The Winners of the UBS Future of Finance Challenge 2019 in Smart Risk Managementby Company Announcement October 11, 2019
UBS announced the winner of UBS Future of Finance Challenge 2019 in Smart Risk Management. In first place, Solidatus. Solidatus uses a novel technological approach to model and present regulatory obligations across a company, to enhance transparency and assist demonstrating implementation and compliance.
As an international bank, UBS has to meet high security standards for our clients that operate in a global, digital ecosystem. Subsequently, UBS places a high priority on identifying new technology solutions that can help automate risk management, compliance and regulatory tasks.
The finals of UBS Future of Finance 2019 for Smart Risk Management was held today in Singapore where 7 finalists gathered to present their top solutions in this field for the industry.
The UBS Future of Finance Challenge allows participants to present their ideas and solutions in a global competition with cash prizes and opportunities to accelerate; worth over USD $200,000 and including over 150 hours of dedicated coaching from UBS experts, mentors and partners.
It is UBS’s aspiration to support the competition winners to further commercialise and scale their ideas and technologies using its significant global presence, deep expertise in global banking and ecosystem of innovation partners.
The UBS Future of Finance Challenge is delivered in collaboration with Deloitte and the innovation agency 100% Open. This collaborative approach offers commercial and technical expertise to the innovators participating in the competition, while providing them with access to the innovation pipeline of a leading global financial services firm.
Why UBS Future of Finance?
UBS’s ambition is to help shape a more open and collaborative financial services industry and to jointly develop new innovative solutions for its clients. We’re involved in the Fintech eco-system in our key global locations e.g. through our Labs in London, Singapore, New York and Zurich.
This open approach enables us to embrace the pace of technological change and learn from entrepreneurs about products and services that will not only offer short-term gains but also will have a lasting benefit for our clients, our firm and the industry.
We know it can be hard to navigate the structures of large organizations, especially banks. With UBS’s global reach and world-class banking expertise, we can provide Competition participants a unique point of entry, giving them the opportunity to test their ideas or develop them with our support. We offer participants unrivalled access to experienced technology experts and business leaders, supported by tailored coaching and mentoring to help them refine their ideas.
Finalists of UBS Future of Finance Challenge 2019 (Incl Swiss Regtech Apiax)
|Finalist Name||Focus Area||What do they do?|
|Neotas||Enhanced Due Diligence||Neotas provides a due diligence tool that uses advanced technologies (Natural Language Processing (NLP), machine learning) and human insight to incorporate open source (web-based) data into the client due diligence process.|
|Apiax||Digital Compliance Solutions||Apiax provides digital compliance solutions to companies faced with ever-rising amounts of laws, rules and regulations.|
|Tookitaki||AI-Based AML Transaction Monitoring||Tookitaki is focused on AML transaction monitoring, using a combination of supervised and unsupervised machine learning to deliver real-time anomaly detection with actionable analytics and model explainability.|
|Sedicii||Secure Data Sharing||Sedicii's solution allows for secure data sharing within Financial Institutions and between FIs, using cutting edge encryption methods.|
|Cube||Regulatory Tracking||Cube scans regulatory data globally and using AI, provides tailored and relevance-filtered updates to FIs, including impact assessments.|
|Polixis||Enhanced Investigations & Analysis||Polixis' tool allows for analysis of very large data sets, including entity resolution, and subsequent analysis to detect potentially fincrime-related anomalies for investigation.|
|Solidatus (First)||Regulatory Compliance Evidencing||Solidatus uses a novel technological approach to model and present regulatory obligations across a company, to enhance transparency and assist demonstrating implementation and compliance.|
|Corlytics||Regulatory Tracking||Corlytics used AI-based text analysis and NLP to assemble regulatory information into defined categories, mapped to source regulators, to enable organisations to measure their regulatory risk.|
|Ascent RegTech||Regulatory Tracking||Ascent automatically delivers targeted regulatory obligations and rule changes that apply to the customer, all housed in a cloud-based platform that enables end-to-end obligations management.|