The FinTech industry has seen rapid growth over the last few years and a new collaborative initiative between DBS Bank (Hong Kong) Limited and Nest, the leading Hong Kong-based investment and startup incubation firm, aims to create opportunities for innovators from across Asia and around the world to shape the future of banking and finance.
The venture to be called DBS Accelerator, is embracing the transformative power of FinTech-focused disruptive technology to ignite possibilities and create an impact beyond banking.
Startups seeking to make an impact in the world of banking and finance through innovative ideas and technology connected with FinTech are encouraged to apply for the accelerator programme. This accelerator programme will be housed in a newly renovated and state-of-the-art 5,000-square foot workspace in the heart of Hong Kong and startup participants will have access to vast resources and mentor support.
Considerable resources are being invested by DBS to drive innovation and digital banking. In 2014, DBS announced plans to invest SGD 200 million over three years to better harness digital technologies. This is on top of the SGD 1 billion the bank has invested in strategic technology initiatives. Of DBS’ cutting-edge initiatives is a partnership with IBM that makes the bank among the first in the world to use artificial intelligence to provide contextualised and customised wealth advice to high net worth clients. This initiative is currently being piloted in the bank for rollout in 2015.
