When you submit your application form to participate in the Climate Fintech: Cards and Payments Challenge, you agree to the following terms and conditions (Terms and Conditions) in relation to your application for, and if selected, participation in, the Program.
By submitting your application, you confirm that you have the authority to sign legal documents on behalf of your applicant company. You also certify that all answers in your application are accurate and truthful to the best of your knowledge.
This initiative offers cash prizes to the top 3 winning startups, and the goal of the Cards and Payments Challenge is to discover and elevate climate innovation in the digital banks and payments space, while advancing relevant proof-of-concept (POC) projects with established financial stakeholders.
All verbal and written communication during the program will be in English.
- New Energy Nexus shall be referred to as “Program Manager.”
- Rise by Barclays, Barclays, Mastercard, Doconomy, and Patch are referred to as “Program Sponsors.”
- The Cards and Payments Challenge shall be referred to as “Program” or “Challenge”.
- Project teams of registered and non-registered businesses or companies and a teams of entrepreneurs and professionals submitting an application for the Challenge shall be referred to as “Applicants.”
- Up to ten selected project teams from the interviews and due diligence that are selected for the workshop shall be referred to as “Participants or “Finalists.”
- The selected project teams that are chosen by Program Manager, Sponsors, and judges shall be referred to as “Winners.”
In order to be eligible to apply for the Program, the Participant must be a 1) digital financial technology company AND 2) directly address decarbonization as a core focus of its business model. Furthermore, the applicant must identify and seek to address at least one of the corporate problem statements below.
- How can we more accurately measure a consumer’s carbon footprint (potentially including the entire supply chain transaction) and distill this information for consumers in a simple, digestible, actionable way?
- How do we incentivize cardholders to compensate for their carbon footprint and enable them to take action to mitigate their impact?
- How do we change consumer behavior patterns and promote more climate-positive choices? (using education, gamification, nudges, positive affirmation, tips and techniques, etc.)
- How might we offer rewards and benefits that are tailored/personalized to the specific climate actions the cardholder feels are most aligned to their values? (e.g., investment in renewable energy, carbon-neutral travel, sustainable fashion, etc.)
- How might we provide the right information at the right time (point of transaction) to empower consumers to make better informed spending choices?
- How can we use data-based product solutions to make carbon credits more accessible, standardized, and transparent with respect to their risk profile?
- How can we use Open Banking to give consumers a more complete picture of their total financial profile and climate impact?
- How can banks deepen the capabilities and maximize the appeal of card products and payments systems to help co-branded retail and travel partners develop expertise and take climate action?
- How might we help corporations enable their employees to adopt more green spending behaviors?
Selection in the Program and Indicative Schedule
Applications meeting the minimum criteria outlined in these terms and conditions will be reviewed by Program Manager and Sponsor representatives for potential participation in the Program. Program Manager representatives will contact the Applicant if more information or clarifications are needed about their application materials at any stage during the selection process. 10 Participants will be selected for participation as Challenge finalists. If selected to participate in the Challenge, Participants will need to allocate 4-6 hours per week from November 1-17, 2021.
The indicative schedule for application and selection process is as follows:
|Date (Indicative Only)
|September 7, 2021
|October 1, 2021
|Participants Notified regarding Application Status
|By mid-October 2021
|Workshop Finalists Notified
|By late-October 2021
|November 1-17, 2021
Application Submission and Closing Time
Your application must be submitted electronically via the application form at https://www.cnpchallenge.com/application before the closing time for Applications. The Program Manager may, in our sole discretion, consider an application submitted after the Application closing time, but we have no obligation to do so.
Prize money will be awarded to the top 3 Challenge finalists, based on additional assessment and a demo day competition in November 2021. These additional criteria will be conveyed to the top 10 finalists. Prize money will be awarded in the form of non-dilutive grants. The prizes are as follows:
- First Place: $100,000
- Second Place: $40,000
- Third Place: $25,000
Program Manager Rights
The Program Manager reserves the right at any time and for any reason to do any of the following:
- vary or amend the application form or evaluation criteria;
- consider and accept or reject any application that is non-conforming or received after the closing time for Applications;
- vary or extend any time or date relevant to the selection process or Program;
- call for new applications;
- terminate participation in the selection process by any Applicant;
- allow any Applicant to change its application;
- publish or disclose your company name, logo and brief description of your solution and activities, whether successful or unsuccessful; or
- take such other action that we, at our sole discretion, consider appropriate.
Any time or date in these Terms and Conditions is for our sole convenience and does not create an obligation on us to take any action by such time or date.
Each Participant further acknowledges, agrees, warrants and represents that:
- by accepting these Terms and Conditions, you accept that all application decisions made by the Program Manager are final and that you will not challenge the outcome in public or otherwise;
- to the best of the Participant’s knowledge and belief, no claim is being asserted and no proceeding is presently in progress, pending or being threatened against the Participant or any of its assets, and that it is not in default in relation to any contractual obligation, nor has the Participant done or omitted to do anything that could materially and adversely affect its position as a going business concern. The Participant has also not filed for nor is facing proceedings for winding up business or for dissolution, insolvency, bankruptcy, or the appointment of a receiver, liquidator, administrator or similar officer in relation to any of the Participant’s assets or revenue;
- the Participant will immediately notify the Program Manager in writing when: (i) the Participant undertakes or commences any action or files any documents for its dissolution; applies for insolvency or bankruptcy, (ii) the Participant is administratively or judicially declared insolvent or bankrupt; placed under receivership, administration, rehabilitation or liquidation;
- The Participant has full capacity, authority and relevant consents to execute and perform the obligations under these Terms and Conditions.