DBS Accelerator is a collaborative initiative between DBS Bank (Hong Kong) Limited and Nest, the leading Hong Kong-based startup incubator and full-service ecosystem, and aims to create opportunities for innovators from across Asia and around the world to shape the future of banking and finance. The intensive accelerator programme is housed in “The Vault”, a newly renovated and state-of-the-art 5,000-square foot workspace in the heart of Wan Chai, and the participating startups will have access to vast resources and mentor support.
The 10 startups taking part in this year’s DBS Accelerator are Tofu Pay, Currenxie, Apvera, Creditable, Dollar$mart, Monexo, Fund Innovation, Xfers, Closir and Super Fluid. They were selected from nearly 140 applicants from around the world and will be guided through their business growth and development with the help of business mentoring from DBS Bank (Hong Kong) Limited and Nest senior executives as well as other partners. Each participant will refine their business model under the accelerator programme, which concludes with DBS and Nest Demo Days and a Public Investor Demo Day, where their ideas can find support to further scale up.
DBS Bank (Hong Kong)’s Managing Director, Head of Technology & Operations, Hong Kong & Mainland China, David Lynch, said, “We are extremely pleased with the quality and diversity of the applications we received. Clearly, FinTech is attracting a new wave of talent and entrepreneurial thinking. Industry mega trends, such as cloud computing, mobility and wearable technology, the Internet of Things and data science, are unlocking the potential to create new business models and ecosystems. It's energising to see how many high potential startups are moving into the space. We’re committed to being an active participant in shaping the future of banking. The chosen startups for the programme all show strong potential to succeed in their respective domains, as well as to help us transform.”
Nest CEO Simon Squibb said, “Through this programme, DBS has become one of Asia’s leading players in the evolution of the finance industry. This FinTech accelerator will enable DBS to remain ahead of the game and, instead of being threatened by technology and ideas from nimble startups, embrace innovation to give them a competitive edge. At Nest, we are proud that Asia’s most prominent and successful corporates are now working side by side with companies that are likely to revolutionise the future."
DBS Bank (Hong Kong) Limited has and continues to invest considerable resources to drive innovation and digital banking, with many notable examples of first-in-market and award-winning initiatives to effectively realise a seamless and joyful customer experience. Among them is the DBS Loan Centre mobile application, a first-in-town innovation that enables the entire loan application process to be completed within one minute using a smartphone virtually anywhere and at any time for a truly breakthrough banking experience. The first-in-market ec-Loan mobile application was also recently launched to enable our SME Relationship Managers to efficiently conduct the in-principle loan approval during the client meeting, which is a first in Hong Kong. Under the iPad-enabled ec-Loan mobile application, the credit scorecard of the ec-Loan programme is converted into a mobile application, transforming the traditional paper-based approval process into a real-time digital one. As a result, Relationship Managers are able to provide an in-principle loan offer within one hour, instead of 4-5 days via the traditional approach.
DBS Bank (Hong Kong) Limited is also promoting an innovative and digital mindset among employees. The bank successfully piloted its first Greater China hackathon, with participation from about 75 talented employees from Hong Kong, China and Taiwan.
Photo Caption
Photo 1: DBS Bank (Hong Kong)’s Managing Director, Head of Technology & Operations, Hong Kong & Mainland China, David Lynch, (front, fourth from left) welcomes the FinTech startup participants to the Vault in Wan Chai on the first day of the inaugural DBS Accelerator programme in Hong Kong.
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About DBSDBS - Living, Breathing AsiaDBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for six consecutive years from 2009 to 2014.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 21,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
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