Organized by Efma and Capgemini, the Financial NewTech Challenge's aim is to uncover the best Financial NewTech solutions and the most inspiring collaborative projects between NewTech and financial institutions. The Financial NewTech Challenge is hosted on the FinTechVisor portal, a global platform that enables FinTechs, InsurTechs, RegTechs, DataTechs – defined as “Financial NewTechs” to showcase their solutions.

To participate in the challenge, Financial NewTechs completed submissions across three business categories (Retail Banking, Payments, and Wealth Management) and two maturity stages (Startups and ScaleUps). Also, Financial NewTechs and Financial institutions jointly submitted their collaborative use cases. A total of 164 submissions were received from around the world and a shortlist of 10 StartUp and 10 ScaleUp applicants in each of the three NewTech categories plus the 10 collaborative financial institution and NewTech applicants were selected by a committee from Efma and Capgemini and announced on FinTechVisor on March 16, 2020. From the shortlisted entrants, the winners were selected by a jury of experts (75% weighting of the vote) and online voting accessible to both financial institutions and NewTechs (25% weighting of the vote).

During the same event, Efma and Capgemini published the “Efma-Capgemini Financial NewTech Watchlist 2020,” which groups the best StartUps and ScaleUps worth observing closely as they help in reshaping the financial industry landscape in the years to come - can be accessed here.