Fintech startups are being asked to apply for a place in a 12-week program that will see the young companies gain exposure to executives at big global banks.
Accenture is taking applicants for its third annual Asia-Pacific FinTech Innovation Lab, a program for entrepreneurs that are developing technologies for the financial services sector.
It focuses specifically on new technologies in the areas such as big data, analytics and cognitive computing, security and identity management, risk management and compliance, blockchain technology, and Internet of Things applications.
Accenture says investments in Asia-Pacific fintech companies are on the rise, totaling $2.7 billion in Q1, 2016 – representing 51 per cent of the $5.3 billion invested in these organisations globally.
“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.
“This 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,” he said.
CTOs and senior IT execs from the financial institutions will choose 12 of the applying fintech companies to participate in the lab through a competitive process, and provide them with in-person mentoring in Hong Kong.
The Commonwealth Bank is one of the 12 principle financial institutions in the program. Applications can be made here and close on May 31. Applicants must have a working beta of their technology, Accenture said.
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