First one searched solutions to obtain new data sources in order to improve digital onboarding. The other one was looking for innovative solutions to implement a new banking system for SMEs.

It has been agreed to designate Innovative Assesments as the winner of the challenge "New data sources for improving digital onboarding", given its commitment to promote financial inclusion through its advanced psychometric technology. Innovative Assesments use psychometrics to assess creditworthiness based on a borrower’s personal character. They help lenders from around the world approve more loans among the underbanked, and simultaneously help more good people qualify for the affordable credit they deserve.

For "New banking for SMEs through technology" challenge, it has been designed Loonfy as the winner. Loonfy is a service for companies that facilitates and automates the requests for salary advancement of employees, with the aim of empowering the employee in his payroll, and with it, offering a social benefit. The interesting solution they provide to achieve the direct debit of payrolls through the collaboration with paying companies has been decisive.

The winners had to meet three requirements: being an innovative solution, having a high quality team and its proposal had to be easy to implement in BBVA's existing channels. These were the main criteria that defined the selection of the winners from among 75 applicants. 

South Summit challenges are one of the services offered by South Summit in addition to its international meetings. If you are interested in a service like this for your company, contact us at info@spain-startup.com.