Fintech solutions in Big Data analytics, payments, risk management, security and P2P lending are among the innovations of the 10 startups from Hong Kong and around the world selected to participate in the inaugural DBS Accelerator programme in Hong Kong, which officially kicked off today.
What is DBS Accelerator?
DBS Accelerator is a collaborative initiative between DBS Bank (Hong Kong) and Nest, the leading Hong Kong-based startup incubator and full-service ecosystem. It aims to create opportunities for innovators from across Asia and around the world to shape the future of banking and finance.
The intensive accelerator programme is housed in ‘The Vault’, a newly renovated, state-of-the-art 5,000-square foot workspace in the heart of Wan Chai and participating startups will have access to vast resources and mentor support.
The 10 startups taking part in this year’s DBS Accelerator are Tofu Pay, Currenxie, Apvera, Creditable, Dollar$mart, Monexo, Fund Innovation, Xfers, Closir and Super Fluid. They were selected from nearly 140 applicants from around the world and will be guided through their business growth and development with mentoring from DBS Bank and Nest senior executives as well as other partners.
Each participant will refine its business model under the accelerator programme, which concludes with DBS and Nest Demo Days and a Public Investor Demo Day, where the participant’s ideas can find support to further scale up.
DBS Bank’s (Hong Kong) Managing Director, Head of Technology & Operations, Hong Kong & Mainland China, David Lynch, said, “We are extremely pleased with the quality and diversity of the applications we received. Clearly, fintech is attracting a new wave of talent and entrepreneurial thinking. Industry mega trends, such as cloud computing, mobility and wearable technology, the Internet of Things and data science are unlocking the potential to create new business models and ecosystems. It’s energising to see how many high potential startups are moving into the (fintech) space. We’re committed to being an active participant in shaping the future of banking. The chosen startups for the programme all show strong potential to succeed in their respective domains, as well as to help us transform.”
Nest CEO Simon Squibb said, “Through this programme, DBS has become one of Asia’s leading players in the evolution of the finance industry. This fintech accelerator will enable DBS to remain ahead of the game and, instead of being threatened by technology and ideas from nimble startups, embrace innovation to give them a competitive edge. At Nest, we are proud that Asia’s most prominent and successful corporates are now working side by side with companies that are likely to revolutionise the future.”
DBS Bank encourages innovation in banking
DBS Bank has invested and continues to invest considerable resources to drive innovation and digital banking. Among them is the DBS Loan Centre mobile app, 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 e-commerce loan mobile app was recently launched to enable SME relationship managers to efficiently conduct in-principle loan approval during client meetings, which is a first in Hong Kong. Under the iPad- enabled ec-loan mobile app, the credit scorecard of the ec-loan programme is converted into a mobile app, 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 four-five days via the traditional approach.
DBS Bank 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.
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