Akbank LAB Welcomes Global Companies at PoChallenge Demo Day
Foreks - Akbank’s innovation center Akbank (IS:AKBNK) LAB has brought together fintech, startup, and technology companies on a global scale to develop innovative projects through the PoChallenge program. A total of 65 companies responded to this call, applying for the first term of the Akbank PoChallenge. At the Demo Day event held at Akbank LAB, 6 of the 12 finalists presented their projects.
The Demo Day of Akbank PoChallenge provided an opportunity for leading participants of the innovation ecosystem to come together. At the event, futurist and author Brett King shared striking insights about the future of banking, while successful collaboration examples from Akbank LAB and the "AI for Good" focused solutions supported by the ReFi Türkiye initiative in partnership with Microsoft (NASDAQ:MSFT) were discussed.
Akbank LAB, the innovation center coordinating Akbank’s innovative ideas and projects, is seeking its next business partners with a next-generation approach. With the "PoChallenge" program, Akbank LAB invited fintech, startup, and technology companies worldwide to collaboratively develop projects and bring new-generation products and services to life. Among the 65 companies that applied from various countries, 6 of those shortlisted met at the Demo Day held at Akbank LAB.
The Demo Day was supported by strong speakers on a global scale. Burcu Civelek Yüce, the Deputy General Manager of Akbank Individual Banking and Digital Solutions, who delivered the opening speech, stated, “Becoming the bank of the future requires not only adopting new technologies but also reimagining what it means to be a financial institution. The secret to being an institution that can adapt to this transformation lies in using the transformative technologies of our time to create meaningful partnerships that extend beyond traditional banking. We believe we have proven that the collaboration between banks and fintechs is one of the most transformative forces in the financial sector with Akbank LAB. We will continue to be by our customers' side at every moment with our innovative projects and strengthen the ecosystem with the partnerships we establish.”
At the Demo Day of Akbank PoChallenge, futurist and author Brett King talked about the transformation of banking over the next 50 years, emphasizing the importance of partnerships between banks and fintechs within a banking ecosystem that includes traditional banks, AI players, technology giants, and fintechs. King stated, “Banking 4.0 brought embedded finance into our lives through contextual technologies. However, AI-focused Banking 5.0 will largely be code-based; it will be managed through smart contracts and tokens and currencies readable by machines. Therefore, in the future, banking will be available whenever and wherever you need it, adapted in real-time to your behavior and environment; it will be shaped according to your life and business.”
A vivid example of open innovation and collaboration was provided during the panel conducted by Burcu Küçükünal, the Head of Digital Design and Innovation at Akbank, with Strands, one of Akbank LAB’s project partners. Solutions focused on “AI for Good” were also supported by Akbank LAB’s ReFi Türkiye initiative in partnership with Microsoft.
The PoChallenge call will be repeated every year. Following the Demo Day, evaluations will quickly start for proof-of-concept work with the invited firms. The program, which offers participants the right to develop paid projects with Akbank in the short term and the opportunity to become a supplier to Akbank in the long term if successful, will be renewed yearly and become a tradition.