The founders of 10 FinTech startups from Hong Kong and around the world met hundreds of potential investors at the inaugural DBS Accelerator Demo Day, which was the finale of a three-month programme in Hong Kong designed to create opportunities for innovators from across Asia and around the world to shape the future of banking and finance.
The 10 DBS Accelerator startups demonstrated their products and services and made their pitches to possible investors at today’s Demo Day. Among their innovations were FinTech solutions in big data analytics, payments, risk management, security, P2P lending and more. The 10 startups were selected from nearly 140 applicants from around the world and include Tofu Pay, Currenxie, Apvera, Creditable, Dollar$mart, Monexo, Veridate, Xfers, Closir and SuperFluid Labs.
DBS Accelerator is a collaborative initiative between DBS Bank (Hong Kong) Limited and Nest, the leading Hong Kong-based startup incubator and full-service ecosystem. The intensive accelerator programme is housed in “The Vault”, a newly renovated and state-of-the-art 5,000-square foot workspace in the heart of Wan Chai. The participating startups have access to vast resources and mentor support, and are guided through their business growth and development with the help of business mentoring from DBS Bank (Hong Kong) Limited and Nest senior executives as well as other partners. Each participant will refine their business model under the accelerator programme, which concludes with the Demo Day, where their ideas can find support to further scale up.
DBS Bank (Hong Kong)’s Managing Director, Head of Technology & Operations, Hong Kong & Mainland China, David Lynch, said, “Our first batch of 10 FinTech startups has helped make the DBS Accelerator programme an exciting platform for innovators and entrepreneurs to thrive, take the industry forward and signal positive change in the future of customer experience in banking. Hong Kong has a rich ecosystem of support for startups. DBS Accelerator is extending our capability to positively shape the future of banking, and well beyond our own internal innovation efforts. We are pleased to be able to help these companies test and refine their business models and scale up. The amazing support from our partners, including some of the world’s largest and most innovative technology companies, has been exceptional.”
Nest CEO Simon Squibb said, “These 10 startups have such a bright future ahead of them and we are proud that our platform has been part of their journey. FinTech is on the minds of every financial institution and, over the coming years, we expect the industry to undergo some fundamental changes. Our companies now have an opportunity to be at the forefront of a global financial shift. For the founders, Demo Day is all about getting their pitch spot on. With so many high-profile investors and industry experts in the room, impressing and securing their backing is the ultimate stamp of approval.”
DBS Bank (Hong Kong) Limited has and continues to invest considerable resources to drive innovation and digital banking, with many notable examples of first-in-market and award-winning initiatives to effectively realise a seamless and joyful customer experience. Among them is the DBS Loan Centre mobile application, a first-in-town innovation that enables the entire loan application process to be completed within one minute using a smartphone virtually anywhere and at any time for a truly breakthrough banking experience. The first-in-market ec-Loan mobile application was also recently launched to enable our SME Relationship Managers to efficiently conduct the in-principle loan approval during the client meeting, which is a first in Hong Kong. Under the iPadenabled ec-Loan mobile application, the credit scorecard of the ec-Loan programme is converted into a mobile application, transforming the traditional paper-based approval process into a real-time digital one. As a result, Relationship Managers are able to provide an in-principle loan offer within one hour, instead of 4-5 days via the traditional approach. DBS Bank (Hong Kong) Limited is also promoting an innovative and digital mindset among employees. The bank successfully piloted its first Greater China hackathon, with participation from about 75 talented employees from Hong Kong, China and Taiwan.