Accenture, Banks To Find Top Tech Innovators In APAC
A group of 10 leading financial institutions and Accenture launched a Asia-Pacific-wide competitive search for the region’s top financial technology innovators. Selected companies will participate in the FinTech Innovation Lab Asia-Pacific, a 12-week program that is aimed at helping financial technology innovators accelerate product development and gain exposure to top-level financial industry executives.
According to a company statement, entrepreneurs developing potentially game-changing technologies for financial services - particularly in the areas of Big Data and analytics, mobile and wireless, payments, risk management, security, compliance, and social media and collaboration technologies - are invited to apply. Senior executives from Bank of America Merrill Lynch, Bank of China (Hong Kong), Barclays, China Construction Bank (Asia), DBS, HSBC, J.P. Morgan, Morgan Stanley, Ping An and UBS will select the winning applicants and provide mentoring to entrepreneurs from across Asia-Pacific who attend the program in Hong Kong.
The FinTech Innovation Lab Asia-Pacific is modeled on a similar program that was co-founded by Accenture and the Partnership Fund for New York City in 2010. The New York Lab’s 18 alumni companies have raised more than $76 million in venture financing after participating in the program; one participant was acquired for $175 million. In 2012, the FinTech Innovation Lab London was launched by Accenture and a dozen major banks in London, with support from the city’s mayor and other government bodies.
The majority of the participants in the inaugural program have gone on to sign deals with banks and collectively they have raised $10 million in new financing since participating, said a company release adding that global investment in FinTech ventures has more than tripled from $928 million in 2008 to $2.97 billion in 2013, according to a recent report by Accenture. During the same period, investment in Asia-Pacific FinTech ventures has increased nearly fourfold to $104 million in 2013.
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