News & Analysis

Perth fintech startup BankVault wins 2016 World Cup Tech Challenge in Silicon Valley

- June 3, 2016 2 MIN READ

Perth startup BankVault has won the fintech category of the 2016 World Cup Tech Challenge in Silicon Valley, an annual competition where innovative tech startups compete on a global stage at Microsoft’s campus.

Startups accepted into the World Cup Tech Challenge are in a pre-global stage, meaning they have launched their products in their respective local markets and are now ready for a global launch.

The competition is in its third year, this year bringing together 24 startups as finalists from a pool of 30 countries to compete in six different categories including fintech, IoT, biotech, VR and augmented reality, AI and robotics, and agritech. Winners were determined by a combination of the judges’ scores on competition day and also a tally of online votes.

These judges included Danae Ringelman, founder of Indiegogo, Tony Conrad, CEO of True Ventures, Jennifer Elias, reporter at Silicon Valley Business Journal, and Jitendra Kavathekar, managing director of Accenture Open Innovation.

Among a range of international winners, BankVault took out the top prize for fintech with its unique security solution that prevents bank account hacking, ransomware and malware. In Australia bank account hacking costs businesses $1.2 billion a year in replacing stolen funds or facing legal penalties.

Most target endpoint devices and the bank security efforts, such as SMS verification, are easily defeated, and delayed bank compensation has dire consequences for both individuals and businesses as it can take time to be compensated.

BankVault provides businesses with a solution to secure online activity like banking and other financial transactions, and keeps personal activity safe.

CEO of BankVault Graeme Speak said, “It’s a great nod of approval which shows the world that our BankVault product gets the seal of approval from the Silicon Valley. It’s fantastic news not only for our company; but also for the tech start-up scene in Perth and Australia.”

Also taking out a place in the agritech category was New Zealand-based startup Engender Technologies, which uses photonics to give dairy farmers cost effective solutions to choose their calves’ sex. In effectively choosing a calf’s sex farmers are able to enhance productivity by dramatically reducing the numbers of unwanted bobby calves.

For both BankVault and Engender, competing in the World Cup Tech Challenge has given them global exposure and access to some of the top industry leaders

The Tech Challenge is now seeking startups for its 2017 competition.

Image: Graeme Speak. Source: Supplied.