When was the last time you went to a physical bank branch to perform financial transactions? The traditional involvement of banks in consumers’ lives has evolved into a matter of clicks and taps. Even the digital banking landscape is going through a rapid wave of transformation.
Disruption from the FinTech start-ups is driving down walls around the traditional banking industry. How can DBS embrace the digital world and ride the wave to the next frontier of FinTech innovation?
Over the past three months, 30 dedicated DBS mentors and business leads, and more than 100 DBS employees have been engaging with the 2015 Startupbootcamp FinTech Accelerator start-up finalists to innovate and grow. Eleven start-ups gleaned from 296 initial applicants to the leading accelerator focused on financial innovation, are championing innovation in the FinTech space in Singapore with Startupbootcamp and DBS.
The program, which ran from May to July 2015, culminates in the Demo Day on July 29, during which the 11 start-up finalists get to pitch before investors for potential funding. These start-ups are:
Bankguard provides a revolutionary 2 Factor Authentication (2FA) solution which addresses weaknesses in current technologies that are vulnerable to Man In The Middle (MITM) attacks.
Creditseva's algorithm and online integrated platform with banks, help users instantly analyze credit reports & track credit scores, obtain discounted offers to close bad loans and get customized offers for new loans.
Dragon Wealth: www.dragonwealth.net
Dragon Wealth offers the world’s fastest way for financial advisors in South East Asia to increase sales and acquire more investors through two easy-to-use mobile apps, and Upefy; an automated suite of marketing tools connecting financial advisors with new investors.
Kashmi is a mobile application that allows you to make real-time payments while you socialize and communicate with friends.
KyePot is a mobile centric community savings and lending platform that brings individuals together to achieve their financial goals using the collective power of the individual, group and the community.
Global payment and loyalty platform on blockchains. Bring the power of digital currencies to use at any retail store already accepting credit card via NFC.
Open Trade Docs: www.otdocs.com
OTDocs certifies online identities and documents. Allowing trusted collaboration, OTDocs increases workflow efficiency for businesses involved in international trade.
Otonomos brings your company on the blockchain. You incorporate by simply creating a digital share wallet, transfer shares peer-to-peer, and automate your governance using smart shares.
ShereIt makes share trading easy. It is a Social Trading platform that helps non-professional investors identify expert traders, follow them and copy their trades/actions.
Skolafund is a web platform that enables university students to crowdfund their scholarship from the public & corporates. More products will be rolled out as SkolaFund aims to be the biggest higher education financing platform in Asia.
TOAST allows unbanked Filipino workers in Singapore to send cash back to the Philippines without having to spend hours queuing at Western Union.
Neal Cross, Chief Innovation Officer, DBS Bank said “DBS’ innovation strategy relies heavily on building and maintaining ecosystems that enable us to engage with and co-invent with new partners. The Startupbootcamp accelerator is a way that we can bring the Asian startup eco-system and the bank’s staff into one facility that enables the interchange of ideas and culture. DBS’ startup mentors have found this a valuable and rewarding experience and we are very excited about the Demo Day and the continued partnership with the startups.”
For more information on the Startupbootcamp FinTech Accelerator: http://www.startupbootcamp.org/accelerator/fintech-singapore.html
Talk to us! Let’s find out how we can collaborate on the DBS Innovation Group’s upcoming projects and initiatives in that space. The FinTech start-up scene in Singapore looks to be an increasingly vibrant one, and DBS look forward to working with you. Contact Max Tiong at email@example.com to get in touch.