Frankfurt School and WM Gruppe launch Philipp Sandner Award in Digital Finance Research

Frankfurt School of Finance & Management and WM Gruppe have launched the annual Philipp Sandner Award in Digital Finance Research. The prize of 10,000 euros was first awarded on 26 March 2025 at the Crypto Assets Conference to Dr Maxi Günnewig for his paper “Smart Banks”. Two researchers also received honourable mentions: Dr Kumar Rishabh, University of Basel, for his paper “Beyond the Bureau: Interoperable Payment Data for Loan Screening and Monitoring”, and Tong Yu, Imperial College London, for his paper “Data as Collateral: Open Banking for Small Business Lending”. A total of 29 researchers from 13 countries submitted research papers.

In his paper “Smart Banks”, Dr Maxi Günnewig, Postdoctoral Researcher at the University of Bonn, and his co-authors establish a link between banks and blockchain-based smart contracts in a future financial system and show how the technology creates new possibilities for organising the financial system.

The international Philipp Sandner Award in Digital Finance Research is aimed at young researchers working on topics such as blockchain and digital assets, machine learning and artificial intelligence, as well as payment systems and financial platforms. The prize is awarded following a two-stage selection process: A scientific committee reviews all papers and draws up a shortlist, from which a jury, made up of representatives from business, science, and public administration, selects the winner.

Maxi Günnewig: “In our paper, my co-authors and I analyse if and how bank runs and potentially costly government interventions can be avoided. We want to understand how technological advancements can be leveraged to eliminate financial fragility and to avoid future crises. I would like to thank Frankfurt School, the WM Gruppe, the scientific committee and the jury as well as my co-authors. I am particularly proud that the award bears the name of Professor Philipp Sandner, whom I unfortunately never had the chance to meet in person.”

Professor Nils Stieglitz, President of Frankfurt School of Finance & Management and Co-Chair of the Award Jury: “Professor Philipp Sandner had a significant impact on the digital finance community until his unexpected death in January 2024. He is also remembered as a supporter and mentor of young academics. With the award, we honour Philipp's legacy and promote excellent young researchers. Maxi Günnewig's work impressively demonstrates how theoretical research can pioneer new perspectives in this dynamic field.”

Joachim Lauterbach, Chairman of WM Gruppe and Co-Chair of the Award Jury: “Honouring the legacy of Professor Philipp Sandner, the Award in Digital Finance Research celebrates transformative ideas that push the boundaries of financial innovation. This year’s winning paper challenges long-held assumptions about banking fragility, offering a new view that instability is not inherent but a failure of outdated mechanisms. By leveraging smart contracts and real-time information, it presents a visionary framework for a more resilient and efficient financial system. At WM Gruppe, we believe such research is crucial in stimulating new discourse in digital finance and driving meaningful change in the industry.”

Professor Co-Pierre Georg, Head of Frankfurt School’s Blockchain Center and member of the Scientific Award Committee: “All submitted research papers were reviewed by a high-calibre scientific committee. Maxi Günnewig’s paper stood out as it provides exciting new answers to some fundamental questions in finance: Why do we have banks? How can we better manage their fragility? And particularly relevant for us at the Frankfurt School Blockchain Center: Can blockchain help to reorganise banks in a new and better way? Here, Maxi Günnewig has given innovative answers.”

Scientific Committee and Jury of the Philipp Sandner Award in Digital Finance Research

Scientific Committee:

• Professor Andrea Barbon, Assistant Professor of Finance, University of St. Gallen
• Professor Jean-Edouard Colliard, Associate Professor of Finance, HEC Paris
• Professor Martina Fraschini, Assistant Professor in Digital Finance, Université du Luxembourg
• Professor Co-Pierre Georg, Professor of Practice in Digital Finance and Technology, Frankfurt School of Finance & Management
• Professor Alfred Lehar, Professor in Finance, University of Calgary
• Professor Jiasun Li, Associate Professor in Finance, George Mason University
• Professor Cyril Monnet, Professor of Economics, University of Bern
• Professor Maarten van Oordt, Professor of Money and Banking, Vrije Universiteit Amsterdam
• Professor Tarik Roukny, Associate Professor of Finance, KU Leuven

Jury:

• Professor Nils Stieglitz (Co-Chair), President of Frankfurt School of Finance & Management
• Joachim Lauterbach (Co-Chair), Chairman of WM Gruppe
• Souad Benkredda, Member of the Board of Managing Directors of DZ BANK
• Piero Cipollone, Member of the Executive Board of the ECB
• Dr Stephanie Eckermann, Member of the Executive Board, Deutsche Börse
• Jana Ringwald, Senior Public Prosecutor, Zentralstelle zur Bekämpfung der Internetkriminalität, Generalstaatsanwaltschaft Frankfurt am Main
• Professor Jens Weidmann, Chairman of the Supervisory Board of Commerzbank