BBVA, one of the most progressive financial institutions in the world, launches the 11th edition of the world’s biggest FinTech Competitions – BBVA Open Talent 2019. BBVA Open Talent is an international competition that specializes in the FinTech sector and looks for solutions with the most disruptive potential in the industry. The competition’s focus is on identifying solutions that improve the way people and companies manage their finances.
This year, the bank is looking to partner with early-stage FinTech startups from across the world, which could bring value to its existing ecosystem through disruption.
Areas of Interest
“We are looking to innovate, to connect with new initiatives, to find new ways of taking on the future challenges facing the financial sector, and to discover the FinTech solutions with the most disruptive potential in the financial services industry. We want to find the best business ideas to revolutionize the way people and companies manage their data and their money.” – BBVA Open Talent
What Really Dazzles BBVA About a Startup?
According to Ainhoa Campo Nieto, Global Head of Open Innovation, “Over the past ten years, we have seen some fantastic businesses participate in Open Talent and go on to become real successes. As the competition enters its second decade, 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 as the industry undergoes a digital transformation revolution, and developing products and services that address customer needs in ways that incumbents can’t always manage alone. BBVA will provide those companies with the support and opportunities they need to help those innovations take hold in the industry at mass scale.”
Throughout the course of its 10-year history:
BBVA Open Talent has seen 6000+ applications from 90+ different countries.
The 2018 edition alone had over 850 participating candidates from 90+ countries.
In the last two years alone, the event has created 221 partnerships between the bank and FinTech startups, as well as 34 PoCs.
Structure of the Open Talent Program
The Open Talent Program 2019 will be carried out in five phases:
1. Registration: The registration process involves startups applying to the BBVA Open Talent Program 2019, and is on between May 23 and July 5.
2. Evaluation of Startups: This will involve BBVA’s evaluation of startups based on the submitted proposals.
3. Announcement of Finalists:
On August 12, the national finalists will be announced on the BBVA Open Talent website.
On September 16, the three global finalists and the Sustainable Finance Special Award winner will be announced on the BBVA Open Talent website.
4. National Final: Finalists from each country will compete to be the National Winner. These competitions will be held at:
Spain (South Summit Madrid)
Mexico (FINNOSUMMIT Ciudad de México)
Other countries (BBVA Open Talks)
5. Global Final: The winners from each country, the Sustainability Special Award winner and the three global finalists will be invited to the BBVA Open Summit for presenting their projects. Furthermore, the three global finalists will also compete for the grand prize, i.e., the Global Winner. Tickets and accommodation for taking part in the BBVA Open Summit will be arranged by BBVA.
6. Online Training Program: The National Winner, Global Winner, and the finalists for Global Winner as well as the Sustainability Special Award Winner will have access to an online acceleration program and support from a BBVA mentor for four weeks.
Global Winner: Out of all the startups participating, three finalists will be chosen to compete for the grand prize, i.e., 100,000 euros in investments. The three global finalists will be provided with online training programs and supervision from BBVA mentors.
National Prizes: There will also be 9 national prizes which will be given out to one startup from each country. Several finalists will be chosen for each country, and one of those finalists will be declared the national winner of that country.
Sustainability Special Award: For startups that are focused on bringing the benefits of digitization to the financing of the fight against climate change.
“BBVA and its partners are strongly committed to working with the FinTech community in a way that delivers real benefits for the startups, the bank and, of course, customers & clients.” – BBVA Open Talent
Startups can register for BBVA Open Talent 2019 until July 5, 2019, 11:59 PM (San Francisco, USA time). Registrations after that time will not be permitted. For updates and more information, follow BBVA Open Innovation.