National Bank launches innovation competition to capitalise on Canada’s rising FinTech scene

Canada’s National Bank is launching the Innovation Competition to help develop the countries FinTech startups and talent.

The bank has launched the competition to bring together Canadian FinTechs, students and other teams together, it said. Participants will collaborate to build new solutions which help individuals save more efficiently and better manage their money.

In line with the new competition, National Bank is hoping to boost innovation in wealth management and help young entrepreneurs.

The competition has been created in partnership with financial data toolbox Flinks and non-profit startup development company OSMO.

It will last for six months with finalists pitching their business and technology to a panel of National Bank executives, venture capitalists and tech leaders. There is a cash prize of $100,000.

National Bank president and CEO Louis Vachon said, “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.”

Applications will be accepted until December 20 2019 and the finals will be held on April 30 2020.

Canada has a bustling FinTech scene ready for investing. Earlier in the month, venture capital firm Luge Capital closed an $85m fund to back Canadian FinTech startups.

Investments into Canada’s FinTech sector have increased each year since 2014. A record level of capital was deployed in the country’s financial technology space with it reaching $1.1bn and 2019 looks to break this record, having already witnessed $1bn deployed in just three quarters.

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