshire, we are privileged to share our home with several highly successful companies working in the digital economy space.”
Banco Santander has a history of driving futuristic initiatives. Through Santander X, they have strengthened numerous entrepreneurs and small businesses. Recently, the bank, in partnership with Inveready, introduced a fund of 100 million euros to finance early-stage technological startups.
On the other hand, the Oxentia Foundation seeks to address inequalities through innovation and entrepreneurship. With roots in the University of Oxford, they have supported academic creation in more than 70 countries over three decades. The foundation has organized international competitions and advised entrepreneurs on technological projects aligned with the UN’s Sustainable Development Goals.
Recall that the fintech sector has gained significant relevance in recent years within Latin America. According to a study published by Finnovista in collaboration with the Inter-American Development Bank (IDB) in 2021, LatAm and the Caribbean already had 2,482 financial technology companies, a figure that already accounted for 23% of all fintechs worldwide.
