Even Sony is Now Getting Involved with Fintech

February 5, 2016         By: Ryan Kennedy

Japanese electronics giant Sony Corporation, traditionally a non-financial company, has decided to jump into the financial technology sector.

Sony announced the launching of a global fintech innovation challenge earlier this month, with the aim of bringing firms from across the globe to solve common and more advanced problems facing the financial technology industry.

Applications for the competition will be available starting on February 17th, and applicants must provide both an overview of their technology and a statement as to why they should be selected.

Sony will partner with fintech business matchmaking service Matchi to launch the competition. The challenge has been dubbed the Sony Fintech Innovation Challenge and has six main categories of focus; web bank interaction for high net worth clients, entertainment and blockchain technology, educational and financial management services for young clients, client engagement for underbanked or underinvested individuals, financial services for frequent travelers and what Sony calls “Super Smart” authentication.

Like other financial technology challenges, firms participating in the competition will be ranked based on a set of criteria; ease of implementation, potential impact and innovativeness.

Six applicants from each of the categories of focus will be selected to present their product to Sony in March. At least one of these groups will be selected to participate in a project with Sony, including funding and accessibility to Sony’s vast resources.