Privacy Tools is among the 79 companies that have reached the final stage of the Open Finance Awards competition. The project that led the startup to be a finalist is Open Banking Consent Management, which is still under development. The announcement is on the page of LinkedIn Innovation Latam.
In total, 284 startups registered, representing 9 countries in the competition. Most of the registered companies are mature startups. More than 95% of them have a structured MVP and more than 70% are in the traction or scaling phase.
About the Open Finance Awards
The competition is organized by Innovation Latam, a company focused on startup development, in partnership with Cantarino Brasileiro, a marketing and communications company with experience in the financial and payment processing markets.
Also partnering with the Open Finance Awards are Atento, a company specializing in customer management within the Business Process Outsourcing (BPO) sector; Embratel, a telecommunications company; and First Tech, focused on the development and implementation of customized projects for collaboration infrastructure and information security.
The goal of the competition is to identify the best solutions that will contribute to Open Banking in Brazil. The first stage began in February of this year, and the finalists for the last phase will be announced on June 21st. Between June 24th and July 2nd, there will be an online vote to decide the best open banking projects.
On July 12th, there will be an awards ceremony. The prize will be awarded to the first-place winner in each category, who will receive a certificate and a trophy. The awards ceremony is scheduled to take place virtually.
Some of the jurors are:
- Antônio João, CEO of Embratel;
- Bruno Ghisi, CTO of RDStation;
- Charles Schweitzer, head of innovation at Banco Carrefour;
- Cristiane Tran, head of financial Services & Insurance at Vivo;
- Paula Mazanék, head of digital at Banco Safra;
- Roseli Garcia, executive director at Boa Vista Serviços.
The evaluation criteria are... Innovation (the solution is innovative in terms of design, development and execution), the Challenge (the solution actually solves a problem or a pain point), the Benefits for the client or society/stakeholders (the solution generates tangible and perceived benefits for the client or society/stakeholders, improved usability experience or greater ease of use) and the Business Impact (The solution provides marketing and economic advantages, brand strengthening, visibility, and customer acquisition, among others).
What is open banking?
It's still relatively new in Brazil, but open banking could make life easier for those who use financial services. With this model, banks, fintechs, and other institutions will share people's data with each other. This exchange of information will occur with the consent of the clients and will serve to streamline processes such as opening accounts, taking out loans, obtaining financing, and more.
Open banking is already a reality in other places, such as the United Kingdom, Australia, and India. Among the data that can be shared between institutions, if the customer so desires, are:
- Name;
- CPF/CNPJ;
- Telephone;
- Address;
- Transactional data;
- Data on products and services used.
