As reported by Money Control, fintech entrepreneurs who are developing cutting-edge products, services and technologies aimed at the financial sector are invited to apply for the scheme, with the window for applications remaining open until until May 10. The 2018 version of the program received a record number of applications, from more than 160 companies, and this number is expected to increase for 2019.
This year represents the sixth year that Accenture has run the accelerator program and to date participant companies have raised $508 million in funding. A similar scheme operates in New York (established in 2010) and in London (which has been running since 2012).
According to Accenture the lab operates from a “trusted, collaborative, non-sales environment”, which provides an “opportunity for the participating start-ups to work with potential future customers, validate propositions, gain valuable insights into the banking sector and develop strong relationships with senior industry executives.”
Commenting on the importance of the Asia-Pacific region, Adrian Seto, Accenture’s senior director notes: “The fintech market has evolved significantly since we launched the Lab in Asia-Pacific in 2014, with financial institutions recognizing the real benefits fintech can bring to their business and the value of partnering with startups.”
He adds, focusing on one locale of significant fintech growth and innovation: “The FinTech Innovation Lab Asia-Pacific had a marked impact in helping bring together the ecosystem in Hong Kong, and the progress is there for everyone to see, with a surge in fundraising for startups that has helped solidify the city’s position as a major global financial hub.”
The lab concept reflects the expanding growth in fintech and its value to financial services. https://www.accenture.com/gb-en/insight-fintech-evolving-landscape, over $50 billion has been invested in almost 2,500 companies. Fintech investment in Asia-Pacific has skyrocketed, and the largest share of investment deals in this region are in payments and lending. Both of these areas have traditionally been the sole domain of banks, and they are ripe for fintech disruptors.
