Hamburg Commercial Bank is part of a new European Open Innovation project; the Future Finance Innovation Program. Launched by the German Federal Ministry of Finance and the start-up ekipa, it calls for the development of new approaches or the application of existing solutions to shape the future of finance. Under the motto "Let's innovate the financial world together", the competition is especially aimed at young professionals, start-ups and students from all over Europe to reshape and expand the future of finance with their ideas.
HCOB is one of 6 established financial service providers participating in this project - prize money, cooperation programmes, exclusive events and a closing event in Berlin - in the presence of the current Federal Minister of Finance Christian Lindner - await the participants.
"In order to do justice to change and growing complexity in equal measure, ekipa brings established companies together with bright minds from the start-up scene, science and politics. In the process, interdisciplinary teams overcome existing silo thinking and create new, digital customer solutions and business models," says Lindner about the innovation competition.
Hamburg Commercial Bank will challenge the participants with a digital platform for Asset Based Financing (e.g. commercial real estate financing, financing of ships, aircraft and other assets) that could (r)evolutionise the origination and settlement process. The finalists will then have the opportunity to work with HCOB to build a long-term business partnership. The winners will then have the opportunity to work with Hamburg Commercial Bank on the quality of the solutions and take them to the next level.
In total, this project includes a prize pool of 30,000 EUR and invaluable opportunities for participants, including funding, development and collaboration opportunities. Start-ups, students and young professionals will have time until 30th of July to upload their solution to one of the 6 challenges and apply for this unique opportunity.
The Future Finance Innovation Program is initiated together with the Federal Ministry of Finance and under the patronage of the Federal Minister Christian Lindner, and the proud winners will be announced on 3rd of November in Berlin. Until then, boot camps, coaching sessions, pitches and several meetings will follow.