EY launches six-month financial services start-up incubator in Singapore

Professional services firm Ernst & Young is launching a start-up incubator programme in Singapore, with applications now open.

Following a successful first up launch in Sydney last year, global professional services firm Ernst & Young is now bringing its start-up incubator programme EY Foundry to its wavespace hub in Singapore, with applications for the six-month, rent-free residency open to eligible early-stage start-ups in the accounting, tax, fintech, legal- and reg-tech sectors open until the 26th of next month.

Kicking off in June, and with access to up to $120,000 worth of Microsoft Azure credits to build their technology stack, successful applicants will undertake a tailored learning programme based on EY’s deep business insights and tech collaboration know-how to further develop their own technology and accelerate cross-border growth, working alongside EY professionals and fellow entrepreneurs.

“We are excited by how our experience, scale and resources can help to unleash the potential of emerging technopreneurs in this space, and the difference this can make to Singapore's overall innovation footprint,” said EY Singapore’s Head of Tax Soh Pui Ming, adding; “Singapore has a vibrant start-up ecosystem and is well-connected with other innovation hubs in the region.” To be eligible for the EY Foundry programme, aspiring entrepreneurs working in the tax, accounting, finance and law spaces should ideally have a technology or product-related start-up with a working prototype (or be working towards one) which is scalable internationally, with space limited to a maximum four employees per company. Eligibility to work in Singapore is also a requirement.

The inaugural Sydney cohort consisted of six participants from four start-ups, yet according to EY, the firm’s incubator space at its cutting-edge wavespace centre can comfortably accommodate between 15 and 20 people. Among other areas, practical elements of the programme include guidance on raising capital and M&A, company law essentials, R&D tax incentives, and pitching practice sessions.

While EY doesn’t provide any direct funding – and neither does it take an equity stake – participants will also receive support with networking and the opportunity to pitch to EY leaders. “By working with the smartest talent in the start-up space, we are unlocking new markets and innovation, building new relationships and ultimately better serving clients,” said EY Asia-Pacific tax innovation leader Jon Dobell.

Related: EY matchmaking platform helps raise $12 billion for ASEAN start-ups.