Global financial services company KPMG has partnered with Matchi to announce the KPMG Fintech Innovation Challenge. The competition was started on December 15, 2015 and will be closed on January 7, 2016. The main goal is to select six best innovative solutions for financial institutions and insurance companies which will be displayed at the FinTech Innovation Summit in London on February 10-11, 2016.
The challenge focuses on companies and innovators from all over the world that are ready to offer new fresh financial ideas. This is the very lucky chance to present these ideas to the right people from world’s largest banks gathered together in one place at one time.
Participators can present their solutions in the following categories: next generation payments, blockchain, data / credit analytics, mobile VAS / mobility, cyber security and biometrics, wealth tech.
Prior to gaining access to the summit, all entries will be evaluated and individually scored according to the level of their novelty/innovativeness, ease of implementation, potential impact (revenue, cost or efficiency) and overall impression. Matchi and KPMG teams will be selecting among those showed the best results. Only six winners (by one from each category) will get a possibility to attend the FinTech Innovation Summit.
The fact that blockchain category is included in the challenge says much about the technology itself as well as about the great deal of trust that is put in it. More and more financial organizations delve into the studies of potential use cases of the blockchain technology, recognizing its numerous benefits.
Many experts express confidence that the distributed public ledger, which underlies bitcoin, could transform the way financial services are realized. The amount of funds invested in the technology increases from year to year.
For the year of 2015 it made up $75 million, which is twice the sum invested in 2014. The research company Aite Group has found out that in total banks will spend up to $400 million for blockchain development by 2019. Financial institutions are ready to invest now to use blockchain later for improvement of traditional payment systems, acceleration of settlement process and cutting spends.
“Blockchain’s inherent cryptographic nature makes every transaction more transparent, secure, and irreversible, mitigating clearing and settlement risk,” the Aite Group said. “However, it is unknown how blockchain developers will deal with financial services regulation, which is known to be quite strict in the US. Unless blockchain enthusiasts understand these inherent regulatory restrictions, massive adoption of blockchain technology within the financial services industry will not be possible.”