Nest, a long-standing accelerator in Hong Kong, announced it will begin accepting applications for the new fintech-themed accelerator program launched in partnership with DBS bank.The accelerator will be housed in a 5000 square foot workspace located in the heart of Hong Kong’s Wan Chai district.
Focused on the fintech space, DBS Accelerator is seeking to invest in startups whose products are related to artificial intelligence, Big data & analytics, peer-to-peer (P2P) transactions, workflow and operational management, mobility and payments, risk monitoring and management security, as well as SME banking solutions.
A recent trend has emerged of corporate and corporate-sponsored accelerator programs, often termed corporate incubators & accelerators (CIAs). In this space, an establish corporation pays an accelerator to operate a programme and the format has grown increasingly common.
NEST has prior experience operating in the CIA space, operating a the AIA Accelerator with APAC health insurance firm AIA.
According to media, the startups joining the DBS program will be able to leverage on knowledge and expertise from DBS’s network as well as Nest’s internal team. The program is set to begin in early August and end in November with a Demo Day.
Fintech is of significant interest in Hong Kong, due to the robust finance industry and status as a global finance hub. This is combined with proximity to the immense capital markets of China and Japan. There is significant talent and expertise present, with some of the best-funded startups operating in the fintech space. For instance, P2P lending startup WeLab recently closed a $20 million Series A round, an indicator of the interest in this space.