The Asia-Pacific accelerator program, now in
its third year, mentors financial technology entrepreneurs to help
accelerate product and business development
Applications open today for Asia-Pacific’s third annual FinTech
Innovation Lab, Accenture’s (NYSE:ACN) 12-week program that helps
early- and growth-stage financial technology (fintech) companies
accelerate product and business development by gaining exposure to
top financial institution executives. Applications can be made at
www.fintechinnovationlab.com and close on May 31, 2016.
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Investments in Asia-Pacific fintech companies are on the
rise: during the first quarter of 2016 investments totalled $2.7
billion, representing 51% of the $5.3 billion invested into fintech
companies globally, according to a recent Accenture study, FinTech
and the Evolving Landscape,
“We’re having fintech discussions at financial institutions
across Asia, as executives want to know about the latest cutting
edge fintech solutions to invest in, develop or buy that can
streamline services for customers,” said Jon Allaway, senior
managing director at Accenture and the executive sponsor of
the FinTech Innovation Lab Asia-Pacific. “That is why in our
third year of the lab we have increased the number of financial
institutions in the lab to 20 from 12, increased the number of
participants we’ll accept in the program to 12 from seven and
expanded to include insurance.”
The FinTech Innovation Lab Asia-Pacific is a program for
entrepreneurs that are developing cutting-edge and disruptive
technologies for the financial services sector – particularly in
the areas of big data; analytics and cognitive computing; security
and identity management; risk management and compliance; digital
marketing and social media; cloud; payments; blockchain technology;
talent management; and, Internet of Things applications.
Chief technology officers and senior technology executives from
the financial institutions will select twelve of the applying
fintech companies to participate in the Lab through a competitive
process and will then provide them with intensive in-person
mentoring in Hong Kong.
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).
Applicants must have a working beta version of their technology.
The Lab, which begins in August 2016, will partner the chosen
fintech entrepreneurs with senior-level bank and insurance company
executives and leading technology entrepreneurs, to help them
fine-tune and develop their technologies and business strategies
through a series of workshops, panel discussions, user-group
sessions, networking opportunities, one-on-one meetings and
presentations. Cyberport will provide work space
to participating entrepreneurs, and J Plus Hotel by YOO
will assist with accommodations. The Lab culminates in November
2016 with a Demo Day presentation by selected participants in front
of an audience of venture capitalists and financial industry
executives.
According to FinTech and the Evolving Landscape, a
report issued by Accenture in early April, the value of
fintech investments globally rose to more than $22 billion in 2015,
with Asia increasingly capturing a larger share of the market.
"With more than $5 billion in investments in Q1 we’re on track
to see a similar level of fintech investments as last year,” noted
Beat Monnerat, senior managing director and head of Accenture’s
financial services business in Asia-Pacific. “The Lab, now in its
third year, is helping financial services executives across the
region harness the potential of fintech for the industry.”
Participants in previous labs have, for example, gone on
to work with some of their mentees and mentors.
“As part of the new financial services ecosystem, HSBC is
pleased to deepen its collaboration with the fintech community,
which will help us to improve customer experience,” said Raymond
Cheng, HSBC’s chief operating officer for Asia-Pacific. “Fintech
start-ups bring creativity, agility and new technology, which we
can mentor, test, refine and apply at scale. For example, last
year, we adopted the FinSuite automated financial spreading product
across 27 countries, which sped up the approval of loans for our
commercial banking clients.”
"This year", continued Cheng, "our intention is to explore more
opportunities to use fintech products in our strategic locations
like the Pearl River Delta to provide simpler, better and faster
financial services to our customers."
"Our participation in the lab and the collaboration with HSBC
that followed, has helped propel FinSuite from a small Australian
startup to a global fintech participant, currently expanding into
MENA and the US," said founder and CEO Bart Jesman.
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$335 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
373,000 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, +
852-6027-3966lara.wozniak@accenture.com
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