The FinTech industry has seen rapid growth over the last few years and this collaborative initiative between DBS Bank (Hong Kong) Limited and Nest, the leading Hong Kong-based investment and startup incubation firm, aims to create opportunities for innovators from across Asia and around the world to shape the future of banking and finance. With DBS Accelerator, DBS Bank (Hong Kong) Limited is embracing the transformative power of FinTech-focused disruptive technology to ignite possibilities and create an impact beyond banking.
Startups seeking to make an impact in the world of banking and finance through innovative ideas and technology connected with FinTech are encouraged to apply for the accelerator programme. This accelerator programme will be housed in a newly renovated and state-of-the-art 5,000-square foot workspace in the heart of Wan Chai and startup participants will have access to vast resources and mentor support.
The startup participants 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) Limited CEO Sebastian Paredes said, “The DBS Hong Kong accelerator programme with Nest embodies our long-term vision and commitment to digital innovation and demonstrates our eagerness to transform the way we operate and deliver customer service by adopting the latest in technology and software advances. The exchange of knowledge and best practices with the dynamic community of entrepreneurs in the FinTech startup ecosystem will not only help produce tremendous innovation but strengthen and boost the talent base and fuel further growth in startups.”
Nest CEO Simon Squibb said, “This programme brings together best-in-class global brands and the very best startup founders in the world, focusing on the future of FinTech. This is truly a one-of-a-kind platform that will help bring to life the future of FinTech and banking.”
Applications are available via www.DBS-accelerator.com until 12 midnight on 1 July 2015. The programme commences in early August 2015 in Hong Kong, and concludes with the Demo Days, scheduled from 5 November 2015.
Considerable resources are being invested by DBS to drive innovation and digital banking. In 2014, DBS announced plans to invest SGD 200 million over three years to better harness digital technologies. This is on top of the SGD 1 billion the bank has invested in strategic technology initiatives. Of DBS’ cutting-edge initiatives is a partnership with IBM that makes the bank among the first in the world to use artificial intelligence to provide contextualised and customised wealth advice to high net worth clients. This initiative is currently being piloted in the bank for rollout in 2015.
DBS is also promoting an innovative and digital mindset among employees. The bank piloted its first hackathon in Singapore last October and has organised three more since then, including a recent Greater China hackathon for about 75 talented employees from Hong Kong, China and Taiwan. In total, more than 250 DBS employees and 160 startups from across the region have participated in the hackathons to co-create 50 prototypes.
DBS’ mobile banking apps strategy was ranked number one in the world by Swiss research firm MyPrivateBanking for the second year running in 2014. DBS was also named “Best Private Bank in Use of Technology, Global” by PWM/The Banker magazine.
Photo Caption
Photo 1: David Lynch, Managing Director and Head of Technology & Operations, Hong Kong & Mainland China, DBS Bank (Hong Kong) Limited, (front row, fourth from left) works with employees and various partners and stakeholders to help promote an innovative and digital mindset across the bank.
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About DBS DBS - Living, Breathing AsiaDBS is a leading financial services group in Asia, with over 250 branches across 17 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.
About Nest Nest (http://www.nest.vc) is Hong Kong’s pre-eminent startup incubator that helps to build and scale high-growth tech businesses in Hong Kong and Asia. Nest invests in the people as much as the business concepts and empowers each team with the tools they require to achieve global success with their business. With an eye for the truly disruptive, Nest is actively involved in all of its companies and drives them to reach their full potential, fostering the startup ecosystem locally and developing Hong Kong China as a global entrepreneurial hub.
In addition, Nest recently launched a wider-reaching equity crowdfunding platform, Investable (http://www.investable.vc), which is a platform allowing professional investors to invest and browse through a wealth of pre-vetted investment opportunities within a wide range of industries. Only professional investors can become members. With a simple click, members have access to the same opportunities and level of information available to venture capitalists. Members can take part in the fulfilling experience of helping passionate entrepreneurs to grow successful businesses.
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