Bundesbank Innovation Challenge - TechQuartier

Deutsche Bundesbank and TQ announce the Bundesbank Innovation Challenge

The Deutsche Bundesbank and we, TechQuartier, are announcing the “Bundesbank Innovation Challenge – Machine Learning for Risk Monitoring,” a free 3-day boot camp tailored for startups in Europe that are developing risk monitoring solutions focusing on AI and Big Data. The program will be held on 25 -27 November 2020 at TechQuartier in Frankfurt. Startups should apply online by 11 October.  

Why a Challenge?

The Bundesbank Innovation Challenge was created to find new solutions for “innovative risk monitoring” from one of the largest central banks in the world – the Deutsche Bundesbank. Risk assessment and monitoring are of crucial importance and a common task for a variety of topics, such as monetary policy, financial stability, banking supervision, cash management and payment systems.

Who should apply:

“The perfect startup candidates use innovative technologies like artificial intelligence, machine and deep learning, are active in the FinTech and/or RegTech sectors and work with supervised and unsupervised learning methods for Big Data analysis or risk monitoring. Their solutions should not only be based on given data sets, but also on research from the internet and from unconventional sources like social media, news reports, satellite data and so on,” said Kevin Rödel, program coordinator. “Either they can deliver Big Data analyses that includes anomaly or pattern detection in data sets or they operate in a different field of technology which can be used to predict the possibility of (hypothetical) events like a merger of two banks.”

What will it be like:

During the boot camp, each participating startup will be familiarized with use cases as well as challenges of the different departments in the Bundesbank and will then develop innovative concepts and solutions addressing financial risk management. The program culminates in a live pitch event attended by banking and innovation representatives. All solutions have the possibility of being implemented.

For participating startups, the boot camp will include:

  • Pitch coaching,
  • Education about compliance, data protection and legal aspects for startups,
  • TechQuartier membership,
  • Introductions to Deutsche Bundesbank officials and the leading experts in banking supervision, financial stability and economic and risk analysis and
  • The opportunity to directly pitch to Deutsche Bundesbank, TQ and the other startups.

Applications are open until 11 October to startups in any stage that are located in Europe. Apply here.