Next Money, formerly Next Bank, announced on Friday that it is launching its first Global Fintech Radar Challenge. This event calls for Open Source developers/platforms to create and produce an aggregation tool for fintech data, news, insights, social media interactions, startups and companies, industry trends and patents.
According to the company, developers have until June 8th to submit a proposal on their approach, structure and plan around the challenges, and/or code or prototype samples. A sorting and shortlisting process will reveal 5 winning parties that will then be invited for a joint planning day on June 22nd, from which a development plan will be created.
The platform is due to be officially launched later in 2016 and in time for the 2017 Fintech Finals (FF17) conference in Hong Kong on January 18-19, 2017. The winning parties each receive 2 free tickets to the FF17 event, as well as $5,000 and a 30 day Innovation Lab Business Incubation package.
Next Money co-founder, Rob Findlay, stated:
“This an excellent for both the Open Source sector and our wider Next Money community to collaborate on something that can make a huge impact on the world of fintech. With the range of disruptive technologies and business models coming forward at an unprecedented pace, the industry needs a tool to keep abreast of these changes. The Next Money Fintech Radar, built by the open source community, is the tool to do this. We want a tool that everyone can contribute to, improve, use and evaluate.”
The challenge’s launch comes just after Next Money announced it has rebranded and acquired Bank Innovators Council, an organization that was founded in 2013 and reportedly has members in 65 different countries. The company will continue to champion the interests of financial innovators worldwide. Bank Innovators Council co-founder JP Nicols will assume the new role of Chairman of Next Money.