Accenture with a group of 10 leading financial institutions have launched an Asia-Pacific wide competitive search for the region’s top financial technology innovator startups. The program plans to take seven startups for the program which will participate in the FinTech Innovation Lab Asia-Pacific, a 12-week program which helps early and growth-stage financial technology startups accelerate product development and gain exposure to top-level financial industry executives.
The program isdeveloped to help startups under this category to refine and test their proposition with the support of the world’s leading financial firms.
“Financial institutions recognize more clearly than ever the importance of technology innovation but often lack hands-on exposure and engagement with promising ventures,” said Sushil Saluja, Senior Managing Director of Accenture’s Asia-Pacific Financial Services practice. “On the other hand, startups often lack the resources and capital to endure the typical two-to-three year sales cycle for selling solutions to financial institutions. This program helps close the gap through a proven accelerator program.”
Who can apply?
Entrepreneurs developing potentially game-changing technologies for financial services in the areas of Big Data and analytics, mobile and wireless, payments, risk management, security, compliance, and social media and collaboration technologies can apply for the program.
How will it benefit the startups?
- Mentoring from some of the industry’s leading firms and senior financial services executives.
- Insider knowledge and direct feedback from the startups target user groups.
- Strategy development and pitch coaching from senior Accenture executives.
- Workshops and panel discussions on topics such as procurement, regulation and industry trends.
- PR opportunities to raise profile.
- A workspace in Hong Kong Cyberport for three employees throughout the program.
- Accommodation subsidy provided by Airbnb for startups that are based abroad.
Banks will select up to seven startups to participate in the program, which begins at the end of September 2014. In October, these startups will be introduced to financial services firms and The Final Review and Investor Day events are scheduled for December.
The FinTech Innovation Lab Asia-Pacific is modeled on a similar programme that was co-founded by Accenture and the Partnership Fund for New York City in 2010. In 2012, the FinTech Innovation Lab London was launched by Accenture with major banks in London, the majority of the participants in the inaugural program have gone on to sign deals with banks and collectively they have raised $10 million in new financing since participating.