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Santander X Global Challenge – Santander Group develops partnerships with start-ups to promote inclusivity in the financial world

One of the Santander Group’s missions is to create products and services that counter financial exclusion. Inclusive banking is fundamental to reducing social inequalities and creating new development prospects for different social groups.

In order to further this development and to provide financial products tailored to the needs of young people, seniors and hitherto unbanked groups even faster, Santander Group and the Oxentia Foundation are inviting companies and start-ups to take up the Santander X Global Challenge I Finance for All.

It is a global competition in which the Group seeks to identify start-ups and scaleups from around the world with the greatest potential for growth and the most innovative strategies for solutions that support inclusive banking and help equalise access to the financial world for different social groups

Projects submitted to the competition must present solutions that meet at least one of the following three objectives:

In some regions of the world, the population group aged 15-24 entering the labour market is growing dynamically, which represents a great opportunity to accelerate the economic growth of these countries.

The authors of projects submitted in this category should be able to answer questions such as:

  • How can the solution offered optimise and simplify the customer experience, increasing reliability to attract and retain younger customers?
  • How can the solution offered optimise the product offering and broaden financing options so that younger customers can use them more effectively and the solutions help them to access education and develop further?

The over-65s represent the fastest growing segment of the global population. Their role in society and the economy must also rise in importance, but for this to happen, they need to be more integrated into the digital economy. We need to adapt education, health and social protection systems to provide a safety net for this growing age group and integrate them into the digital economy.

The authors of projects submitted in this category should be able to answer questions such as:

  • How can the solution offered help provide products that enable older people to easily manage their finances and day-to-day affairs?
  • How do these solutions popularise digital banking among older people through a more streamlined and personalised service delivered on understandable terms?

Access to and use of financial products is a major challenge for thousands of people outside the financial system.

Developers of solutions in this category should be able to answer questions, such as:

  • How can your company help provide financial products to the unbanked and increase the rate at which they are popularised among potential customers?
  • How can the proposed solution help the unbanked to start using financial products?

The competition is aimed at scaleup and start-up companies operating in countries where the Santander Group is present – Poland, UK, Spain, Portugal, USA, Mexico, Brazil, Chile and Argentina.

The requirement is to offer a solution that answers one of the above categories, has an innovation factor and its formula is scalable.

During the competition, 20 selected finalists will be able to use the Oxentia Foundation’s network of experts to prepare a competition pitch. Prizes totalling EUR 120,000 for further development are up for grabs for the top 6 solutions.

Registration for the challenge runs until 16 November 2021 on the online platform. On 9 December (Pitch Day), 20 selected finalists will present their solutions before a jury of international leaders in finance, entrepreneurship, innovation and investment. The winners will be announced on 14 December.

The registration form and details of the Santander X Global Challenge I Finance for All can be found at: https://www.santanderx.com/