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Open Innovation
Open Talent 2017




Legal conditions

The company Banco Bilbao Vizcaya Argentaria, S.A., with registered office in Bilbao, Pza. de San Nicolás, No. 4 and with CIF number A-48265169 (hereinafter “BBVA”), is going to carry out the "2017 BBVA Open Talent Entrepreneurs Competition" (hereinafter, the “Competition”). The purpose of this Competition is to support projects included within the framework of development of technology-based innovative services that benefit the business or social environment (hereinafter, the “Projects” and each of them, a “Project”).

 

1. Period of validity

The period of validity of the Competition (hereinafter, “Validity Period”) runs from 2 pm on March 15, 2017 (Spanish mainland time) to 2 pm on December 31, 2017 (Spanish mainland time), both inclusive. This period may be modified by BBVA and notified via the website indicated in point 3 below.

 

Any reference to time in these Terms and Conditions refers to the geographic region of Madrid (Spain).

2. Geographic Scope

 

Spain and international.

 

3. Right to participate

 

The Competition is open to all entrepreneurs who are natural persons (individual/professional entrepreneurs) and entrepreneurial companies who meet the following requirements together with any other requirement that may be requested in these Terms and Conditions (hereinafter, the “Participant/s”): (i) the entrepreneurial company must have been organized and registered on or after January 1, 2013; and (ii) the amount invested in the entrepreneurial company (either internally or externally) must not be more than €2,500,000 as of March 15, 2017; and (iii) the annual revenue of the entrepreneurial company in 2016 must be less than €1,500,000.

 

In the case of natural persons, in order to be able to take part in the Competition, together with conditions (ii) and (iii) above (that will apply mutatis mutandis), they must be above the age of majority according to their country, state, province or jurisdiction of residence at the time of registration in the Competition.

 

Participation in the Competition shall be carried out through the website BBVAOpenTalent.com, URL: www.bbvaopentalent.com ( the “Website”). Participants wishing to take part in the Competition must comply with the following requirements at the time of registration:

 

(i) Within the Registration Period (as defined in number 4 below), complete all the information requested for the Competition on the Website, regarding themselves and their Projects, including the email address designated by the Participants so they can be contacted for notifications, as indicated in these terms and conditions (the “Registered Email”).

 

(ii) The Project should offer products and services based on the use of new technologies at least in one of the following areas:

 

  1. Fintech:

 

This includes Projects that use new digital technologies to create a new way of understanding and providing customer-oriented financial services, with the aim of improving user experience. These may be new services, technologies or solutions for the end customer (B2C), institutions (B2B or B2B2C), retail banking or corporate banking, (e.g. mobile banking, new services for banking customers, native banking, new products), payments (e.g. mobile point of sales, mobile commerce, money transfers, cryptocurrencies), lending (e.g. peer to peer lending –P2P, alternative lending systems, crowdfunding), risk analysis (e.g.: scoring, algorythms), insurance, wealth management and investment (e.g. accounting, personal finance management, investment management), trading, security (e.g. fraud detection, authentication), big data applied to financial services, financial platforms or technologies (e.g. APIs, open platforms), financial inclusion or financial education.

 

b. Fintech Related:

 

This includes non-financial products and services, that could potentially be used in the financial sector including Projects that develop innovative solutions in sectors adjacent or related to the financial world, or currently not related but with the potential of being related to the financial world, for example: security (user identity management, transaction verification systems), new models of relations with customers (e.g., marketing tools, loyalty and prizes, open platforms), user experience (e.g: multichannel experience, UX, user interfaces), big data (e.g. data analysis, information aggregators), non-financial platforms and technologies (e.g. APIs, Non-Financial Open Platforms), Artificial Intelligence and solutions for citizens or enterprises that may have impact or be useful in their financial lives (e.g. sectors such as tourism, education, health, smart cities and social networks).

 

(iii) Participants must be interested in receiving support from BBVA or from an institution in the BBVA Group. For these purposes, the BBVA Group is understood to comprise BBVA and its subsidiary companies/institutions, in the terms of article 42 of the Spanish Commercial Code (these entities, “BBVA Group Entities”).

 

(iv) Participants must have developed at least one fully-functional demo or beta prototype of the service or product with which they are participating in the Competition. Projects will not be accepted in the phase of idea generation or conceptualization of products or services.

 

The following individuals and entities are excluded from participating in this Competition:

 

1) BBVA employees and employees of BBVA Group Entities or any legal entities in which the same are executives or directors;

 

2) Members of the different panels referred to in number 5 below of these Terms and Conditions or any legal entities in which the same are shareholders, executives or directors;

 

3) Natural persons or companies that are part of the Competition’s organization team; and

 

4) Winners from one of the previous BBVA Open Talent competitions.

 

To be eligible for the Prizes described in point 5 of these Terms and Conditions, the data supplied must be accurate and owned by the Participant. If, however, Participants provide false information or data not owned by them, their participation shall not be taken into account and they shall therefore be excluded from the Competition and ineligible for any Prize.

BBVA reserves the right to automatically eliminate any Participants and their Projects if they: (i) cheat, alter or invalidate the proper operation and normal development of the Program according to its rules, or (ii) engage in improper practices to increase profitability, such as the use of insider information, wrongful manipulation, etc., or (iii) infringe or fail to comply with any type of regulation, or (iv) violate, infringe or affect any type of rights and liberties, or (v) engage in any type of practice that may be considered contrary to the spirit of the Program.

Participation in the Competition implies the acceptance of the present Terms and Conditions and of BBVA's decision in the resolution of any conflict that may arise regarding their interpretation.

 

Participants may consult the present Terms and Conditions on the Website at any time during the Validity Period.

 

BBVA reserves the right to modify these Terms and Conditions. It also reserves the right to modify the mechanics for participation and the Prizes. These modifications will be done under totally impartial criteria and will be duly notified to the Participants.

 

Participants must at all times follow the instructions given by BBVA, as the case may be.

 

4. Categories and registration

The competition includes seven (7) categories (the “Categories”):

  1. BBVA Open Talent (OT) Global Trends

  2. BBVA Open Talent (OT) Identity

  3. BBVA Open Talent (OT) Fintech for Companies

  4. BBVA Open Talent (OT) Artificial Intelligence

  5. BBVA Open Talent (OT) Regional (Spain, Latin America and Turkey)

  6. BBVA Open Talent (OT) Financial Inclusion

  7. BBVA Open Talent (OT) Women in Fintech

 

OT Global Trends, OT Identity, OT Fintech for Companies and OT Artificial Intelligence hereinafter “Global Categories”.

OT Financial Inclusion and OT Women in Fintech hereinafter “Special Categories”.

BBVA Open Talent (OT) Regional (Spain, Latin America and Turkey) hereinafter “OT Regional”.

4.1 BBVA Open Talent (OT) Global Trends

All Projects that (i) comply with the requirements referred to in number 3 above and that (ii) be registered under section called “Registration” of the Website during the period of time that runs from 2:00 pm on March 15, 2017 (Spanish mainland time) to 8:59 am on July 17, 2017 (Spanish mainland time), both inclusive (“Global Trends Registration Period”) will be registered to participate in BBVA Open Talent (OT) Global Trends.


Those Projects that, in addition, (i) comply with the requirements set out below for each of the other Categories and that (ii) be registered before the date set out for each of said categories, will be also registered to participate in that additional Category or Categories in question.

 

4.2 BBVA Open (OT) Talent Identity

All Projects that (i) be registered under section called “Registration” of the Website during the period of time that runs from 2:00 pm on March 15, 2017 (Spanish mainland time) to April 17, 2017 (Spanish mainland time), both inclusive (“Identity Registration Period”) and that (ii) in addition to complying with the requirements referred to in number 3 above, offer new solutions that facilitate the process of identifying new and existing clients, both individuals and legal entities, ensuring at the same time maximum security, will be registered to participate in this Category.

 

4.3 BBVA Open Talent (OT) Fintech for Companies

All Projects that (i) be registered under section called “Registration” of the Website during the period of time that runs from 2:00 pm on March 15, 2017 (Spanish mainland time) to July 3, 2017 (Spanish mainland time), both inclusive (“Fintech for Companies Registration Period”) and that (ii) in addition to complying with the requirements referred to in number 3 above, offer new services/products in order for the banks to better interact with their company clients and provide more complete solutions to said clients’ needs, that is, services/products designed to be incorporated to the current financial processes bank - company clients, so that the customer experience is significantly improved and that provide with more complete and satisfactory solutions (including, but not limited to, those related with client support in digital platforms, tools that complement the financial/administrative management of the company (liquidity management, forecasting), use (analytics) of companies’ transaction data, services related to procurement-to-pay (B2B payments, supply chain finance (SCF), e-invoicing, e-procurement, dynamic discounting), etc), will be will be registered to participate in this Category.


4.4 BBVA Open Talent (OT) Artificial Intelligence

 

All Projects that (i) be registered under section called “Registration” of the Website during the period of time that runs from 2:00 pm on March 15, 2017 (Spanish mainland time) to May 22, 2017 (Spanish mainland time), both inclusive (“Artificial Intelligence Registration Period”) and that (ii)o in addition to complying with the requirements referred to in number 3 above, offer solutions based in the development of Artificial Intelligenz Techniques that may be applied to the financial system, will be will be registered to participate in this Category.



4.5 BBVA Open Talent (OT) Regional (España, Latinoamérica y Turquía)

All those countries participating in this category will be called “Countries”. At the date of publish of this Terms and Conditions those countries are Argentina, Brazil, Chile, Colombia, Ecuador, España, México, Perú, Turquía y Uruguay, but in the future more countries could be added; this will be conveniently communicated through the Website.

 

All Projects that (i) be registered under section called “Registration” of the Website during the period of time that runs from 2:00 pm on March 15, 2017 (Spanish mainland time) to the day announced for each of the places in which an event of those mentioned in point 5.3(c) below (each of this places, the “Cities”) in each of the Countries in the calendar that will be published on the Website (jointly, “Regional Registration Periods”) and that (ii) apart from complying with the requirements referred to in number 3 above, carry out their main activity in any of the Countries, covering said activity the needs of the relevant Country’s market, will be will be registered to participate in this Category.



4.6 Open Talent Women in Fintech

Those Projects that (i) are registered under section called “Registration” of the Website during the period of time that runs from 2:00 pm on March 15, 2017 (Spanish mainland time) to July 17, 2017 (Spanish mainland time), both inclusive (“Women in Fintech Registration Period”) and that (ii) in addition to complying with the requirements referred to in number 3 above, prove that at least there is a women in the foundation team, will be will be registered to participate in this Category. In order to be taken into account, this should be stated in the registration form in the corresponding boxes.

4.7 Open Talent Financial Inclusion

Those Projects that (i) be registered under section called “Registration” of the Website during the period of time that runs from 2:00 pm on March 15, 2017 (Spanish mainland time) to July 17, 2017 (Spanish mainland time), both inclusive (“Financial Inclusion Registration Period”) and that (ii) in addition to complying with the requirements referred to in number 3 above, provide technological financial solutions focus on resolving existing problems in developing and emerging countries.

 

Global Trends Registration Period, Identity Registration Period, Fintech for Companies Registration Period, Artificial Intelligence Registration Period, Regional Registration Period, Women in Fintech Registration Period and Financial Inclusion Registration Period will be jointly referred as “Registration Periods”.

These periods may be modified by BBVA, who will announce it through the Website.

5. Mechanics of the Competition

5.1 Globals Categories

The selection process for the Global Categories consists of the three (3) stages described below:

 

  1. First stage - Receipt of Applications

 

During the Registration Period of each of the Global Categories, the applications will be received and filtered in order to determine those Projects that shall be considered Participants under each of the different Global Categories, in accordance with these Terms and Conditions.

 

b) Second stage - Project Evaluation

 

During this stage, an Evaluation Committee appointed by BBVA for each of the Global Categories will select a maximum of ten (10) Projects for each of the Global Categories. Both the Projects and the Participants who are holders of the same selected for each Global Category will be referred, as applicable, “Global Trends Finalists”, “Identity Finalists”, “ Fintech for Companies Finalists” y “Artificial Intelligence Finalists”, and jointly, “Global Finalists”.

 

(c) Third stage - Global Categories Final Events

 

During this stage, the Global Finalists will be invited, via the Registered Email, to the corresponding final event of each of the Global Categories in which they have been selected for as Finalists, which will take place in the places and moments that will be announced in the Website (all of them, the “Global Categories Finals”).

 

BBVA will not bear any Global Finalists travel or lodging costs incurred because of participation in these Global Categories Finals.

 

Should a Global Finalist, or the natural person acting on its behalf, be unable to attend the relevant Global Categories Final, it may be attended by a different natural person, subject to prior notification by the Global Finalist to BBVA by sending an email to [email protected] and approval by BBVA. The substitute attendee must meet the requirements for acting on behalf of the relevant Global Finalist. BBVA will answer the email sent by the Global Finalist to communicate the decision.

 

There will be a panel at each Global Categories Final, that will be composed of between five (5) and ten (10) members, all of them appointed by BBVA. The panelists may be BBVA employees.

 

At each Global Categories Final, the Global Finalists will present their Project(s) before all those attending the relevant Global Final, for the panel assessment. For this assessment, in addition to the provisions of the last paragraph in the following number 5.5, Participants' communication skills and the quality of the presentations made to convey the Project's content will also be considered. At each Global Categories Final, each panel member will select three (3) Projects, which he/she will evaluate by distributing one thousand one hundred and ten (1110) points as follows: one thousand (1000) points will be given to the Project considered to be number 1, one hundred (100) points will be given to the Project considered to be number 2, and ten (10) points will be given to the Project considered to be number 3. Then the points assigned to each Project by all panel members will be added together.

 

In the case of a tie, the most senior member from among the panel members will break the tie, choosing the Project/s considered to be the best.

 

The result of this process at each Global Categories Final will define the list with the final score for each Project (the “Global Trends List”, the “Identity List”, the “Fintech for Companies List” and the “Artificial Intelligence List”, and all together, the “Global Categories Lists”), which will reflect the score obtained by the Global Trends Finalists, Identity Finalists, Fintech for Companies Finalists and Artificial Intelligence Finalists in each of their corresponding Categories.

 

The Project with the most votes at OT Global Trends will be declared winner of the Category (the “Global Trends Winner”); the Project with the most votes at OT Identity will be declared winner of the Category (the “Identity Winner”); the Project with the most votes at OT Artificial Intelligence will be declared winner of the Category (the “Artificial Intelligence Winner”); the Project with the most votes at OT Fintech for Companies will be declared winner of the Category (the “Fintech for Companies Winner”). All together will be jointly referred to as “Global Categories Winners”.

 

They will all be notified of such condition at the end of each of their corresponding Global Categories Finals.

 

5.2 Special Categories

The selection process for the Special Categories consists of two (2) stages described below:

  1. First stage - Receipt of Applications

 

During the Registration Period of each of the Special Categories, the applications will be received and filtered in order to determine those Projects that shall be considered Participants for each of the different Special Categories, in accordance with these Terms and Conditions.

 

b) Second stage - Project Evaluation

 

During this stage, BBVA will appoint a panel comprising at least four (4) members for each of the Special Categories, being composed by BBVA employees and external persons, all of them experts in financial inclusion and entrepreneurship and business, respectively.

 

For each Special Category, each corresponding panelist will select a maximum of three (3) Projects out of all Projects participating at said Special Category, which he/she will evaluate by distributing one thousand one hundred and ten (1110) points as follows: one thousand (1000) points will be given to the Project considered to be number 1, one hundred (100) points will be given to the Project considered to be number 2, and ten (10) points will be given to the Project considered to be number 3.

 

Then the points awarded to each Project by all the panelis of each Special Category will be added together. The Project with the most votes at OT Financial Inclusion will be declared winner of that Category (the “Financial Inclusion Winner”) and the Project with the most votes at OT Women in Fintech will be declared winner of that Category (the “Women in Fintech Winner”). In the case of a tie in any of the Categories, the most senior member from among the panelists appointed by BBVA will break the tie, choosing the Project(s) considered to be the best. The result of this process at each Special Category will be reflected in a list with the final score for each Project (the “Financial Inclusion List” and the “Women in Fintech List”, respectively, and together, the “Special Categories Lists”).

 

The Financial Inclusion Winner will be notified of such condition by email to be sent to the Registered Email on or before September 15th of 2017.

 

The Women in Fintech Winner will be notified of such condition by email to be sent to the Registered Email on or before September 15th of 2017.

 

5.3 Regional Category

The selection process for the Regional Category consists of the four (4) stages described below:

 

  1. First stage - Receipt of Applications

 

During the Regional Registration Period, the applications will be received and filtered in order to determine those Projects that shall be considered Participants under this Category, in accordance with these Terms and Conditions, and under which City.

 

b) Second stage - Project Evaluation

 

During this stage, an Evaluation Committee appointed by BBVA for each of the Cities will select a maximum of ten (10) Projects for each of the Cities.

Both the Projects and the Participants who are holders of the same selected in each City will be referred, as corresponding for each City, individually the “City Finalist” and jointly, the “Cities Finalists”.

 

(c) Third stage - Cities Finals Events

 

During this stage, the Cities Finalists will be invited, via the Registered Email, to the corresponding final event in each of the Cities (each of these events, the “City Final” and all together, the “Cities Finals”). For these Cities Finals, BBVA may count with the collaboration of other event planning companies related to the object of this Competition (the “Co-organizers”).

 

There will be a panel at each City Final, comprised of members appointed by BBVA (the panelists may also be BBVA employees) and by the corresponding Co-organizers.

 

At each City Final, the Cities Finalists will present their Project(s) before all those attending the corresponding City Final for panel assessment. For this assessment, in addition to the provisions of the last paragraph in the following number 5.5, Participants' communication skills and the quality of the presentations made to convey the Project's content will also be considered.

 

At each City Final, each corresponding panelist will select three (3) Projects, which he/she will evaluate by distributing one thousand one hundred and ten (1110) points as follows: one thousand (1000) points will be given to the Project considered to be number 1, one hundred (100) points will be given to the Project considered to be number 2, and ten (10) points will be given to the Project considered to be number 3.

 

The result of this process at each City Final will define the list with the final score for each Project of each City Final (each of them, the Final List for the corresponding City, and all together, the “Cities Finals Lists”), which will reflect, respectively, the score obtained by the Cities Finalists, in each of their corresponding Finals.

 

The Project with the most votes in each of the City Finals will be declared winner of the said City Final (the “City Final Winner”).

 

Each City Final Winner will be notified of such condition at the end of each of the corresponding Cities Finals.

 

Winners in each Country will be jointly referred to as “Countries Winners”. In case of Countries in which there is only one City, the City Final Winner will be considered the Country Winner of the relevant Country. In case of Countries in which there is more than one City, an Evaluation Committee appointed by BBVA will select the relevant Country Winner out of all the City Final Winners in the relevant Country. In such case, the relevant Participant will be notified of its condition of Country Winner by email sent to the Registered Email.



BBVA will not bear any Cities Finalists travel or lodging costs incurred because of participation in these Cities Finals.

 

Should a City Finalist, or the natural person acting on its behalf, be unable to attend the corresponding City Final, it may be attended by a different natural person, subject to prior notification by the City Finalist to BBVA by sending an email to [email protected] and approval by BBVA. The substitute attendee must meet the requirements for acting on behalf of the relevant City Finalist. BBVA will answer the email sent by the City Finalist to communicate the decision.

 

(d) Fourth stage - Regional Final Event

 

During this stage, Countries Winners will be invited, via the Registered Email, to the Final event of the Regional Category, which will take place in the place and moment that will be announced in the Website (the “Regional Final”).

 

At the Regional Final there will be a panel that will be appointed by BBVA. The panelists may also be BBVA employees.

 

At the Regional Final, the Countries Winners will present their Project(s) before all those attending the Regional Final, for the panel assessment. For this assessment, in addition to the provisions of the last paragraph in the following number 5.5, Participants' communication skills and the quality of the presentations made to convey the Project's content will also be considered.

 

At the Regional Final, each panelist will select three (3) Projects, which he/she will evaluate by distributing one thousand one hundred and ten (1110) points as follows: one thousand (1000) points will be given to the Project considered to be number 1, one hundred (100) points will be given to the Project considered to be number 2, and ten (10) points will be given to the Project considered to be number 3.

 

The result of this process at the Regional Final will define the list with the final score for each Project (the “Regional Final List”), which will reflect the score obtained by the Countries Winners, at the Regional Final.

 

The Project with the most votes at the Regional Final will be declared regional winner (the “Regional Winner”), condition that will be notified to the relevant Participant at the end of the Regional Final.

 

5.4 Celebration of the Global Summit Absolute Winner

During this stage, the Global Categories Winners and the Regional Winner as well as the OT Financial Inclusion Winner and the OT Women in Fintech Winner will be invited, via the Registered Email, to the Competition’s final event, the BBVA Global Summit Absolute Winner (the “Global Summit”), which will take place in the place and moment that will be announced in the Website.

 

There will be a panel at the Global Summit, appointed by BBVA and composed by experts and BBVA’s executives.

 

At the Global Summit, the Participants will present their Project(s) before all those attending the Global Summit, for the panel assessment. For this assessment, in addition to the provisions of the last paragraph in the following number 5.5, Participants' communication skills and the quality of the presentations made to convey the Project's content will also be considered.

 

At the Global Summit, each panelist will select three (3) Projects, which he/she will evaluate by distributing one thousand one hundred and ten (1110) points as follows: one thousand (1000) points will be given to the Project considered to be number 1, one hundred (100) points will be given to the Project considered to be number 2, and ten (10) points will be given to the Project considered to be number 3.

 

The result of this process at the Global Summit will define the list with the final score for each Project (the “Global Summit List”), which will reflect the score obtained by the Participants of the Global Summit Final.

 

The Project with the most votes at OT Global Summit will be declared absolute winner of the Competition (the “Absolute Winner”), condition that will be notified to the relevant Participant at the end of the Global Summit Final.

 

5.5 Rules applicable to all sections

 

The Global Categories Finalists and the Cities Finalists will be jointly referred to as “Finalists”. The Global Categories Winners, the OT Financial Inclusion Winner, the OT Women in Fintech Winner, the Cities Finals Winners, the Country Winners, the Regional Winner and the Absolute Winner will be jointly referred to as “Winners”.

The Global Categories List, the OT Financial Inclusion List, the OT Women in Fintech List, the Cities Finals List, the Regional Final List and the Global Summit List will be jointly referred to as the “Lists”.

If any of the stages or events referred to in the previous paragraphs cannot be held within the scheduled period or on the dates indicated, or need to be canceled temporarily for reasons beyond the control of BBVA, they will be held on the dates and in the periods considered appropriate by BBVA, and the Finalists and/or Winners, as the case might be, will be notified at the Registered Email. For reasons beyond the control of BBVA, these stages or events may also be canceled definitively, in which case the Finalists and/or Winners, as the case maybe, will also be notified in the same manner, without holding BBVA any liability in this respect.

 

Should Winners be unable to comply with the specifications of these Terms and Conditions or with the instructions given by BBVA, or if they do not accept the corresponding Prize in the form and period established in these Terms and Conditions, BBVA reserves the right to (i) declare the position of the Winner null and void and, consequently, the corresponding Prize or (ii) appoint another Winner, following the order established on the Lists.

 

The members of the Evaluation Committee and panels:

 

  • shall act fairly and impartially, and if in the past or present they have had or have any kind of relationship with a Participant, they must notify this relationship in order to abstain from assessing this Participant's Project;

  • may relinquish their position on these bodies without prior notification in the case of any circumstances beyond their volition and/or control, if they see fit to cease to be a member of such bodies; and

  • will cease to exercise as such, and no longer occupy said position or abstain from their assessment or vote, in the case of the occurrence of circumstances that prevent this, such as –among others– having had or having any kind of relationship with the Participant.

 

The abstention or withdrawal of a member of the Evaluation Committee or the panels shall entail no disadvantage for the Participants. Should any of these circumstances arise insofar, BBVA will immediately appoint an equally qualified substitute. If a member any jury cannot be substituted, the vote will be distributed equally among all members of the relevant panel present.

 

All the decisions taken by BBVA, the Evaluation Committee and the panels are considered final and binding. BBVA reserves the right to substitute or modify the composition of the aforementioned bodies at any time, and when, at its sole discretion, such substitution or modification is necessary or appropriate for the Competition.

 

The probabilities of being a Finalist or Winner (and of obtaining any of the Prizes described in point 6) are related to the number of eligible Projects and their quality. Eligibility to become a Finalist or Winner is neither contingent upon nor will special consideration be given to Participants making or having made any kind of purchase or payment, or being a customer of a BBVA Group entity during the Validity Period.

 

In the selection and voting of the Projects in addition to the requirements for each of the Categories, particular consideration will be given to the Projects' capacity to transform its sector, the potential for economic or geographic growth of the business. BBVA is seeking the most innovative projects with a potential to transform the financial sector.

 

6. Value and nature of the Prize

Regardless of whether participation in the selection process of this Competition leads to the enrichment of the Participants' professional experience and the enhancement of their Projects, this Competition covers the following types of prizes (hereinafter, the “Prize/s”) to be awarded to the Winners selected according to the mechanics described in point 5 of these Terms and Conditions:

6.1 Prizes in kind

a) Trip and participation in the "Immersion and Interaction Program"

Each of the Global Categories Winners, the Regional Winner and the OT Financial Inclusion Winner and the OT Women in Fintech Winner will receive a Prize comprising a trip for two (2) people, to participate in the international event "Immersion and Interaction Program" at the location and date scheduled by BBVA, which will be notified by email send to the Registered Email and which value will depend on and match the market value of the corresponding transport tickets and hotel fees.

b) Trip and participation in the “Global Summit Absolute Winner”

Each of the Winners Global Categories, the Regional Winner and the OT Financial Inclusion Winner and the OT Women in Fintech Winner, will receive a Prize comprising a trip for one person to participate in the “Global Summit” and which value will depend on and match the market value of the corresponding transport tickets and hotel fees.

c) Trip and participation in an international event for the OT Financial Inclusion Winner and the OT Women in Fintech Winner

The OT Financial Inclusion Winner and the OT Women in Fintech Winner (the rest of the Winners won’t receive this Prize) will receive a trip for one (1) person to present his/her Project at a relevant international event, related to Financial Inclusion, in the case of the OT Financial Inclusion Winner, or relevant for their Project in the case of the OT Women in Fintech Winner, and in both cases determined by BBVA in its sole discretion. The value of this Prize will depend on and match the market value of the corresponding transport tickets and hotel fees.

d) Trip and participation in the Regional Final for the Country Winners

Each of the Country Winners will receive a Prize comprising a trip for one (1) person to participate in the Regional Final, which value will depend on and match the market value of the corresponding transport tickets and hotel fees.

e) Rules applicable to all Prizes consisting on trips

In all Prizes referred to in letters (a) to (d) above, the trip will include roundtrip transportation for each Winner from a major gateway airport/train station nearest the Winner’s place of residence and hotel accommodation (one (1) standard hotel room) - costs which will naturally derive from their participation in the corresponding event and/or program. These expenses will in all cases be determined by BBVA for the Winner holder of the relevant Project or,in the case of a legal entity, for a natural person acting on behalf and in representation of this entity.

In case that the same Participant came up Winner under two (2) Categories of the Competition awarded with the same trip, the relevant Participant will only be entitled to receive one (1) trip.

Should a Winner, or the natural person acting on its behalf, be unable to attend the corresponding event/program, it may be attended by a different natural person, subject to prior notification by the Winner to BBVA by sending an email to [email protected] and approval by BBVA. The substitute attendee must meet the requirements for acting on behalf of the relevant Winner. BBVA will answer the email sent to the Registered Email to communicate the decision.

 

Each of the Winners must bear in mind that a credit card may be required thereof when registering at the hotel, though a valid ID, passport or equivalent document must be carried at all times to be able to travel.

 

BBVA shall select the transport and accommodation fees that it considers to be the most appropriate. Likewise, BBVA reserves the right to select the dates and times for transport at its own discretion. After selecting the travel dates, no changes thereto may be made.

 

Once the Winners are in possession of the transport tickets and hotel voucher, BBVA assumes no further liability or obligation for the loss, misplacement or theft thereof. BBVA accepts no liability for any delay, cancellation, substitution or any other action of similar nature regarding any reserved transportation or hotel accommodation.

 

The Winners must comply with all indications given insofar as the present Prize, otherwise the Winners assume that the right to receive the Prize may be forfeited. The Winners or, as the case may be, its representative, is the sole party liable for its/his/her own actions and conduct during the trip, accommodation and participation in the above mentioned event or program.

 

6.2. Economic Prizes:

a) Economic Prize for the Global Winner

The absolute Winner will receive a Prize comprising the delivery of fifty thousand euros (€50,000), subject to these Terms and Conditions and, in particular, to number 7 below.

b) Economic Prize for the Global Categories Winners and the Regional Winner

Each of the Global Categories Winners and the Regional Winner will receive a Prize comprising the delivery of thirty thousand euros (€30,000), subject to these Terms and Conditions and, in particular, to number 7 below.

c) Economic Prize for the Cities Finals Winners

Each of the Cities Finals Winners will receive a Prize comprising the delivery of one thousand euros (€1,000), subject to these Terms and Conditions and, in particular, to number 7 below.

7. Notification and acceptance of Prizes and tax matters

7.1. Notification and acceptance of Prizes

 

BBVA will notify the Winners of the Prizes in the manner described below:

 

a) The Winners will be notified by BBVA of their condition and the Prize they will receive in accordance with number 6 above.

 

b) From the time the notification indicated in number a) above is sent, the Winners will have a period of five (5) working days to contact BBVA at the email address [email protected] to expressly manifest their willingness to accept the corresponding Prize. If this period of five (5) working days has elapsed and the Winner has not been in contact with BBVA, it will be understood that he/she has not accepted and loses the right to obtain the corresponding Prize, and BBVA shall be freely entitled to make use of it. However, BBVA may declare the Prize null and void or appoint a new Winner in the same manner as described in number 5.5.

 

c) In the same five (5) working days indicated in paragraph b) above, the Winners will provide BBVA via the email address [email protected] with their Tax Identification Number (NIF) or Company Tax Identification Number (CIF) or equivalent in their country, full names and address. The Winners must at the same time provide the details of their bank account where they will receive the transfer of economic Prize. In this notification the Winners must also indicate the mailing address to which they wish to be sent one of the copies of the acceptance document.

 

For the purposes of withholding or paying on account the Personal Income Tax (IRPF) (as is defined at the number 7.2 below) that may be applicable and in the case the application of a Treaty for the avoidance of Double Taxation is invoked, a Tax Residence Certificate in force must be provided, issued by the tax authorities in the Winner's country of residence, and sent to the following email address [email protected] within a maximum period of thirty (30) working days calculated from the notification indicated in number a) above. Failure by BBVA to receive this Certificate of Tax Residence in force within the period and in the form indicated, where required, will prevent the avoidance of double taxation.

 

All taxes with a state and/or local nature and all costs that may not be specified in these Terms and Conditions shall be the Winner's responsibility. The Winner will be solely responsible for paying any tax and/or cost derived from the relevant Prize notwithstanding the provisions of the penultimate paragraph of number 7.2 below.

 

d) Once the Winners have completed all the steps indicated in the above numbers and provided all the data and information requested, BBVA will send them the document of acceptance of the Prize by email (to the Registered Email). The Winners must review the document and, if they agree, sign all the pages in duplicate. Once the aforementioned document has been reviewed and signed as indicated (in duplicate and on all the pages), it must be delivered to BBVA: (i) by sending it to the mailing address indicated by BBVA in the instructions contained in the same email accompanying the document of acceptance, and (ii) sending a scanned copy to the email address [email protected].

 

In the case that BBVA does not receive the document of acceptance signed by the Winners within a period of twenty (20) working days, the Winners will lose their right to receive the corresponding Prize, and BBVA will be entitled to use it freely. This period of twenty (20) working days will be calculated from the day BBVA sends the email to the Winners for the purposes of delivering the aforementioned document of acceptance to them, as mentioned in the preceding paragraph.

 

e) Once the document signed in duplicate and –where applicable– the Certificate of Tax Residence in force have been received by BBVA, it will sign this document and return one of the copies to the Winner, by sending it to the mailing address indicated by the Winners on the email addressed to BBVA for this purpose, and expressly manifesting their willingness to accept the Prize (email mentioned in number b of this number 7).

 

f) Once these steps have been completed, BBVA will carry out the actions and procedures necessary to deliver the Prize:

 

(i) For the Prizes referred to in 6.1(a) to 6.1(d), BBVA will contact the corresponding Winners via the Registered Email and request the necessary details before making the travel and hotel reservations.

 

(ii) For the Prizes referred to in 6.2(a) to 6.2(c), BBVA will make the transfer to the bank account indicated by them for this purpose, and mentioned in number c) above. This delivery should occur no later than six (6) months from the date the acceptance contract signed by BBVA has been sent to the Winner, as stated in number e) above.

 

The Prizes in this Competition are non-transferable and may in no case be the object of exchange, alteration, compensation or financial payment at the request of the Winner(s).

 

BBVA is not responsible for the use made by the Winner of the Prize. Marketing and/or sale of the Prizes are prohibited.

 

BBVA reserves the right to change the Prizes for another of equal or greater value if circumstances occur to hinder or prevent their delivery.

 

Completion of the Winner's identification and tax data is mandatory and necessary before the Prize can be awarded, and thus the absence of any such data shall entail the loss of entitlement to the Prize obtained.

 

7.2. Tax matters

The Prizes in the present Competition are governed by Law 35/2006 of November 28 approving the Personal Income Tax and the partial amendment of the Laws on company, non-resident income and wealth tax; Royal Decree no. 439/2007, approving its regulation and subsequent amendments; Royal Decree-Law 5/2004 of March 5, approving the revised text of the Non-resident Income Tax Act (IRNR); Royal Decree 1776/2004 of July 30, approving the Regulation of Non-Resident Income Tax; Law 27/2014, of November 27, on Company Tax; Royal Decree 634/2015 of July 10 approving the Regulation on Company Tax, and therefore, in that case, BBVA shall be responsible for making the payment on account or the corresponding withholding of the Personal Income Tax (IRPF), Non-Resident Income Tax (IRNR) or Company Tax.

In accordance with the mentioned regulation, Participants are informed that the Prizes granted for the participation in competitions, are considered capital gain subject to withholding tax or payment on account of the aforesaid taxes if the value of the Prize exceeds three hundred euros (€300). For this purpose the rate of payment on account established by law at any given time will be applied, currently 19% for residents of the European Union or the European Economic Area (Norway and Iceland) and 24% for all other non-residents without permanent establishment, unless these last two cases are covered by a Treaty to avoid double taxation signed by Spain, in which event it shall be as specified in that Treaty.

Any tax consequences on the Winners' tax situation as a result of obtaining a Prize will be borne by the Winners themselves, thus releasing BBVA from any liability. For this purpose, BBVA will issue and send the Winner a certificate with the data corresponding to the Prize after the end of the calendar year.

In order to comply with the above, the Winners must provide BBVA, in the time and manner specified in paragraph c) above, their Personal Tax ID or Company Tax ID, as appropriate, full name and address, for the purpose of withholding tax payments that may be applicable. In the event the application of an Agreement for the avoidance of Double Taxation is invoked, the Tax Residence Certificate in force must be provided, issued by the tax authorities of the Winner's country of residence.

 

8. Handling of personal data and Intellectual and Industrial Property Rights

8.1 Handling of personal data

In compliance with the specifications of Organic Law 15/1999 of December 13 on Data Protection, and Law 34/2000, of July 11 governing services provided in the information society and e-commerce, the Participants expressly authorize BBVA to access, process and store the personal data provided for participation in the Competition on the website and any support or tools that may be used for this purpose, in addition to other data they may provide in the event they are named Winners. The Participants also authorize BBVA to incorporate the data obtained from their participation either through the Website, either any other means (including recording, filming or taking photographs for the purposes of public reproduction and communication) into a file under the ownership of BBVA, in order to carry out the processes of registration, participation, assessment of the Projects, granting of the Prizes and other tasks of communication, information and promotion associated to the Competition. This information will be processed and stored using the technical and organizational security measures required by law to ensure the security of the data and to prevent its manipulation, loss or unauthorized handling or access, according to the state of the technology and the nature of the information and the potential risks to which it might be exposed.

The Participants also authorize BBVA to use the information in the above paragraph –unless the Participants expressly specify their opposition to this processing– for the sending, by any means, including email or other equivalent mode of electronic communication, of information on events, products and services related to the field of innovation, without this authorization entitling the Participant to any remuneration or benefit.

The authorization mentioned in paragraph two and three of this number 8 may be revoked at any time by the Participant by notifying BBVA at the email address: [email protected] Given that the authorization referred to in paragraph 1 above is essential for the development of the Competition, its revocation will imply the automatic withdrawal of the Participant from the Competition.

The file owner is Banco Bilbao Vizcaya Argentaria, S.A., with registered address at Plaza de San Nicolás 4, 48005, Bilbao. The Participants may exercise their rights to access, rectify, cancel or oppose the data free of charge in the terms specified in Organic Law 15/1999 on Data Protection and its regulatory implementations, at the email address [email protected] These rights cannot be exercised retroactively.

 

8.2 Intellectual & Industrial Property Rights

With the exception of the use authorized herein and necessary to manage the participation in the Competition, the copyright of the Projects and its content will remain under the ownership and/or control of the Participants.

Except as expressly provided and authorised under these Terms and Conditions, Projects may not be used neither distributed without the express consent of the Participant holder of the relevant Project.

The Participants must guarantee that the Projects and their information are owned by them and are contributed voluntarily to the present Competition, and in no case contravene the current applicable legislation or infringe any type of third party rights (particularly those pertaining to intellectual and industrial property), and are at all times in possession of the necessary authorization to participate in the present Competition. They also guarantee that the Projects and their information are not offensive, nor demeaning, incite to violence, racism, or infringe the fundamental rights or public freedoms recognized by the applicable law and the law on the protection of childhood and youth; and do not constitute or represent an intrusion into the personal or family privacy of natural persons, nor an infringement of the right to honor of third parties or the secret of communications. Furthermore the Participants declare that they have been granted all the necessary rights of intellectual and industrial property over their respective trademarks and logos.

The Participants acknowledge and agree that BBVA and/or any other BBVA Group Entity may have been or may be working on developing applications or business that are similar to the ones set out in the Projects and Participants acknowledge and agree that BBVA and/or those entities are free to make use of said applications or business without the Participant being able to make a claim to any of them in this regard.

8.3 Authorization

The Participants authorize and give their express consent for BBVA and the following institutions in its Group: Banco Continental, S.A.; BBVA Banco Francés S.A.; Banco Bilbao Vizcaya Argentaria Chile, S.A.; Banco Bilbao Vizcaya Argentaria de Colombia S.A.; BBVA Bancomer, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA Bancomer; BBVA Paraguay S.A.; Banco Bilbao Vizcaya Argentaria Uruguay S.A.; Compass Bank y T. Garanti Bankası A.Ş, to publicly use their personal data (including their image and voice), trademark and logo, and in case of Winners also the contents of their Projects, for any promotional and advertising uses or activities and for activities designed to disseminate the present Competition, including their publication on the different websites owned by BBVA and/or the aforementioned institutions in its Group. This use by BBVA and by the aforementioned institutions in its Group will not entitle the Participants to any retribution or benefit. Participants expressly renounce any type of action or claim against BBVA or the aforementioned institutions in its Group due to these activities for advertising, promotional and dissemination purposes. Participants consider themselves to have been notified of this concession to these institutions by virtue of the present clause. The consent provided herein by the Participants is irrevocable in nature and at all times devoid of retroactive effects. All the data and information requested for this purpose are mandatory and essential for the development of the Competition.

The images, videos, records, creative material and recordings and, in general, any graphic, audio, visual or audiovisual material, regardless of the support or communications method in which they are materialized, or disseminated (hereinafter, the Elements) that may have been made by BBVA and/or the aforementioned authorized institutions in its Group, shall be the property of these institutions respectively, and it shall be understood that the Participants cede all rights of exploitation over them on an exclusive basis. BBVA or the aforementioned institutions shall have the right to use the Elements and subject them to any adaptation, modification, variation, or transformation as long as this does not involve modifying the personal information of the Participant in the Elements.

 

The rights over the data and information referred to in this number 8 are granted with no limitation to the geographical scope and for all the Validity Period plus one (1) additional year as from the date of termination of the said period. All the information and data will be conserved by BBVA and –where applicable– by the aforementioned institutions in the BBVA Group, for the Period of Validity plus one (1) additional year as from the date of termination of said period.

 

In the event that on behalf of the Participant acts an individual, this provides all the authorizations and consents set out in this number 8 in relation to data and information of its own and has the rights and manner of exercising them established in this number, with regard to such data and information. In case that the individual that intends to act on behalf of the Participant is not the one who has applied for registration of said Participants, before acting on behalf of the relevant Participant this individual shall expressly agree in writing to the provisions of this number8.

9. Exemption from liability

The Participants shall be held solely liable for any infringements and damages caused or that may be caused to the rights of third parties through the submission of their Projects in this Competition, and shall compensate the third parties affected and BBVA and/or its Group Entities for any damages incurred by the breach of their obligations in the present Competition and the present Terms and Conditions.

The Participants shall therefore hold BBVA and its Group Entities harmless at all times from any claims by third parties, and the Participants shall be solely liable to assume fully whatsoever costs or monetary encumbrances may be due in favor of third parties as a result of actions, claims or conflicts derived from non-compliance and/or inaccuracy or lack of truthfulness of the obligations established in the present Competition and in these Terms and Conditions. Thus, if a third person files a claim against BBVA for violation of any intellectual property and/or industrial rights, Law 15/1999 of 13 December (Act), or any other without limitation; the Participant is obliged to compensate BBVA of any amounts related with this claim.

BBVA may not be held liable for any delays or any other circumstances caused by third parties that may affect the participation in or development of the Competition.

BBVA shall not be held liable for damages of any kind that may be caused by the temporary unavailability or continuity of the operation of the system that enables participation in the Competition. Under no circumstance whatsoever shall BBVA be responsible for loss, damage, or prejudice of any type that could result from accessing and using the Website, including but not limited to, damage caused to computer systems or as a consequence of computer viruses and/or attacks. Furthermore, BBVA shall not be held liable for any damage that the Participants may sustain as a result of improper use of the above-mentioned website, or for any failure, interruption, absence or defect in telecommunications.

BBVA shall not be held liable for delays in the mail or in the telecommunications networks with respect to registrations, submission of data, delivery of the Prizes, and –among others– shall not be held liable for the loss, deterioration, theft or delay of the same.

If the Competition cannot be held due to the detection of fraud, technical errors or for any other cause beyond the control of BBVA and which affects its normal development, BBVA reserves the right to cancel, modify or suspend this Competition.

BBVA does not accept responsibility if the Participants’ data are incorrect or if it is unable to contact them through no fault of BBVA.

10. Legislation and Jurisdiction

Spanish law governs this Competition. Any issue deriving from the application of, interpretation of or compliance with the Competition, its Terms and Conditions and and any documentation generated in and for this Competition shall be resolved before the Courts and Tribunals of Madrid. Everyone who has filled the form with the information requested on the Website in section called “Registration”, as well as the Participants, expressly renounce any other law or jurisdiction to which they might be entitled.

These rules have been translated into English language. In the event of any disagreement, dispute, controversy, or contradiction between these and its English translation occurs, will prevail for all purposes the rules written in Spanish language.

11. Acceptance of the terms and conditions

Participation in this Competition implies the full acceptance of the Terms and Conditions established herein and the express submission to the interpretation of the Terms and Conditions made by BBVA.

12. Competition Results

Competition results will be announced to the Participants once the process set at number 5 is completed, through the Website.

 

13. Notary

The Terms and Conditions of this Competition, written in Spanish language, have been deposited for public registration on 15 March 2017 before the Madrid Notary Public Mr. Antonio Pérez-Coca Crespo, at Calle Monte Esquinza, 6 Planta Baja, 28010, Madrid. A definitive version of these Terms and Conditions correcting mistakes has been deposited before the said Notary Public on 3 March 2017.