Under the terms of the partnership, Thomson Reuters will be involved in the evaluation process and mentorship for the program as well as gaining access to innovative and promising startups at their early stages.
Startupbootcamp is considered a leading global accelerator brand with a series of specialist accelerator programmes. Its Singapore edition focuses on financial innovation, the accelerator programme provides fintech startups with funding, mentorship and guidance from leading financial services industry partners. Startups will also gain access to a global network of investors and venture capitalists.
This new partnership comes after a year spent forging strategic partnerships by the accelerator, as well as a recent expansion into New York. An October 2015 report by law firm Hogan Lovells noted that 2015 saw meaningful commitments to the fintech sector in Singapore; Temasek Holdings was part of the US$150 million capital raising by UK-based peer-to-peer lender Funding Circle in April 2015.
July 2015 saw the Monetary Authority of Singapore (MAS) committed S$225 million over the next five years to growing the Fintech segment of the start-up ecosystem in Singapore.
Ravi Menon, managing director of the MAS stated at the Global Technology Law Conference 2015: “First and foremost, a smart financial centre must be a safe financial centre. Technology can be a double- edged sword. If not managed well, it can potentially lead to a variety of risks in the financial industry.”
Commenting on this development, Sanjeev Chatrath, managing director for Financial & Risk, Asia Pacific, Thomson Reuters, stated: “The financial services firms of the future will be more connected, data driven, flexible, mobile and digital. Asia is a hot bed of FinTech talent – the new partnership with Startupbootcamp reinforces our commitment to creating an open environment and promoting cooperation within the FinTech ecosystem in the region.”
He added, “By partnering with Thomson Reuters, startups can make connections that they, with little or no operational history, might otherwise find hard to achieve.”
Steven Tong, managing director of Startupbootcamp FinTech in Singapore, observed: “The Thomson Reuters partnership supports the growth of the regional FinTech ecosystem in Asia Pacific and fosters change in the industry. We are excited to discover innovative business solutions based on Thomson Reuters’ data sets and technology platforms.”