Recently, South Summit Madrid announced the 100 finalist startups of its Startup Competition, among which 12 belong to projects of the Fintech & Insurtech sector, who will participate from October 6th to 8th in the South Summit 2020 event, which will take place in Madrid, Spain, according to Seguros New in its web page.
South Summit, powered by IE University, and in collaboration with the Madrid City Council, brings an innovative idea that will multiply the interconnection of the actors of the ecosystem and the generation of business opportunities, through an omnicanal format that mixes physical meetings with a multichannel digital platform.
One of the benefits of being a finalist startup at South Summit is to have the opportunity to present their projects to key figures of the first level of the ecosystem participating in the meeting, and join companies, investors and high-end leaders, in search of innovation and business opportunities and obtain a visibility of global reach provided by the digital context.
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The note reviewed by Seguros New, mentions that out of a population of 3,800 projects submitted to the Startups Competition in this edition, only 100 were chosen as finalists, of which 30% are of national origin and 70% are international, from 25 different countries, including the United Kingdom, USA, Germany, Brazil and Israel, among others.
Based on criteria such as the degree of innovation of the project, the investment potential it can generate, as well as its scalability or internal capacity to grow and the team of professionals that make it up, were some of the aspects taken into account by the Committee formed by recognized investors and experts in innovation, to select the 100 finalist startups.
All the selected startups belong to leading sectors in the market, such as Healthcare, Travel, Insurance, EdTech, Fintech &Insurtech, among others. The latter has a total of 12 finalist startups, including two companies that are supported by the blockchain technology.
Wirex: Fintech & Insurtech
In the first case, there is the Wirex platform, founded in 2014, a Fintech company based in London that contributes to solve the crossroads of crypto currencies: to turn crypto into traditional money, and also vice versa.
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Wirex is a digital bank, which offers the same advantages as any traditional bank by adding, in addition, instantaneous conversion of cryptomoney (Bitcoin, Litecoin, Ethereum, WAVES and XRP in traditional money and vice versa), money transfer, balance management, etc.
It operates under an e-money license from the Financial Conduct Authority of the United Kingdom, which guarantees that its payment cards have the VBV standard protection, typical of Visa cards, offers 3D Secure consumer authentication security, which ensures that all users are protected online and offline, and in addition, all confidential data is protected by the TLS system and AES 256-bit encryption.
This platform works with various fiat currencies: euros, pounds sterling, US dollars, Australian dollars, Japanese yen, etc. As well as Crypto Cash wallets and 3 Visa cards (Euros, dollars and pounds). Wirex, which has its Wirexapp app, operates as a wallet, currency exchange and debit card. All of them are integrated with each other through the mobile application.
Moreover, the Wirex card can be used in any environment: in clubs, restaurants, ATMs, physical stores and online stores such as Amazon, as if it were a normal debit card. However, the exchange, wallet and debit card services are not available for all countries yet, such as the USA. Some of the countries that can currently enjoy all the features of this platform are Belgium, Croatia, Cyprus, Czech Republic, Spain, Italy, Luxembourg, Portugal, Romania, Norway, United Kingdom, among others.