Singaporean bank UOB has announced an initiative to encourage the growth of the best fintech start-ups in the Asian region.
A 100-day accelerator programme will be run by The FinLab, UOB’s joint venture with Infocomm Investments for 30 start-ups.
Through The FinLab, UOB is providing each start-up S$30,000 in seed money in return for a six percent equity stake. Each will also receive S$400,000 in software credits sponsored by The FinLab’s partners and about S$7,000 in complimentary office space. In total, each start-up stands to receive up to S$440,000 worth in cash and benefits.
Exclusively Mentored
The programme will be rolled out in Singapore over three cycles in the next two years. The first batch of 10 chosen start-ups will start in May this year. Each start-up should preferably have developed a minimum viable product for financial solutions in payments, wealth management, customer experience management, big data analytics, mobility solutions and small and medium-sized enterprise banking.
The participants will be exclusively mentored by financial institution experts and successful entrepreneurs. They will also be given the opportunity to connect with potential investors with the aim of taking their business ideas to market.
More Than 500 Fintech Start-ups expected
«We aim to find the most creative and intelligent minds from a range of disciplines, to help us break new ground in making the customer experience more intuitive, relevant and engaging. We also hope to help the start-ups to become leaders in FinTech innovation,» said Janet Young, Head of Group Channels and Digitalisation at UOB.
The FinLab is conducting a series of roadshows in Bangkok, Hong Kong, Jakarta and Singapore to raise awareness of this inaugural programme. It anticipates that more than 500 fintech start-ups will sign up for the programme.
Entrepreneurs and FinTech start-ups can apply for programme at TheFinLab.com.
