Japanese electronics giant starts experimenting with fintech and invites firms to take part in the Sony FinTech Innovation Challenge. Blockchain has been included among its areas of focus.

To run the programme Sony has partnered up with Matchi, a business matchmaking firm. Now they are looking together for market-ready applications from startups to compete for a Proof-of-Concept (PoC) project.

In the Blockchain category, Sony is looking for solutions in the entertainment industry, film and music.

There are four criteria for selection: novelty, ease of implementation, potential impact and overall impression. The applications for the competition can be submitted via the Matchi platform until 17 February and six successful companies will present their product to Sony on 17 March. The winners will get funding and support from Sony and will be able to run a cooperated project with the electronics giant.

The candidates should provide a description of their technology and a cover statement. Along with blockchain, other challenge categories include web bank interaction for high net worth clients, educational and financial management services for young clients, client engagement for underbanked or underinvested individuals, financial services for frequent travellers, and “Super Smart” authentication.

Last year Sony launched the First Flight online platform for crowdfunding and e-commerce in Japan, which was regarded by the crypto-community as a threat to bitcoin adoption in the country because it created competition with bitcoin-based Japanese funding platforms.

Sonya Belova