Franklin Templeton has tied up with start-up accelerator F10 Global Innovation Network Singapore to create an incubation program in Singapore for early-stage fintech start-ups, the companies said in a press release Wednesday.
Chosen start-ups will receive seed funding from Franklin Templeton, the statement said.
Franklin Templeton isn’t the first financial institution to tie up with F10. Zurich-based Julius Baer has also been a partner of the F10 Fintech Accelerator in Zurich since 2016. Collaborations with fintech firms have been rolled out as part of the partnership.
Julius Baer also eyes Singapore
Julius Baer told finews.asia it was setting up an innovation hub at its Singapore office.
The moves to target fintech start-ups in Singapore come after the city-state’s government has spent years encouraging an ecosystem for creating new companies in a wide range of industries, including the financial and technology sectors. That support has sometimes included direct financial investments from government agencies as well as providing laboratory and office spaces. Other countries in the region have also created programs modelled on Singapore’s to develop start-ups and new technologies.
U.S.-based Franklin Templeton, which has more than $1.5 trillion in assets under management, will be targeting fintechs in artificial intelligence, machine learning, capital markets technology, cybersecurity, blockchain, wealth management, regulation and other areas, the statement said.
Franklin Templeton to collaborate with its startups
The start-ups in the program may be considered for collaboration with Franklin Templeton, including beta customer trials, the statement said.
Franklin Templeton’s incubation program, to be called FT Singapore FinTech Incubator, will start a two-year program in July of this year, the statement said, adding the start-ups will be housed at 80RR FinTech Hub, a location in Singapore’s central business district.
