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Mapping Fintech Austria 2018

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Team Europe
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View of Vienna city from the Stephansdom roof, Austria

This report and mapping will give you access to the most up-to-date overview of the Fintech players in Austria.

The Austrian FinTech ecosystem shows a steady growth in the number of companies and a consolidation in its organizations on the background of strong governmental support.

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The most complete Austrian Fintech mapping

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The report analyzed 160+ Austrian Fintech start-ups, and looks at the corporate startup engagement and main trends.

You will see how the local banking industry follows international trends and responds rather by setting up cooperation with the startups as by buying such companies.

The largest banks and insurance companies have various models of scouting and implementing new banking possibilities –sourced either locally or abroad.

For this report, our parent company INVYO, in partnership with the Fintech researcher Carmen Balazs, have conducted on the ground interviews with professionals and entrepreneurs to provide you in-depth analysis of Austria’s Fintech ecosystem.

Key takeaways

🔸 Out of 162 indexed FinTech companies, 85 have HQ registered in Austria within the main hubs: Vienna and Graz;

🔸 Of all companies 64% involve a B2C business model, 29% target B2B (or B2B2C) whereas 7% went out of business;

🔸 Crowdfinance accounts for 26,2% of the analyzed Austrian FinTech;

🔸 The blockchain and crypto scene are very well developed, with 6 cryptocurrencies that were set up by Austrian teams;

>> Access the report and the mapping by following this link

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Expense management made easy with Berlin based digital banking Penta

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Team Europe
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0

Digital banking fintech Penta has launched a new product called, Team Access. Founders can now order team MasterCards for their co-founders and coworkers as an instant cure for time-costly expense management.

As explained by Lav Odorovic, Penta’s Co-founder and CEO:

“Small businesses need an easier way to control how things are paid for and by whom within the company. In addition to allowing business owners to stay on top of spending, we’re empowering the whole company to move quicker and to spend less time banking.”

The process of getting another debit card from a traditional bank is far from being easy, it could take weeks. The only alternative so far was to apply for a business credit card with credit limit.

“We’re reducing administrative complexity, eliminating expense reporting and simplifying bookkeeping for business owners and growing teams by synchronizing all of a business’ expenses into the Penta account,” Odorovic says.

The German digital bank Penta is solving this pain by allowing founders to access a collaborative environment to manage expenses: adding other workers, providing them instantly with debit cards, assign roles and permissions, among others.

 

The first online course on AI applied to the banking industry

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Team Europe
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0

Ngee Ann Polytechnic and Centre for Finance, Technology and Entrepreneurship (CFTE) are about to launch AI in Finance (AIF), the first online programme for finance professionals.

Despite the growing hype around Artificial Intelligence (AI), many finance professionals are still unfamiliar with the impact it will have on their industry.

AI in Finance (AIF)

Ngee Ann Polytechnic (NP), one of Singapore’s leading institutes of higher learning, is partnering with London-based Centre for Finance, Technology and Entrepreneurship (CFTE) to launch the first online course to showcase AI applications and use cases in the banking industry.

According to Mr Clarence Ti, Principal at NP:

“AI is a technological driving force that no industry can ignore. Some studies estimate that about 50 per cent of today’s tasks would be assisted by AI in the next 20 years. With Singapore and London gaining recognition as leading fintech hubs of the world, it is timely for NP and CFTE to launch an industry-led course that provides finance professionals and others a practical guide to AI.”

Mr Huy Nguyen Trieu, co-founder of CFTE, said in a recent interview to eFinancialcareers:

“You will also see that a lot more can be automated in future. If you want to keep your job, you need to question both what your role will be in this automated future, and what impact artificial intelligence will have on your area of the business.”

Through this course, both NP and CFTE hope to support and to nurture talent in fintech and to boost fintech development in their respective regions and around the world.

Educating the banking industry

OCBC Bank has been one of the early bank to show interest for such programme, committing up to 1,000 training places to equip its employees with skills that are relevant to the future economy. As said by Ms Yap Aye Wee, Head of Learning & Development, Group Human Resources at OCBC Bank:

“Thanks to our pool of skilled employees, OCBC Bank has successfully rolled out initiatives like AI-powered chatbots Emma, for home loans, and Buddy, for employee’s HR related queries. The AIF programme will help us build on our AI-edge by equipping more staff with such skillsets that are relevant to the future of banking.”

Ms Jenny Wong, Head of Group Human Resources, United Overseas Bank (UOB) said:

“Ensuring that our people have the relevant skillsets and agile mindsets is a priority at UOB. The AIF will complement our suite of training programmes aimed at deepening the digital capabilities of our colleagues. Through the programme, our people will have a deeper understanding of AI in order to harness the technology for enhanced performance and a more instinctive customer experience.”

The online course

Lecturers

Over 20 industry insiders and thought leaders, from China to US, from regulators to banks to tech giants to start-ups to venture investors, come together for a practical look at the world of AI in Finance.

Lecturers include Dr Ayesha Khanna, Co-Founder and CEO of ADDO.AI (Singapore); Mr Jon-Tzen Ng, CIO at Ping An Technology (Shanghai); Dr Stephan Murer, former global CTO at UBS (Zurich); and Dr Winnie Cheng, CTO and CDS at Flowcast (New York).

Guest speakers are also coming from leading organizations such as the Monetary Authority of Singapore (MAS), Citi Ventures, Standard Chartered Bank or IBM Watson Group.

The programme

The course will be conducted entirely online, and includes 18 modules that cover a wide range of topics, from the basics of AI technology to the implementation of AI at the strategic level.

Mr Patrice Choong, Director for The Sandbox, NP’s innovation and enterprise office that is spearheading the joint development of AIF with CFTE, explained:

“Participants will be exposed to industry insights and real-life case studies to ensure that the content is relatable to them. For example, there are already applications of AI in areas such as insurance, credit scoring and customer service. All these case studies will form part of the course content and discussion.”

The online course will be released on monday the 25th and is applicable to any finance division: capital markets, front office, compliance, risk management or insurance.

REGISTER HERE

AIF’s robust ecosystem not only offers participants access to thought leaders in the industry, AI startups and finance companies that have adopted AI, but also provides potential opportunities in the form of internships and jobs as well as a supportive community that possesses a wealth of knowledge in the financial sector.

 

Mapping 18 rising InsurTech start-ups in Europe and beyond

By
Team Europe
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2

This year, 18 rising InsurTech start-ups and scale-ups have been chosen to come and pitch at the Global Summit for Insurance Innovation, the biggest Insurtech event in Spain.

For this new edition 2018, the GSII will gather more than 200 attendees, 50+ C-level executives and 60+ companies coming from all around the world. The GSII is an invite-only event focused on innovation in insurance, also known as Insurtech.

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[divider]INSURTECH EUROPE[/divider]

Wannabot

Wannabot is a Spain-based Fintech that has developed a AI-powered platform for the development of chatbots, specialized in conversation engineering and created to help companies interact automatically and efficiently with their suppliers and customers.

Discover here: http://www.wannabot.io

Axieme

Axieme is an Italy-based insurtech startup that has launched the first social insurance to insure communities made by people with same coverage needs. Policyholders are gathered into a group (called “circle”​) and share information on the claims occurred within the circle they belong to. At policy expiration Axieme’s algorithm calculates a giveback for each policyholder based on the logic “few claims = high giveback”.

Discover here: https://www.axieme.com/

Blocksure

Blocksure is a UK-based Fintech that has developed blockchain powered solutions to the insurance industry. Its aim is to reduce operational expenditure across the industry and enable new products and distribution models.

Discover here: https://www.blocksure.com/

Consulta do Viajante

Consulta do Viajante is a Portugal-based online travel health clinic that has launched the first fully internet-based medical clinic. During the online consultation, a trained physician assesses travel related health risks and provides tailored advice in preventive measures to follow before, during and after the trip.

Discover here: https://www.consultadoviajante.com/

Cybrq

Cybrq is a Switzerland-based Fintech that has developed a solution to make cybersecurity easier for everyone. Its human-focused approach will empower users and make them better protected.

Discover here: https://cybrq.com/

Dacadoo

Dacadoo is a Switzerland-based Insurtech that has developed and runs a fun, easy-to-use and safe way to manage the personal health and well-being of a user, called the dacadoo Health Score platform.

Discover here: https://www.dacadoo.com/

Docline

Docline is a Spain-based Insurtech that has developed a Telemedicine platform that allows doctors to connect with their patients for video consultations, chat and e-prescriptions. At the same time, the start-up is connected with pharmacies to make the patient experience more valuable.

Discover here: https://docline.es/

DSwiss

DSwiss is a Switzerland-based FinTech that has developed a worldwide leading provider of highly secure digital services. In particular, the company’s flagship services is the provision of digital vaults for personal documents and passwords, while also offering eDelivery services and file sharing platforms for asset managers and clients alike.

Discover here: https://www.dswiss.com/en/

The Floow

The Floow is a UK-based Insurtech that is a leading telematics provider delivering innovative solutions to insurers, automotive manufacturers and fleet operators worldwide. Its intelligent telematics solutions allow insurers to price policies fairly and accurately, help drivers improve their performance and enable auto manufacturers to design vehicles that respond to evolving needs.

Discover here: https://www.thefloow.com/

Insurepal

Insurepal is a Liechtenstein-based Insurtech that has developed a next generation of peer-to-peer insurance based on social proof endorsements, fully harnessing the power of blockchain innovation.

Discover here: https://insurepal.io/

Lisa

Lisa is a Spain-based Insurtech that has launched an app that allows users to obtain an immediate budget, in less than 90 seconds, with several options of coverage of professional liability directly from a mobile.

Discover here: https://lisa-seguros.com/

Quantessence

Quantessence is a UK-based financial technology company delivering an open architecture platform that manages the running of predefined asset allocation algorithms. The Euroclear Quantessence platform aims to connect distributors, asset managers and hedge providers (investment banks and re-insurers) to eliminate the operational burden related to launching and managing savings products.

Discover here: https://quantessence.com/

Segguroo

Segguroo is a Spain-based Insurtech that has launched an app to let people protect the things that matter to them in a different way.

Discover here: https://www.segguroo.com/

Valoo

Valoo is an France-based Insurtech that allows easy and secure management of people’s possessions. Their goods are secured within the one space so as to make sure people are prepared in the event of a disaster (fire, theft, water damage, etc.).

Discover here: https://www.valoo.com/

Yolo

Yolo is an Italy-based Insurtech that distributes products of the major international insurance groups on digital channels, created and distributed in an innovative way. YOLO is also the partner of the large insurance groups, capable of creating value and innovation through consulting, technology and marketing.

Discover here: https://yolo-insurance.com/

[divider]INSURTECH BEYOND[/divider]

Asura

Asura is an Indonesia-based Insurtech that offers online insurance businesses. Asura focuses its business on providing insurance products such as motor insurance (cars and motorcycles), health insurance, home insurance, travel insurance, and many other products from leading insurance companies at affordable rates.

Discover here: https://www.asura.co.id/

Truemotion

Truemotion is a US-based Insurtech that offers auto insurers a mobile telematics platform that enables next-generation digital programs. Powered by mobile technology, machine learning, and data science, its patented smartphone data platform can accurately determine when a person is driving and reveal her behaviors behind the wheel, including distracted driving.

Discover here: https://gotruemotion.com/

Vlocity

Vlocity is an US-based software solution and a Forbes Cloud 100 company and strategic Salesforce ISV, that delivers industry-specific cloud and mobile software that embed digital, omnichannel processes for customer-centric industries.

Discover here: https://vlocity.com/

Want more data about fintech startups? Access your own dashboard with INVYO Analytics or Sign up for free now.

 

Madrid will host the Global Summit for Insurance Innovation 2018

By
Team Europe
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1

Join Techfoliance next June the 21-22th 2018 in Madrid for Global Summit for Insurance Innovation (GSII), one of the most important summit in Europe addressing top trends in the insurance and tech industry.

For this new edition 2018, the GSII will gather more than 200 attendees, 50+ C-level executives and 60+ companies coming from all around the world. The GSII is an invite-only event focused on innovation in insurance, also known as Insurtech.

Insurance leaders are facing strategic and operational challenges and rush to build an integrated customer experience that brings together their value propositions across multiple touchpoints, distribution channels and customer segments.

Fintech in Spain: key figures

The spanish Fintech sector saw an increase of 400% between 2013 and 2016.

Spain is the largest market of Fintech innovation in Ibero-America with 200+ Fintech start-ups.

The 4 largest Fintech segment in Spain are Payments & Remittances (21%), Lending (18%) and Enterprise Financial Management (11%) followed by Crowdfunding (10%).

GSII At a glance

The Global Summit for Insurance Innovation Forum 2018 will bring together market leaders from many different European countries at different level of maturity about Innovation and Digital to discuss the newest trends and challenges in meeting and exceeding customer expectations.

You can see All speakers here

Why you should come ?

GSII will host an event called “Insurtech Pitch Day”, where European-based insurance startups will be invited to deliver a 6-minute pitch to an audience of 200+ top insurance executives.

The conferences will be conducted around key topics such as:

How CEOs see innovation: a view from an insurance leader

AI is the new revolution

How corporate can deal with Insurtech? Methodologies to invest and collaborate

Women in innovation: how do they disrupt insurance?

Sharing economy, from a new economy to new business opportunities

Dark Web and risks for the insured

How Insurers can take advantage of Blockchain

Are insurers too big to innovate?

See agenda for full event details

Techfoliance is glad to come to this event as a media partner. We will forward you with daily live news so that you can follow the best of GSII if you did not have the chance to come directly to Madrid to attend the event.

Do not hesitate to contact us before if you want to manage a meeting with our team to share thoughts, become a contributor or pitch your Fintech to be featured on our media!

The banking industry needs more blockchain research like UBRI

By
Team Europe
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0

Students and faculty around the world are emerging as major contributors to the creation of a more robust and valuable blockchain and payments ecosystem.

New business use cases are emerging with the use of the blockchain to make cross-border payments faster, lower the costs and make it more transparent.

UBRI At a glance

Ripple announced few days ago a $50 million investment in the University Blockchain Research Initiative (UBRI), a collaboration with top universities around the world to support and accelerate academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.

The first wave of university partners is including 17 prestigious institutions around the world, that will try to 1/ Stimulate widespread understanding and innovation in blockchain; 2/ Create new curriculum to meet high student demand for learning about blockchain or cryptocurrency; and 3/ Stimulate ideas and dialog among students, faculty, technologists and business leaders on topics of shared interest.

Use cases

As the regulatory conversation continues to evolve in the public sector, the Center for Information Technology Policy (CITP) at Princeton University is creating an UBRI program that will study the policy impact of cryptocurrencies and blockchain in the U.S. and around the world.

At The University of Pennsylvania, UBRI is supporting select MBA-MS candidates each year in a newly established Wharton-Engineering dual-degree program. This funding aims to prioritize students working on blockchain or cryptocurrency.

As part of UBRI, Ripple is also participating in MIT Computer Science and Artificial Intelligence Lab’s new FinTech initiative made up of a nearly a dozen companies across the financial services industry to work with groups of CSAIL’s 116+ researchers on topics like blockchain, cryptocurrencies, cybersecurity and global payments.

In Europe, Delft University of Technology in the Netherlands and the University of Luxembourg are building a new blockchain research program inside their Departments of Computer Science and Engineering with the help of UBRI.

As the traditional backbone of innovation, universities uniquely offer an independence and rigor that the private sector cannot.

They also are responsible for training the workforce of the future, helping to address the demand for technological solutions and talent to solve the world’s hardest financial problems.

 

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