The Open Up 2020 Challenge, which is designed to unlock the power of open banking for UK consumers, has received applications from over 100 fintech companies.
The competition, which offers the companies a chance to win a £1.5m prize fund, will run from November 2019 to July 2020. Open Up 2020 is run by Nesta Challenges and backed by the Open Banking Implementation Entity (OBIE) as part of the UK’s open banking agenda.
Go deeper with GlobalData
It will encourage fintech innovators to create open banking enabled solutions which help consumers across the UK make more of their money.
A panel of judges from organisations such as the Alan Turing Institute, Bank of England, Citizens Advice, and the OBIE will select 15 finalists from 107 competition participants.
Of the finalists, 12 will get £50,000 each. Three to four winning teams will get £300,000 each and their products will be promoted through a national digital awareness campaign.
OBIE trustee Imran Gulamhuseinwala said: “We have been extremely encouraged by the high standard of the applicants to Open Up 2020. The entries not only reinforce the UK’s position as the leading fintech centre of the world, but also showcase our innovation in utilising open banking technology to help consumers make their money work harder.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“Open banking has the potential to revolutionise UK financial services by giving people control over their financial data, and Open Up 2020 is a crucial part of this journey.”
Open Up 2020 challenge follows the successful Open Up Challenge 2018 which focused on enhancing the financial products and services available for small and medium-sized businesses.
