Accenture and Leading Financial Institutions Call for Applicants for the Asia-Pacific FinTech Innovation Lab 2017
April 18 2017 - 7:59PM
Business Wire
The Asia-Pacific accelerator program, now in
its fourth year, mentors financial technology entrepreneurs to help
accelerate product and business development
Applications will soon open for Asia-Pacific’s fourth annual
FinTech Innovation Lab, Accenture’s (NYSE:ACN) 12-week program that
helps early- and growth-stage fintech companies accelerate product
and business development by gaining exposure to top financial
institution executives. Applications can be made at
www.fintechinnovationlab.com between April 24, 2017 and May 31,
2017.
Investments in Asia-Pacific fintech companies are on the rise:
during the first quarter of 2017, investments totaled $1.1 billion,
representing 21% of the $5.1 billion invested into fintech
companies globally, based on Accenture analysis of CB Insights
data.
“Fintech isn’t new or hot, it’s a basic requirement; it has to
be a part of standard operating procedures for financial
institutions today because if you’re not innovating you’re not
keeping pace with what your customers want and you need to do for
your business,” said Jon Allaway, senior managing director at
Accenture and the executive sponsor of the FinTech Innovation
Lab Asia-Pacific. “But startups still struggle to meet senior
executives of financial institutions unless they get an
introduction through programs like our Lab.”
The FinTech Innovation Lab Asia-Pacific is 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 up to eight 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 principal financial institutions are: Bank of America
Merrill Lynch, Commonwealth Bank of Australia, Credit Suisse,
Goldman Sachs, HSBC, J.P. Morgan, Macquarie Group, Morgan Stanley,
Nomura, Societe Generale, Sun Life Financial. In addition,
supporting financial institutions and investment firms include:
China CITIC Bank International, China Construction Bank, Manulife,
Maybank, Point72 Asset Management, Siam Commercial Bank, Sumitomo
Mitsui Financial Group (SMFG).
Applicants must have a working beta version of their technology.
The Lab, which begins on August 21, 2017, will partner the chosen
fintech entrepreneurs with senior-level financial institution
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, which houses the largest fintech
community in Hong Kong, will provide work space
to participating entrepreneurs, and J Plus Hotel by YOO
will assist with accommodations. The Lab culminates in November
2017 with a Demo Day presentation by selected participants in front
of an audience of venture capitalists and financial industry
executives.
“The program provides an excellent opportunity for start-ups in
Asia Pacific to connect to our global financial and technology
expertise,” said Simon Lucocq, head of Asia-Pacific technology
& operations at Bank of America Merrill Lynch. “As a global
financial institution, we’re investing US$3 billion in technology
growth initiatives – specifically in digital, mobile and online
platforms. Here in Asia Pacific, we believe we can play a valuable
role in fostering start-ups to be sustainable and successful
companies.”
“HSBC is committed to participating in and enriching the fintech
ecosystem in Hong Kong. Fintech is one of the key pillars
supporting the growth of this important international financial
centre,” said Raymond Cheng, HSBC’s chief operating officer for
Asia-Pacific. “During the past three years, we have mentored dozens
of start-up and new technology companies, offered expert advice on
their fintech services and products and performed proof-of-concept
on their cutting-edge technologies in the banking environment.
Working with these companies, we have launched innovative ways to
make banking faster, easier and safer.”
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$150 million investment arm of the
Partnership for New York City. 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 the FinTech Innovation Lab Asia-Pacific, in Hong
Kong, as well as a Lab in Dublin. Globally, the Labs’ alumni
companies have raised more than US$480 million in venture
financing after participating in the program.
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
401,000 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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AccentureSean Conway, + 1 917 592
5744sean.k.conway@accenture.comorLara Wozniak, + 85 2 6027
3966lara.wozniak@accenture.com
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