DBS invites applications for second fintech accelerator

Source: DBS

FinTech solutions in artificial intelligence, data analytics, blockchain, wealth management and more are among the areas of focus being targeted for the second round of the DBS Accelerator programme, by DBS Bank (Hong Kong) Limited and NEST.

Applications for the second DBS Accelerator are now open and founders can apply via www.DBS-accelerator.com. Aimed at innovative and scalable FinTech startups, the accelerator programme supports startup businesses and entrepreneurs from around the world in delivering breakthrough innovations and technologies in FinTech to make an impact on the world of finance.

Since the successful launch of last year’s inaugural DBS Accelerator, the FinTech and startup scene in Hong Kong has continued to flourish and develop. DBS Accelerator, which was highlighted in a recent Steering Group on Financial Technologies (FinTech) report on ways to further Hong Kong's development as a FinTech hub, is playing a key role in fostering opportunities for innovators from across Asia and around the world to shape the future of finance. With DBS Accelerator, DBS Bank (Hong Kong) Limited is embracing the transformative power of FinTech-focused disruptive technologies to spark innovation and create an impact beyond banking.

From the Vault, a dedicated state-of-the-art 5,000-square foot workspace in the heart of Wan Chai, DBS Accelerator startup participants will be 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.

DBS Bank (Hong Kong) Limited CEO Sebastian Paredes said, “At the heart of the DBS Accelerator programme is our commitment to shape the future of finance by transforming how we operate and serve our customers through digital innovation. The success of DBS Accelerator shows that the FinTech startup ecosystem has a firm foundation in Hong Kong as a dynamic platform to foster talent, drive groundbreaking innovation and deliver tremendous opportunities for growth.”

Simon Squibb, CEO of NEST, said, “We are very excited to be working with DBS Hong Kong again on a project that is making a real and valuable contribution to the development of FinTech in Asia. Our first cohort featured 10 exceptional entrepreneurs from around the globe but they had one thing in common - aspirations to build their business in Hong Kong and scale it across Asia and beyond. Our programmes give founders access to a network and support that can make a difference. As we embark on another chapter, I am personally looking forward to working with the companies in the new cohort to give them the best possible chance of success.”

Applications close at 12 midnight on 5 June 2016. The programme commences in late July 2016 in Hong Kong, and concludes with a Demo Day, scheduled for November 2016.

DBS Accelerator is also supported by industry leading partners, including Amazon, Microsoft, IBM, InvestHK, KPMG, Samsung, Yodlee and Thomson Reuters. Ovolo Hotels is the programme’s accommodation partner.

Considerable resources are being invested by DBS to drive innovation and digital banking. In 2014, DBS announced plans to invest over HKD 1 billion over three years to better harness digital technologies. This is on top of some HKD 6 billion the bank has invested in strategic technology initiatives.

DBS is also promoting an innovative and digital mindset among employees. The bank piloted its first hackathon in Singapore and organised a Greater China hackathon for about 75 talented employees from Hong Kong, China and Taiwan. In total, more than 250 DBS employees and 160 startups from across the region have participated in the hackathons to co-create some 50 prototypes.

DBS’ mobile banking apps strategy was ranked number one in the world by Swiss research firm MyPrivateBanking for the second year running in 2014. DBS was also named “Best Private Bank in Use of Technology, Global” by PWM/The Banker magazine.

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