Applications open for Accenture FinTech start-up accelerator programme

16 April 2018 Authored by Consultancy.asia

The countdown is on for budding FinTech entrepreneurs in the Asia Pacific to lodge their submissions for a place in Accenture’s coveted annual FinTech Innovation Lab accelerator programme.

Now having raised nearly $865 million across its four regional editions, and seen the creation of more than 800 jobs, the global professional service firm and technology experts Accenture’s FinTech Innovation Lab is a twelve-week annual accelerator programme bringing together early-stage financial technology companies and leading financial institutions.

The Asia Pacific leg, launched in 2014 following the success of its New York and London editions, has in the time since its inception raised a third of the global total through 22 financial partners and among the just 33 local alumni – as well as creating over 500 jobs along the way.

Altogether, more than 250 local finance executives and decision makers have been involved in the programme to date, offering selected start-up participants invaluable banking sector insights, mentorship, and the opportunity to engage with potential future customers through a series of workshops, presentations and speed-dating sessions in what is described as a collaborative, non-sales environment. Applications open for Accenture FinTech start-up accelerator programmeCharles Wong, the CEO of award-winning bionic-advisory platform developer Privé Financial, and a programme alumni, said, “FinTech innovation Lab has helped us in many ways: from increasing our exposure in the FinTech community to connecting us with financial and potential players… The additional mentoring sessions in areas including legal, regulatory and communications provided by Accenture were exceptionally helpful in clearing up our corporate vision and sharpening our key messages to financial institutions and potential investors.”

One of the Accenture Innovation Lab’s participating financial partners is Citibank – an ensuing Privé Financial customer. Other partners include some of the biggest names in the international banking and finance world, such as HSBC and JP Morgan along with Asia-based giants China Construction Bank, while Adrian Seto, Senior Director for Innovation & FinTech for Asia-Pacific, Africa, Middle East & Turkey, and Programme Manager Rosie Hampson lead the Lab team for Accenture.

“The banks really were surprised by the number of applications and the quality of the startups that came into the programme,” Seto said following an earlier round in the Lab’s initial phase, “A few of the banks are in proofs of concept with the startups and some are moving beyond that. The startups were pleased with the amount of validation they received, the feedback they got from people at a very senior level in the banks.”

Applications

Hopeful start-ups will have just the once month to submit their applications before the May 11 deadline, with interviews held in June and the selected candidates participating in Lab activities from July through to October – with the selection panel on the hunt for potentially ‘game-changing’ financial technologies with a leaning toward big data and analytics, mobile and wireless, payments, risk management, security, compliance, and social media and collaboration.

Some free advice from Seto for FinTech start-ups eyeing the market: “While fundraising is important, the founders – the management teams – of start-ups shouldn’t focus only on the money. The primary focus should be the product. This is a version of ‘build it and they will come’: build a good product and the money will flow.”

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