DBS Hong Kong Opens New Fintech Startup Space
DBS HONG KONG OPENS NEW STARTUP SPACE TO SUPPORT HONG KONG AS FINTECH HUB
Dedicated state-of-the-art 5,000-square foot workspace in Wan Chai to springboard FinTech startups with mentoring and support.
Following the recent call for applications for the inaugural DBS Accelerator programme to identify and nurture the next wave of FinTech innovators and innovation, DBS Bank (Hong Kong) Limited today officially launched “The Vault”, a FinTech startup hub in the heart of Hong Kong. The newly renovated and state-of-the-art 5,000-square foot workspace in Wan Chai is the first of its kind for the bank and will provide DBS Accelerator startup participants with work and office space, vast resources and mentor support. The response from startups has been very positive, with applications coming in from all corners of the globe so far. There is just one week remaining before the 1 July deadline for applications www.DBS-accelerator.com.
The opening of the dedicated workspace comes at an important time in the financial services sector in Hong Kong, with research indicating that investment in financial services technology worldwide tripled to more than US$12 billion last year compared to 2013.
The Honourable Nicholas Yang, Innovation and Technology Advisor to the Chief Executive and Member of the Executive Council, said, “Innovation and technology are drivers of economic growth in Hong Kong and the key to enhancing the competitiveness of our industries, and improving the quality of life of Hong Kong people. In its position as the super-connector between China and the rest of the world, Hong Kong can become a regional leader in a knowledge-based economy.”
DBS Bank (Hong Kong) CEO Sebastian Paredes said, “DBS Hong Kong is a pioneer in leveraging digital and mobile technologies in our financial products and services. The DBS Accelerator programme aims to nurture a new generation of digital leaders and talent to secure Hong Kong’s future as a world-class FinTech hub.”
Nest CEO Simon Squibb said, “This city is uniquely positioned to help FinTech companies succeed and bring innovation to Asia. There is a lot of brainpower in this city that needs seed capital to support innovation and there are a lot of entrepreneurs here willing to invest time to build great companies. DBS Hong Kong is a great partner in taking the first step to make this vision a reality.”
DBS Accelerator is designed to help innovators from across Asia and around the world realise the transformative power of FinTech-focused disruptive technology to ignite possibilities and create an impact beyond banking. 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.
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.
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.