Accenture and leading financial services firms
to mentor financial technology entrepreneurs in 12-week program
Eight leading financial technology (fintech) companies today
begin a 12-week mentorship program in the third annual FinTech
Innovation Lab Asia-Pacific. The startups participating in this
year’s Lab have developed a range of innovations – from wealth
management solutions that are precisely oriented to customers’
investment intents, know your customer (KYC) services that leverage
blockchain technology and a fraud prevention program using
algorithms based in Chinese-characters to help financial
institutions flag risk.
Launched by Accenture (NYSE:ACN) in Hong Kong in June 2014, the
FinTech Innovation Lab Asia-Pacific is a collaboration between
Accenture and leading financial institutions. The twelve principle
financial institutions are: Bank of America Merrill Lynch, BNP
Paribas, Commonwealth Bank of Australia, Credit Suisse, Generali,
Goldman Sachs, HSBC, J.P. Morgan, Maybank, Morgan Stanley, Sun Life
Financial and UBS. In addition, supporting banks include: China
CITIC Bank International, China Construction Bank (Asia),
Macquarie, Nomura, Standard Chartered, Siam Commercial Bank,
Societe Generale, Sumitomo Mitsui Financial Group (SMFG).
The selected startups will receive senior-level mentoring to
help them develop and commercialize their innovations and connect
with potential customers at top institutions.
“Most financial institutions are grappling with how to become
more efficient, cut costs, comply with regulators and
simultaneously increase their interaction with customers,” said Jon
Allaway, senior managing director, Financial Services at Accenture.
“The startups in this year’s Lab offer innovative answers to these
problems. With solutions like analytics that make wealth management
advice available to more clients, we are seeing how fintech can
help institutions deliver better services to their customers.”
The eight companies chosen for the Lab will be mentored by
leading financial services executives over 12 weeks through a
series of workshops at Cyberport, panel discussions and coaching
sessions on product and business-development. At the end of this
year’s program, five of the eight participants will be selected to
present their concepts to potential investors and financial
industry executives.
The 2016 FinTech Innovation Lab Asia-Pacific participants
are:
ChartIQ – provides securities-specific financial chart
and data visualisation products in HTML5. The Charlottesville,
Virginia-based startup, which has offices in New York, London, and
Cyprus, has more than 125 customers around the world. Its
time-series based charting solutions provide charting and data
visualization that can help investment banks, brokerages, trading
platforms, and financial portals move from legacy technologies to
the future of HTML5.
HedgeSPA – is a predictive investment analytics
platform that enables investment professionals to tap the internet
to improve their performance. With offices in Singapore and
California, HedgeSPA applies big data techniques to asset
selection. It combines forward-looking market scenarios to reduce
portfolio drawdown by as much as 75% and automates day-to-day
portfolio management tasks. Users can gain competitive access to
cloud-based investment analytics that were
previously exclusive and cost prohibitive.
KYC-Chain – uses biometrics, emerging
technologies and distributed ledger (blockchain) tech to streamline
onboarding processes and provide consensus on identity. This
enables front line sales and compliance officers to
cost-effectively onboard and continuously interact with retail
clients and other financial institutions in a secure,
consumer-centric encrypted environment. The Singapore-based
company’s platform is live and in production at several banks.
Lattice – has developed portfolio support software
for investors, portfolio managers, risk managers and traders. This
Hong Kong-based startup’s platform contains a view-driven portfolio
optimiser and flexible portfolio analytics to help clarify
investors’ rationale for precise and quick decisions and
implementation. It helps to discover and precisely manipulate
intentional or unintentional exposures, to commodities, currencies,
sectors or even countries. Once a genuine investment objective is
established, Lattice EPD delivers “one-click” balanced
portfolio.
Privé Managers – is a completely
integrated and comprehensive wealth and asset management platform
powered by a proprietary bionic advisory engine. The Hong
Kong-based startup’s platform is already being used by several
global financial institutions in Asia and Europe. Its modular-based
approach meets the diverse needs of financial intermediaries
and advisors to more efficiently grow their assets, while reducing
costs through technology solutions.
Seerene – provides insights, actionable analytics
and transparency to improve efficiency and streamline costs.
Berlin-based, with offices in Hong Kong and New York, Seerene
connects to existing data sources within an enterprise, aggregates
the information and offers what it calls “an x-ray vision,”
viewable on a dashboard. Seerene monitors various dollar-effects of
technical debt, digital transformation as well as change across all
software stacks, teams and technologies. The aim is to help chief
information officers and IT executives improve efficiency and
streamline costs.
SIORK – helps financial institutions evaluate
customer data and detect criminal activities such as fraud and
money laundering in both developed and emerging markets. This
Tokyo-based startup, with offices in Taiwan and the U.S.
has a product that automatically learns customer behaviors,
identifies suspicious events and provides a real-time transaction
blocking mechanism to the customer for crime prevention. What makes
the product unique is its comprehensive Chinese-character fuzzy
matching algorithm with artificial intelligence learning ability
that enables global financial institutions to analyze
Chinese-character based raw data, such as customer names, and
unstructured message information.
TNG Wallet – offers an e-wallet for payment
to merchants, person-to-person fund transfer, bank transfers and
year-round cash withdrawal. It has more than 300,000 active
registered users (about four percent of Hong Kong’s population)
with extensive top-up points via convenience stores, ATM terminals,
credit card and a variety of online banking platforms. This Hong
Kong startup’s e-wallet gives merchants access to an affordable
non-cash payment option with low handling fees, improvement in
their cash flow through TNG’s fast settlement of transactions with
merchants, and a customer relationship management tool that allows
merchants to further engage with customers.
The FinTech Innovation Lab Asia-Pacific is modelled on a similar
program that Accenture co-founded in 2010 with the Partnership Fund
for New York City, the US$115 million investment arm of the
Partnership for New York City (www.pfnyc.org). In 2012, Accenture
and a dozen major banks in London launched the FinTech Innovation
Lab London, with support from the city’s mayor and other government
bodies. In 2014, Accenture launched FinTech Innovation Labs in
Asia-Pacific and Dublin, Ireland.
Globally, the Labs’ alumni companies have raised more than
US$370 million in financing after participating in the programme.
Four companies from the New York FinTech Innovation Lab have been
acquired, two in 2015 alone, including Standard Treasury and
BillGuard.
About Accenture
Accenture is a leading global professional services company,
providing a broad range of services and solutions in strategy,
consulting, digital, technology and operations. Combining unmatched
experience and specialized skills across more than 40 industries
and all business functions – underpinned by the world’s largest
delivery network – Accenture works at the intersection of business
and technology to help clients improve their performance and create
sustainable value for their stakeholders. With approximately
375,000 people serving clients in more than 120 countries,
Accenture drives innovation to improve the way the world works and
lives. Visit us at www.accenture.com.
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AccentureLara Wozniak, + 85 2 6027
3966lara.wozniak@accenture.com
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