The first fintech camp to take place in Spain

The Digital District of the Valencian Community in Spain is organizing the first edition of the Bootcamp Blockchain & Fintech in Alicante, an acceleration program for enterprises using distributed accounting technology (DLT) to which 368 proposals from 62 countries were submitted. The organizers have already started the process of selecting the projects and the finalists will participate in the camp to be held from March, 23rd to March 25th.

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The intention of the acceleration program

The intention of the acceleration program is to choose the initiatives that are best suited to the needs of financial institutions. This includes practical applications of blockchains for banks and insurance companies, which promote financial education, the development of smart contracts that generate accessibility solutions, allow international payments, tokenization, traceability, and commercial financing.

Between January and February of this year, 52 of the projects submitted were convened to show their proposals, of which 9 have already been pre-selected to go to the final camp. In total, between 20 and 30 initiatives will be chosen.

The schedule of activities at the fintech camp

The schedule of activities for the acceleration program includes an event on March 23rd, where there will be a working session among participants to enable them to establish professional networks and collaboration. On the second day of the camp, there will be interactive workshops during which the entrepreneurs will define their possible collaborations and analyze joint proposals.

The last day will be used by the startups and financial institutions participating in the project to establish working alliances and accentuate their presence in the FinTech ecosystem in Alicante.

The fintech camp is an opportunity for financial institutions

Daniel Collado Ruiz, CEO of Nestholma, one of the companies organizing the acceleration program, indicated that this is an opportunity for financial institutions such as banks or insurance companies to adopt this type of technology.

“Fintech’s global sector has matured a lot in recent years and so have the technologies behind the companies in this area. That makes this type of specific program feasible now,” said the executive.

Acceleration programs for fintech projects in Spain

In Spain, acceleration programs for fintech projects, related to DLT or other technologies, are common. One of them is the call made by Bankia FinTech, which, in December 2019, selected two projects with blockchains to boost the development.

In addition, with the approval of the regulatory sandbox in Spain, a space to test fintech proposals before they go to market, it is possible that new ventures with solutions for the finance sector will emerge in the European nation. This test bench is expected to be operational by 2020.

Collaboration is another fundamental point. It is a matter of bringing together all the players in the industry to facilitate investment in fintech, as the project aims to enable financial institutions and venture capital to invest in startups and to collaborate with them. This aspect is linked to another concern not only in the fintech world but also in other sectors: avoiding the flight of talent to other regulated spaces that have already been created in different countries.

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(Featured image by Hitesh Choudhary via Unsplash)

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