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Welcome to the Swave’s call for applications
Are you a young and innovative company of the financial sector ?
Initiated by the French government and operated by Paris&Co, Le Swave is the new innovation programme dedicated to fintechs. Together with its corporate and institutional partners, it is now selecting its first batch of start-ups.
Banks and insurance companies are dealing with deep transformation processes. Increased competition, cost-cutting, demanding new regulatory frameworks and tough economic environment are some of the many challenges to be faced. Faster, easier, cheaper and digital, these are now the pre-requisite of any transformation in the industry. In the aftermath of the global financial crisis, the financial sector also has to contemplate long-term perspective and think for tomorrow : keeping up with the essential functions of the banking and insurance activities while fostering the revolution of uses (neo-bank, insurtech, etc.) and learning how to integrate transversal technical breakthroughs (IA, machine-learning, etc.) in reasonable way.
Leveraging on innovation and change to turn them into business opportunities for the financial sector today and beyond. This is our creed.
Following the government’s initiative to foster investments in fintechs, Paris&Co and its corporate partners (Société Générale, NewAlpha Asset Management, Crédit Municipal de Paris and Exton Consulting) have been working together to define the axis of this call for proposals, in order to address their strategic needs.
Our main objective is to promote experimentations of new products and services then accelerate the corporate development of young companies that are trying to implement new models for the financial sectors and its clients (B2B and B2C).
The launch of this new platform is indeed the occasion to unite the whole set of actors of the financial sector’s value chain. Institutional representatives (Paris Europlace, Finance for Tomorrow, Pôle finance innovation), corporate groups, researchers (Institut Louis Bachelier) and organizations (France Fintech) are all looking in the same direction : promoting excellence in a sector whose dynamism is outstanding.
The call for proposal is open
from Oct. 20th till Nov. 17th midnight
The following criteria will be assessed for every case :
- The innovation brought by the project/product/service
- The business development potential of the company
- The business plan’s credibility and soundness
- The match between the project and our corporate strategic goals
- The quality of the team and its complementarity in business
- The desire/commitment to rent workspace (closed offices or coworking spaces) inside Le Swave’s building
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The business areas covered by this call for proposal
The financial sectors’ jobs are antique but the functions they fulfill have a social use (financing the real economy, facilitating trade, fostering entrepreneurship, managing risks, etc.). However, if the functions go way back in history (five centuries for banking and three centuries for insurance), uses can and must be modernized.
Let’s reinvent the financial sector together :
- Money transfer
- Credit / Project finance
- Crowdfunding / Peer-to-peer loans
The fast-paced technological breakthroughs since the beginning of the 2.0 era were not given sufficient attention from a risk perspective. However, slowly but surely, the issue of cybersecurity was put on the agenda. Indeed, today not a single week can end without a new cyberattack being revealed by the media. By the sensitive data it deals with, the financial sector is especially targeted by hackers and needs to build up its defense to maintain trust. Isn’t the entire financial system built upon the concept of « trusted third-party »?
- Fight against hacking / data protection
- Enrolment / Client ID
- Data integrity / Blockchain
Artificial intelligence & machine learning
Modernizing the uses of traditional finance requires the integration of cross-frontier technological progress. Artificial intelligence and machine learning are today’s the two specific axis of interest for Le Swave. These new technologies can conjure up some fears (even from specialists) and their integration in the financial sector needs to be cautiously and wisely driven to avoid loss of control. The platform and its partners will thus specifically pay attention to the initiatives that are proposed in this field, keeping in mind that the innovative side of the projects is key.
- Machine learning
- Big data
Finance for Tomorrow
Coming back the essence of finance and understanding it as a mean rather than an end, this all comes back to answering the following question : how does the financial sector serve the planet ? The latter will indeed have to face various challenges by the end of the 2050’s (climate, demography, economic growth, wealth distribution in a constantly changing world, etc.). Particularly aware of these long term perspectives, Le Swave and its partners will have a special focus for projects trying to bring solutions.
- Climate finance
- Sustainable finance
- Inclusive finance
- Access to financial services for isolated and poor populations
The Swave in a few words
The Swave is located in La Grande Arche, the most iconic building of La Défense’s business district, 10 minutes away from downtown Paris. Our 2 500 m² are divided between coworking spaces, private offices, living spaces and a showroom ; all remarkably connected to the financial sector ecosystem.
Le Swave’s manifesto :
Fostering the development of young and innovative start-ups of the financial sector. A special attention will be given to the entities in their 3rd year of existence and beyond for this first call for proposal.
Structuring and facilitating collaboration between corporate groups and start-ups on a dedicated platform. Le Swave is a connector. It organises the life of both corporate and start-ups ecosystems and works on creating a sustainable deal flow between them.
Creating excellence in the financial sector.
Leveraging on the expertise of Paris&Co’s network of private and institutional partners.
Being a catalyst of financial innovation in Europe and worldwide.