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Large Singapore bank launches Innovation Challenge

Calling the world’s best fintechs to solve real business problems

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One of the largest and most established Singapore banks has launched the TOV Innovation Challenge 2018 that aims to reimagine customer experience through co-innovation with fintech firms.

Shortlisted fintechs will be invited to join a 12-week programme where they will further develop their implementable solutions to address the challenges put forth by eight different business units in the bank. This is a collaborative programme where both fintechs and the respective business units will have to work closely together to co-develop and test the solutions.

“We look forward to working with Fintechs on fresh solutions that will revolutionise our banking processes and the way customers bank with us. We want to marry their innovations with our insights on customer behaviour and banking, so we can develop – together – a viable Fintech solution that we can bring to commercialisation. This is our commitment to the Fintechs we choose to partner with. Come and share your solutions with us, and let’s build something mutually beneficial for the industry – together.” Head of Fintech and Innovation Group at the bank

The Opportunity
The TOV Innovation Challenge 2018 is open to any organisation that has developed and built a solution that aligns to one of the pre-defined opportunity statements:

Opportunity Statement 1
How might we better anticipate the needs of and proactively generate opportunities for our corporate banking clients with augmented and more contextualised insights?

Opportunity Statement 2
How might we review speech and text conversations more effectively in order to improve cross-sell efficiency and service quality as well as to reduce compliance risk?

Opportunity Statement 3
How might we adopt non-traditional methods to identify and authenticate our prospective customer's identify and business operations without face-to-face interactions?

Opportunity Statement 4
How might we use technology to better design collection strategies, increase the efficiency and productivity of making collections, and provide our customers with convenient ways to make payments?

Opportunity Statement 5
How might we proactively and accurately identify and respond to potential anomalies and new risk trends that will emerge over time for Global Markets activities?

Submit your application before 30 April 2018

To be considered, you must complete this application form before the closing date of 30 April 2018. Use the application process to motivate why your solution should be selected for this unique opportunity whilst paying special attention to your strong ability to execute (track record, technical ability and industry knowledge).

The scoring and shortlisting process
The selection process will involve several rounds. All entries will be validated by a specialist team and then individually scored by a panel of executives from the bank. Shortlisted applicants will be contacted for callbacks, demos as well as pitching sessions to the senior management of the sponsoring business units. Thereafter, up to 2 finalists per problem statement will be selected to participate in the 12-week programme and demo day.

For more information on the programme and benefits for participating fintech firms, click here.

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