The National Bank of Canada, the sixth-largest commercial bank in Canada with around 2.4 million clients, is launching a project that aims to bring together local startups, students and developers throughout the country.
Those who participate in the Innovation Competition will have to develop various solutions to help people save and manage their funds more effectively.
Developed via a partnership with financial data aggregator Flinks and OSMO, the competition will be conducted during a six-month time period. Participants will be pitching their business and technology ideas and solutions to a panel of senior executives at the National Bank of Canada.
The teams participating in the competition will have the opportunity to win a prize worth CAD $100,000 (appr. $76,020). Applications are open until 20 December 2019, and the final taking place is scheduled for the end of April 2020.
Louis Vachon, president and CEO at the National Bank of Canada, stated:
“National Bank has been working closely with top Fintechs for many years now. They play a key role in enhancing the quality of our service offer and in promoting entrepreneurship and technology in society at large.”
“I’d like to invite startups, students, innovators, and teams of individuals to take up this innovation challenge with us.”
Headquartered in Montreal, the National Bank of Canada is the largest bank in Quebec and the second-largest financial institution in the province.
The bank has been criticized for requesting that its new clients provide the log-in information and passwords of the accounts they might have with other financial institutions.