Standard Chartered has partnered with Chinese Internet search engine Baidu to launch a fintech accelerator programme in Hong Kong.
The bank says the 'SuperCharger Accelerator Programme' will help local and international early-stage and more established fintech companies grow in Asia’s vibrant markets.
Throughout October, a roadshow will travel in search of the best businesses worldwide with stops including London, New York, Tel Aviv, Singapore and Beijing.
The programme will formally commence in January at Hong Kong innovation hub Tuspark Global Network, where the selected startups will have the chance to explore cross-pollination of ideas between other verticals such as IoT, media and hardware.
During the three-month journey, firms will receive coaching and mentoring from Baidu’s technologists, Standard Chartered’s bankers as well as venture capitalists and industry experts to "refine their business model, develop market entry strategies, navigate the regulatory landscape and identify joint ventures opportunities".
The programme concludes in April with a demo day in Hong Kong.
Standard Chartered’s regional chief information officer, Greater China and North Asia, Ericson Chan, says: “Hong Kong’s vibrant international financial ecosystem as well as strategic location as a gateway to China, one of the world's largest fintech market opportunities, makes it the perfect place to co-create the future of financial services."
The bank will be competing with DBS in the search for local talent, after the Singaporean bank opened its own HK accelerator in August in a newly renovated 5,000-square foot workspace in association with local incubator Nest.