BBVA launches global platform to connect with FinTechs

Spanish bank BBVA has launched a new platform dubbed the Open Marketplace to connect with FinTech startups. This already has 150 registered users from around the world, all of whom are looking to tackle the challenges faced by the financial sector.

The Open Marketplace platform links the capabilities and services of the FinTech startups with the business needs of BBVA’s different departments.

“The new platform’s objective is to connect startups that have the potential to change the future of banks that are currently facing real problems on a day-to-day basis,” says the head of BBVA’s Global Data and Open Innovation Elena Alfaro. “The startups registered with the Open Marketplace platform will work jointly with BBVA professionals to learn and find solutions together.”

Intelligent matchmaking system

The platform has a search tool, a directory of profiles and an intelligent matchmaking system that connects the startups with BBVA in a way that opportunities are generated for the both of them. So, when both “parts do coincide in interests”, they can then begin to work jointly through the platform which grants access to case studies and virtual coworking spaces.

BBVA says that the platform works similarly to a dating app. “The startups and BBVA professionals have to subscribe to the system and create a profile explaining, on the one hand, their needs, on the other hand, the solutions a startup may have for their specific needs”.

Startups have thus far helped the bank with solutions to detect fraud against involving mobile devices, as well as a solution for automated financial, advise based on artificial intelligence.

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