The Switzerland-headquartered wealth management giant is calling on tech start-ups to offer solutions to key challenges faced by banks.

UBS has launched an open competition for entrepreneurs and technology start-ups around the world.

The UBS Future of Finance Challenge seeks innovative and potentially disruptive technological ideas and solutions that will support the transformation of the banking industry. The company will then support the competition winners in their bid to commercialise and scale their ideas and technologies.

UBS highlighted digital disruption and rapid technology change as the drivers behind its search for solutions to four key challenges for banks. These are: delivering the ultimate client experience, offering superior products, building an efficient operating model, and ensuring security in banking.

“Digital disruption is driving an unprecedented transformation of our industry and radical new technologies present a unique opportunity for a step-change to our client offerings,” said UBS's group chief information officer, Oliver Bussmann.

“Fostering an open and collaborative ecosystem between banks, technology firms and start-ups is critical to drive new innovation forward. I am very excited to be supporting the participants in this competition.”

Regional and global finalists of the competition will receive cash prizes and acceleration opportunities of $300,000 and over 300 hours of coaching and mentoring between them from UBS experts and partners. UBS teamed up with several fintech crowd-working and techonolgoy accelerators, including Level39 and JFDI.Asia, for the launch.

“We aim to support the pioneers who are transforming our industry and work with them to provide even better services to our clients. I strongly encourage every ambitious fintech start-up to enter this exciting challenge,” said UBS's group chief executive, Sergio Ermotti.