DBS Hong Kong AND NEST Bring Fintech Accelerator to Asia

DBS Hong Kong AND NEST Bring Fintech Accelerator to Asia
Comments Off, 18/05/2015, by , in Local Startup News


FinTech startups to ignite possibilities with mentoring and support in newly renovated state-of-the-art 5,000-square foot workspace in Wan Chai.

With a mission to ignite possibilities and spark joyful customer experiences that connect businesses and communities, and illuminate the lives of people through creativity and innovation, DBS Bank (Hong Kong) Limited today announced that it is accepting applications for its inaugural DBS Accelerator via www.DBS-accelerator.com. The intensive accelerator programme will support innovative startup businesses and entrepreneurs from around the world in delivering breakthrough innovations and technologies in FinTech.

The FinTech industry has seen rapid growth over the last few years and this collaborative initiative between DBS Bank (Hong Kong) Limited and Nest, the leading Hong Kong-based investment and startup incubation firm, aims to create opportunities for innovators from across Asia and around the world to shape the future of banking and finance. With DBS Accelerator, DBS Bank (Hong Kong) Limited is embracing the transformative power of FinTech-focused disruptive technology to ignite possibilities and create an impact beyond banking.

Startups seeking to make an impact in the world of banking and finance through innovative ideas and technology connected with FinTech are encouraged to apply for the accelerator programme. This accelerator programme will be housed in a newly renovated and state-of-the- art 5,000-square foot workspace in the heart of Wan Chai and startup participants will have access to vast resources and mentor support.

The 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. 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) Limited CEO Sebastian Paredes said, “The DBS Hong Kong accelerator programme with Nest embodies our long-term vision and commitment to digital innovation and demonstrates our eagerness to transform the way we operate and deliver customer service by adopting the latest in technology and software advances. The exchange of knowledge and best practices with the dynamic community of entrepreneurs in the FinTech startup ecosystem will not only help produce tremendous innovation but strengthen and boost the talent base and fuel further growth in startups.”

Nest CEO Simon Squibb said, “This programme brings together best-in-class global brands and the very best startup founders in the world, focusing on the future of FinTech. This is truly a one- of-a-kind platform that will help bring to life the future of FinTech and banking.”

Applications are available via www.DBS-accelerator.com until 12 midnight on 1 July 2015. The programme commences in early August 2015 in Hong Kong, and concludes with the Demo Days, scheduled from 5 November 2015.

Considerable resources are being invested by DBS to drive innovation and digital banking. In 2014, DBS announced plans to invest SGD 200 million over three years to better harness digital technologies. This is on top of the SGD 1 billion the bank has invested in strategic technology initiatives. Of DBS’ cutting-edge initiatives is a partnership with IBM that makes the bank among the first in the world to use artificial intelligence to provide contextualised and customised wealth advice to high net worth clients. This initiative is currently being piloted in the bank for rollout in 2015.

DBS is also promoting an innovative and digital mindset among employees. The bank piloted its first hackathon in Singapore last October and has organised three more since then, including a recent 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 50 prototypes.

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