Accenture’s FinTech Innovation Lab Asia-Pacific to open applications for 2017 program

Accenture’s FinTech Innovation Lab Asia-Pacific 2017 has announced the call for applications for its 12-week program that helps early-stage fintech companies accelerate product and business development by gaining exposure to top financial institution executives.

The accelerator program is now in its fourth year and the applications will be open between April 24, 2017, and May 31, 2017.

“Fintech isn’t new or hot, it’s a basic requirement; it has to be a part of standard operating procedures for financial institutions today because if you’re not innovating you’re not keeping pace with what your customers want and you need to do for your business,” said Jon Allaway, senior managing director at Accenture and the executive sponsor of the FinTech Innovation Lab Asia-Pacific. “But startups still struggle to meet senior executives of financial institutions unless they get an introduction through programs like our Lab.”

The FinTech Innovation Lab is designed for entrepreneurs developing cutting-edge and disruptive technologies for the financial services sector with a key focus on big data, blockchain technology, analytics and cognitive computing, security and identity management, IoT, among others.

The startups for the cohort will be selected by chief technology officers and senior technology executives from the financial institutions including Bank of America Merrill Lynch, CBA, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Macquarie Group, Morgan Stanley, Societe Generale, and other supporting financial institutions.

Eight fintech startups will be selected to participate in the Lab through a competitive process and the selected applicants will then gain intensive in-person mentoring in Hong Kong.

“The program provides an excellent opportunity for start-ups in Asia Pacific to connect to our global financial and technology expertise,” Simon Lucocq, head of Asia-Pacific technology & operations at Bank of America Merrill Lynch, said. “As a global financial institution, we’re investing US$3 billion in technology growth initiatives – specifically in digital, mobile and online platforms. Here in Asia Pacific, we believe we can play a valuable role in fostering start-ups to be sustainable and successful companies.”

The Asia-Pacific Lab will begin on August 21, 2017, where selected fintechs and entrepreneurs gain mentorship and resources to 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 work space will be provided by Cyberport, which houses the largest fintech community in Hong Kong. The Lab culminates in November 2017 with a Demo Day presentation by selected participants in front of an audience of venture capitalists and financial industry executives.