UBS has recognized several Fintech firms as part of the UBS Future of Finance Challenge. Winners included Richmond based WealthForge an investment crowdfunding service provider. The competition was global with over 600 participants from 52 different countries. The initiative by UBS is designed to uncover potentially disruptive Fintech and took over 4 months to complete. WealthForge, an investment crowdfunding service provider, took 3rd place and received a check for $10,000. There were nine Finalists that will each receive $5,000 and UBS intends to maintain on-going conversations as their technologies evolve.
As posted by UBS, the three winners are:
- First place: Aesthetic Integration – will receive a cash prize of $50,000
- Second place: Capital Preferences – will receive a cash prize of $20,000
- Third place: WealthForge – will receive a cash prize of $10,000
UBS aims to support the winners of the Challenge in their bid to commercialize and scale their ideas and technologies by leveraging its significant global presence, deep expertise in global banking and its eco-system of innovation partners. The remaining nine Global Finalists will each receive USD 5,000 and UBS intends to maintain on-going conversations with all Global Finalists as their technologies evolve.
“The UBS Future of Finance Challenge has been an important and exciting initiative for UBS. We’ve opened up our organization to work with hugely talented start-ups that will help us to evolve. I would like to thank all participants in the Challenge, as well as our judges and mentors for their participation,” said Sergio P. Ermotti, UBS Group Chief Executive Officer.
A growing number of traditional banks are working more closely with Fintech startups by crafting accelerator programs and establishing partnerships as they attempt to adapt to the fast changing world of finance. There is growing recognition that banks must work to disrupt themselves if they want to maintain relevance in coming decades.