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Transaction banks looking to boost accelerator schemes
Looking to stay ahead of the game, many transaction banks within Asia have been launching a number of incubator programs aimed at partnering and nurturing young financial technology companies.
Darryl Yu 8 Oct 2015
Looking to stay ahead of the game, many transaction banks within Asia have been launching a number of incubator programs aimed at partnering and nurturing young financial technology companies.
 
Standard Chartered Bank for example earlier this week in Hong Kong kicked off its SuperCharger FinTech Accelerator Programme which in partnership with Chinese internet company Baidu gives budding fintech entrepreneurs a chance to learn and be mentored from Baidu’s technologists. Moreover, participants of the programme will also work with Standard Chartered bankers in developing their business models.
 
“Standard Chartered is proud to be a founding partner of this SuperCharger FinTech Accelerator Programme – continuing the Bank’s strong record of supporting and encouraging innovation which we believe is a key driver of economic growth and prosperity,” said Ericson Chan, regional chief information officer, Greater China and North Asia. “Hong Kong’s vibrant international financial ecosystem as well as strategic location as a gateway to China, one of the world's largest FinTech market opportunities, makes it the perfect place to co-create the future of financial services with technopreneurs at the intersection of finance and technology.”
 
The bank has already been active in China, working with the authorities of Zhongguancun Science and Technology Park making financing for start-ups easier and efficient. Standard Chartered stated they would be willing to assist in more complicated services such as trade financing and forex management if companies were looking to expand outside of China.
 
It’s a similar story with fellow global bank Citi which via its Citi Ventures organization launched its Global FinTech Accelerator programme. The scheme similar to Standard Chartered’s programme offers startups mentorships and feedback on product ideas. “We are plugged into that effort where Citi Ventures will evaluate a range of fintech companies which are developing ideas that may be of interest and relevance to us, says Lee Keng Mun, Asia Pacific channel and enterprise services head and Citi Innovation Lab head, Treasury and Trade Solutions, Citi. “We then mentor and guide these companies in formulating their ideas and business models.”  
 
Even Asian regional banks are hopping on the fintech accelerator trend. Singaporean DBS Bank for example this April sought applications from almost 140 fintech firms to participate in their programme. Eventually only 10 firms were invited to come to Hong Kong such as Currenxie which looks to assist SMEs and corporates with FX savings and help them leverage on the P2P marketplace in USD and HKD.
 
Commenting on DBS’s accelerator program, David Lynch, DBS Bank (Hong Kong)’s Managing Director, Head of Technology & Operations, Hong Kong & Mainland China said, “we are extremely pleased with the quality and diversity of the applications we received. Clearly, FinTech is attracting a new wave of talent and entrepreneurial thinking. Industry mega trends, such as cloud computing, mobility and wearable technology, the Internet of Things and data science, are unlocking the potential to create new business models and ecosystems.”  

 

There is no doubt that banks have been investing heavily in fintech accelerator programs, the question now is whether these programs will eventually pay dividends for the bank at the end of the day.    

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