SingularCover has been chosen as the winner of the Virtual South Summit on Sustainability, the sixth digital meeting organized by South Summit and IE University aimed at stimulating the global innovation system in the face of the current unprecedented global challenge posed by the pandemic.
The winning project is of Spanish origin and is a platform that allows SMEs and PYMES to acquire an adapted and affordable product quickly and simply, providing a personalized quote for customers based on the best insurance solution available. Vexi, from Mexico, and Spain’s Coinscrap were second and third-placed respectively. The jury took into account the project’s innovation, scalability, team and investment potential, among other factors.
Speaking at the close of this first Virtual South Summit, Carlos Torres Vila, President of BBVA, said: “The only way achieve a rapid recovery is through a sustainable and inclusive development model.” He added that collaboration with innovative startups is an inherent part of his bank’s strategy to meet the challenges of the new era: “Technology and data are the main ingredients, along with people—the innovators who contribute ideas—to drive the sustainable agenda.”
The opening address was given by Adam Kostyal,Senior VP and Head of European Listings at Nasdaq,the second largest automated and electronic stock exchange in the United States. “Banks must work with fintech; and fintechs need to focus on other dimensions beyond payments such as data, tech or cybersecurity.”
The winner of thisVirtual South Summit on Fintechjoins the 100 finalists at South Summit 2020,which will be held from October 6-8. Speaking at the opening of the event, María Benjumea, founder and CEO of South Summit, said: “The banking sector has been adapting to the new digital age for many years by collaborating through open innovation with startups, but is now more important than ever. In the post-crisis scenario, banks must continue to bet on strengthening connections with the ecosystem, as the opportunities are endless.”
SingularCover was selected from the more than 160 projects submitted to the competition, which was focused mainly on electronics, digital & apps, blockchain, machine learning, AI and, to a lesser extent, APIs & enablers. Some 81% of the participantsat the event were serial entrepreneurs, with at least one other startup to their name, while more than 70% are international, made up of more than 35 different nationalities, notably Mexico, the United States, Finland, Argentina, France, Germany, Israel and Italy.
More than 1,400 registered users from nearly 80 countries attended this Virtual South Summit, along with leading corporations committed to open innovation through startups, such as BBVA, Banco Sabadell, Google, Mutua Madrileña, Accenture, Telefónica, Bankia, Mastercard or VISA, as well as investors from leading funds such as DN Capital, Northzone, id8 Space, Accel, Mosaic Partners, Golden Gate Venture and Softbank.
This initiative has been possible thanks to the latest technology from IE Universityenabling virtual meetings in real time with through the Wow Room, the institution’s virtual classroom.
This has been the sixth and final event of the Virtual South Summit organized by South Summit and IE University,which have taken place over the last six weeks and attended by 10,000 registered users from more than 135 countries.The six meetings have covered health & well-being, connectivity & data, mobility, edtech, sustainabilityand fintech.