Standard Chartered Bank has chosen the first eight companies who will participate in a fintech accelerator programme run in association with Chinese internet firm Baidu in Hong Kong.
The selected companies were chosen by the bank following a roadshow that took place in London, Tel Aviv, Singapore, New York and Beijing, and encompassed reviewing 160 hopefuls from more than 20 countries, according to the website «finextra.com».
The programme will culminate in April 2016; all eight finalists will be based in Hong Kong at the TusParkHK Innovation Hub, a co-working space which has successfully incubated 19 publicly-listed companies.
Mentoring at Hong Kong Incubator
The finalists will receive coaching and mentoring from Baidu’s technologists, Standard Chartered’s bankers as well as venture capitalists and industry experts to refine their business model, develop market entry strategies, navigate the regulatory landscape and identify joint ventures opportunities.
«This programme brings together a high calibre group of cohorts with expertise in data analytics, peer-to-peer lending, artificial intelligence, microcredit solutions and microfinance as well as digital payments,», said Ericson Chan, Standard Chartered’s regional CIO for Greater China, North Asia and Hong Kong.
«With our strategic location adjacent to the world’s largest fintech market, China, we aim to help them to scale and leapfrog into their next stage of development,» Chan added.
