Bankia, one of the most important banking institutions in Spain, launches the sixth edition of the Innsomnia fintech acceleration program for the digitalization of the banking and financial sector in the country.
The new SCHEDULE acceleration driven by Bankia seeks to define the future of banking and financial institutions in the country. The entity considers that the FinTech industry and digitalization are defining the future of our society, which is why it is committed to the digital transformation of banking systems through its program Innsomnia.
The call, considered the largest fintech acceleration program in Spain, will be open until November 30 for all companies and businesses in the sector to participate and present their best proposals for banking digitalization in the national and international environment. Bankia Fintech by Innsomnia is an accelerator that allows participants to have specialized advice, training, reviews of business plans and projects, visits to European fintech accelerators and incubators and more. This accelerator also allows participants to enjoy a professional environment and a workspace suitable for the development of their projects, since it has top-level facilities.
In general, this new edition of the program promoted by Bankia seeks to adopt new technologies framed in strengthening the different areas of the banking and financial sector to build the banking of the future. All companies and startups that wish to participate can send their data and register through the platform accelerator officer.
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Challenges for participating startups
As indicated in Bankia's press release, the new version of the fintech acceleration program will maintain the same structure of challenges for participants. This is in order to challenge companies to show their full potential for developing innovative solutions. Innsomnia poses seven challenges that companies must solve by presenting potential technological solutions for use cases in cybersecurity, open banking, contribution to the Sustainable Development Goals (SDG), quantum computing, Future of Health, virtual reality and other technologies with high potential for the development of the banking and financial sector.
From among all the proposals, Bankia will choose the most innovative projects that respond to the strategic objectives set by the entity for each thematic block. And as mentioned above, the participating startups have until November 30 to register and submit their proposals. Once this time has elapsed, Bankia will close the process and evaluate the projects for their subsequent selection.
The winning proposals and projects will be able to take part in the Bankia Fintech by Innsomnia acceleration and mentoring programme, which will include training and follow-up sessions by more than 30 business area managers, as well as presentations in 10 international hubs and the possibility of accessing an investment fund of more than 20 million euros, which was created especially by the bank to promote technological projects.
New innovations
Innsomnia also includes a prior mentoring phase for all participants, which is one of the most notable new features of the program in this 6th edition. Companies and startups will be able to enjoy the guidance of experts and professionals during the presentation of their candidacy. In this regard, the corporate director of Strategy and Technological Innovation at Bankia, Ignacio Cea, also pointed out that this edition focuses on more specific challenges and issues for companies so that they can build value solutions that provide a real benefit for all Bankia customers.
“The 6th edition of the competition is starting with, if possible, even more excitement than the previous ones. This is an edition focused on very specific challenges of the present and the future, in which we hope to be able to attract the best projects and teams so that, with them, within the current and future framework of Bankia, we can build value solutions for our clients that will in turn result in a real benefit to the companies that accompany us, thus continuing with the win-win collaboration model that has characterized us all these years.”
Innsomnia CEO Francisco Estevan also noted that this acceleration program is the most effective and unique way to connect the fintech industry with “one of the largest banks in Spain.”
About Bankia's Innsomnia
The Innsomnia fintech acceleration program was launched in 2016 and has since become the largest incubator and accelerator in Spain, with more than 500 companies and startups enrolled and 65 accelerated projects from 25 countries. These include Zank, MESbook, OpSeeker, PayIN, Gamco and several others. Innsomnia has served as a bridge between technological innovation and business reality at a national and international level.
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