Startupbootcamp (SBC) FinTech, a seed accelerator focused on financial innovation, hosted its first Demo Day in Singapore on 29 July 2015, where its cohort of 11 fintech ventures presented their products and services after three months of acceleration, with a focus on blockchain technologies and wealth management.
Present at the Demo Day were more than 300 mentors, partners, investors and other and representatives from amongst the 15 financial institutions that SBC Fintech had established partnerships with, including DBS Bank and PhillipCapital. The latest batch of startups are on course to seek a combined US$10 million in funding to finance scaling and market entry.
Commenting on the involvement of their institutional partners, Markus Gnirck, the Global COO of SBC, said, “Our partners DBS Bank, MasterCard, Intesa SanPaolo and PwC have provided valuable access to senior leaders and advice to the founders while Infocomm Investments, Jungle Ventures, PixVine and Route66 Ventures have been extremely active in coaching the teams.They have been instrumental to the success of the startups so far.”
Steven Tong, managing director of Startupbootcamp FinTech (Singapore), observed that SBC Fintech, as the first fintech accelerator in Singapore and possibly the APAC region, served to bridge and connect Asia, Europe and America through the presence of international teams.
The results of a live FinTech survey regarding fintech trends at the SBC Demo Day also indicated a strong interest in blockchain technologies and wealth management as fintech trends amongst most investors and financial institutions.
Additionally, industry executives expressed a desire to see a greater openness to innovation and change amongst the culture of large organisations, as well as improved regulatory frameworks.
These were seen as essential to strengthening the existing and evolving fintech ecosystem of Southeast Asia and the emerging APAC markets. Of the 11 startups present, six were already addressing the prevailing trends of financial inclusion, peer-to-peer (P2P) payments, security and trade finance.
Neal Cross, the chief innovation officer of DBS Bank, noted that DBS’s innovation strategy relied on building and maintaining ecosystems that enabled engagement and co-invention with new partners, noting that, “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.”
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