Cyber-security solutions, blockchain technology and behavioral analytics applications are some of the innovative services being developed by the seven financial technology entrepreneurs selected to participate in the 2015 FinTech Innovation Lab Asia-Pacific.
Launched by Accenture (NYSE: ACN) in Hong Kong in June 2014, the FinTech Innovation Lab Asia-Pacific is a collaboration between Accenture and a dozen leading financial institutions – Bank of America Merrill Lynch, China Construction Bank (Asia), China Citic Bank International, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, HSBC, J.P. Morgan, Maybank, Morgan Stanley, Standard Chartered and UBS. Its purpose is to nurture early-stage companies from around the world that are developing new technologies for the financial services sector with a particular focus on the Asia-Pacific region. The Lab is supported by Cyberport, which provides workspace for the entrepreneurs during the program.
The seven startups were chosen from a wide range of applicants by leading industry executives. The selected startups will receive senior-level mentoring to help them develop and commercialize their innovations and connect with potential customers at top institutions.
“We’re extremely impressed with the energy and enthusiasm the startups have demonstrated for creating solutions that are intuitive for customers, secure for financial institutions and cost-effective for everyone,” said Jon Allaway, senior managing director, Financial Services at Accenture. “It’s exciting working with the entrepreneurs because, like Accenture, they envisage a future where technology solutions not only arm financial institutions with far-more-sophisticated, fine-tuned data but also make everyday transactions simpler for consumers.”
Participants of 2015 Lab are: Bitspark, BondIT, Ironfly Technologies, Moroku, Sparro, Sybenetix, Uniken
The entrepreneurs chosen for the Lab will be mentored for 12 weeks by leading executives from financial services firms through a series of panel discussions, workshops, one-to-one coaching and networking opportunities. At the end of the program, the entrepreneurs will be given an opportunity to present their concepts to potential investors and financial industry executives.