Accenture has launched the third edition of its annual accelerator programme, the FinTech Innovation Lab Asia Pacific (APAC).
The 12-week programme in Hong Kong aims to help early- and growth-stage financial technology (FinTech) companies in APAC accelerate product and business development by gaining exposure to top financial institution executives from 20 banks.
Participating banks include Bank of America Merrill Lynch, BNP Paribas, Commonwealth Bank of Australia, Credit Suisse, Generali, Goldman Sachs, HSBC, J.P. Morgan, Maybank, Morgan Stanley, Sun Life Financial, UBS, China CITIC Bank International, China Construction Bank (Asia), Macquarie, Nomura, Standard Chartered, Siam Commercial Bank, Societe Generale, Sumitomo Mitsui Financial Group (SMFG).
Accenture is accepting applications from now till 31 May 2016. Twelve FinTech startups with a working beta version of their technology will then be chosen to participate in the FinTech Innovation Lab through a competitive process.
Thereafter, these startups will be paired up with senior-level finance executives and technology entrepreneurs to help them fine-tune and develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings and presentations.
The accelerator programme will culminate in November 2016 with a Demo Day presentation by selected participants in front of an audience of venture capitalists and financial industry executives.
According to Beat Monnerat, Senior Managing Director and Head of Accenture's financial services business in APAC, the programme will also "help financial services executives across the region harness the potential of FinTech for the industry."
For instance, HSBC has adopted Australian startup "FinSuite's automated financial spreading product across 27 countries, which sped up the approval of loans for its commercial banking clients," said Raymond Cheng, HSBC's Chief Operating Officer for Asia-Pacific. The startup was one of the 2014 FinTech Innovation Lab Asia Pacific finalists.
Motivated by this, HSBC hopes to "deepen its collaboration with the fintech community ... and explore more opportunities to use fintech products" through its participation in this year's accelerator programme, added Cheng.
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