10 FinTech Startups Selected for DBS Accelerator in HK
DBS Hong Kong kicks off DBS Accelerator to shape the future of banking.
FinTech solutions in big data analytics, payments, risk management, security, P2P lending and more are among the innovations from 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.
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, and 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 and state-of-the-art 5,000-square foot workspace in the heart of Wan Chai, and the 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 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 DBS and Nest Demo Days and a Public Investor 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, “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 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 (Hong Kong)’s Managing Director, Head of Technology & Operations, Hong Kong & Mainland China, David Lynch, (front, fourth from left) welcomes the FinTech startup participants to the Vault in Wan Chai on the first day of the inaugural DBS Accelerator programme in Hong Kong.
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 iPad- enabled 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.