The Fintech Innovation Challenge
We were pleased to introduce a Fintech Innovation Challenge to our 2016 conference programme, kindly sponsored by Paymark. The challenge saw five fintech startups compete in a round of quick-fire presentations to win a cash prize of $5,000 as well as mentoring and associated networking opportunities.
We received a great range of quality entries and below are the challenge finalists and runners-up.
The 5 finalists who pitched to the conference delegation at the Fintech Innovation Session on day one of the conference to compete for the prize were:
- My Bitcoin Saver
Find out more about the challenge finalists.
We received such a high calibre of entries the judges selected 8 runners-up:
- Avali Payments
- Seek Stock
Find out more about the challenge runners-up.
Delegates were able to meet all our finalists and most of the runners-up at the fintech stand during the conference.
All entrants were judged by a panel of representatives from:
- Paymark - our challenge sponsor
- Payments NZ
- Lightning Lab
- the Angel Investor community
All applications were judged against four assessment criteria including business model, customer-value proposition, design/innovation and overall viability.
Choosing the winner
The finalists had 6 minutes to pitch their product during the Fintech Innovation Session then a Q&A panel had 4 minutes to quiz each of the finalists. The Q&A panel was made up of the following industry experts:
- Mark Rushworth, Paymark Chief Executive
- Stefan Korn, Creative HQ CEO
- Cecilia Tarrant, ArcAngels Chair, member of IceAngels, and Payments NZ Independent Director
The conference delegation then chose the challenge winner in a live poll and Dexibit was announced as the winner at the conference Gala Dinner.
The challenge was open to new or recently established innovative, technology-enabled startups working in any area of financial services or a supporting sector such as cyber-security, digital identity and data analytics. To be eligible, entrants had to have:
- an establishment date of no earlier than 1 August 2014; however, we considered applications that fell outside of this date (startups do not need to be incorporated); and
- a demonstrable product or service OR a pre-commercialised prototype or concept.
Terms and Conditions
- By entering the Fintech Innovation Challenge, entrants warrant that their Fintech Innovation Challenge entry, does not violate the rights of any third party or any applicable laws.
- To enter the Fintech Innovation Challenge, an authorised representative of the fintech organisation must complete the application form and email the form to firstname.lastname@example.org by 5pm on Monday 12 September 2016.
- To be eligible for the Fintech Innovation Challenge, entrants must be a new or recently established innovative technology organisation or technology enabled startup, working in areas such as: payments, wealth management, lending, financial services, APIs, insurance, fraud detection, risk analysis, securities, trading, social media tools, big data or data analytics, security, identity, B2B or B2B2C mobile, small business apps and services, or IT infrastructure.
- Eligible entrants must have an establishment date of no earlier than 1 August 2014 and do not need to be incorporated. Payments NZ will consider entrants that have an establishment date outside of this date.
- Eligible entrants must have a demonstrable product or service, or a pre-commercialised prototype or concept.
- Fintech organisations will not be eligible to enter the Fintech Innovation Challenge where a representative, or any other officer, director, employee or principal of the organisation is an employee, officer, director, representative, or agent of Payments NZ Limited or Paymark Limited, or is a sponsor of The Point 2016 conference.
- By entering the Fintech Innovation Challenge, entrants agree that Payments NZ Limited may share the application forms, and any associated information submitted by the entrants, with the judging panel, Payments NZ Limited participants and members. Payments NZ Limited means its employees, officers, contractors, and appointed agents, including the organising committee for the conference and the event managers Lime and Soda Limited.
- Entrants also agree that by entering the Fintech Innovation Challenge, the application form as well as any associated information submitted by the entrants, may be published by Payments NZ Limited. This includes, but is not limited to, publication on Payments NZ Limited’s conference website, Twitter, LinkedIn, The Icehouse and NZ Technology Association newsletters as well as communications to Payments NZ Limited’s database.
- Payments NZ Limited accepts no responsibility for protection of entrants’ copyright, trade secrets and other intellectual property.
- Payments NZ Limited reserves the right to adjust or revise the eligibility and evaluation criterion at its sole discretion and as is necessary to uphold the integrity of the Fintech Innovation Challenge. If the eligibility and evaluation criteria are modified, the sole and exclusive recourse available to any entrant is to withdraw its application from the Fintech Innovation Challenge.
- Payments NZ Limited also reserves the right to extend the entry deadline of 5pm Monday 12 September 2016 if it deems it necessary.
- The judging panel will be made up of a Payments NZ Limited representative, a Paymark Limited representative and an industry or startup subject matter expert.
- The judging panel will select five finalists and up to five runners up, who will be notified by Payments NZ Limited no later than Friday 14 October 2016. The judging panel’s decision will be final.
- By entering the Fintech Innovation Challenge entrants agree, if selected as one of the five finalists, to participate in the Fintech Innovation Challenge quick-fire presentation at the conference on the afternoon of Tuesday 8 November 2016 and the fintech exhibition on Tuesday 8 November and Wednesday 9 November 2016.
- The five finalists will be provided with complimentary full conference passes for up to two representatives to participate in the fintech exhibition and the conference sessions on day one and day two of the conference, as well as attendance at the cocktail function and gala dinner.
- The runners up will be provided with complimentary conference day passes for up to two representatives to participate in the fintech exhibition and the conference sessions on day one of the conference.
- At the end of the Fintech Innovation Challenge quick-fire presentation session the conference delegates will vote for the winner.
- Payments NZ Limited will announce the winner at the Gala Dinner on Tuesday 8 November 2016.
- If the winner chooses not to accept the prize, Payments NZ Limited reserves the right to announce a new winner.
- By attending the conference and participating in the Fintech Innovation Challenge and fintech exhibition, entrants agree that any content produced on site, such as photos, video material, quotes, may be used by Payments NZ Limited for further promotion of the conference and the Fintech Innovation Challenge.
- All finalists and runners up agree to their name, organisation and photograph(s) being published in Payments NZ Limited news updates and collateral relating to the conference.
- All selected finalists and runners up of the Fintech Innovation Challenge must cover their own expenses for attending and participating in the conference.
- Payments NZ Limited will not be liable for any loss, cost or expense sustained during the course of this Fintech Innovation Challenge.