Digital Commerce Bank today announced that it has signed a new Memorandum of Understanding with Platform Calgary as regards the initiative to launch an annual US$1.0 million Fintech Award in Calgary.
Revealing details of the partnership, the bank indicated that it will be the title sponsor of the Fintech Award, while also collaborating with Platform Calgary to ramp up the growth of fintech startups, ultimately transforming Calgary into the global hub for fintech innovation.
The Award is expected to provide a non-dilutive award of cash and additional services to startups operating in the fintech sector. US$500,000 is planned to go to the top applicant and $250,000 each to the second and third runners up.
DCBank is kicking off the Award with a financial commitment of US$1 million over four years and is already working with Platform Calgary to raise additional funding from other backers and partners who might be interested in backing the award program.
“We are excited to launch this innovative, non-dilutive annual fintech award together with Platform Calgary”, said Jeffrey Smith, the Bank’s President & CEO. “Digital Commerce Bank’s head office is in Calgary, and we believe Calgary offers businesses, employees and shareholders advantages that are beneficial, and this initiative will showcase Calgary’s unique opportunities.”
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