Singapore-based Traderwave has announced their participation in the Malaysian Global Innovation & Creativity Centre (MaGIC) accelerator scheme. The programme has been underway since August 23rd and is scheduled to end early December 2016.
The MaGIC accelerator is a Malaysian government initiative promoting entrepreneurship throughout South-East Asia. Successful applicants will receive mentoring, a monthly stipend, accommodation, work space and other benefits worth an estimated total of $400,000.
The programme aims to accelerate startups to be investment ready in four months and does not require any equity from the participants.
Mentors at the MaGIC include Chelsey Lepage, Innovation Lead at UNICEF, Prashant Pathmanaban, Head of Technology at Google and Michael Octoman, Partner at Navis Capital, among others.
To date, it is the largest startup accelerator programme in Southeast Asia. Earlier this summer, MaGIC partnered with Uber to launch an ideation lab, a new initiative targeting the Southeast Asian entrepreneurial community.
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Traderwave was selected with 49 other startups out of 560 applications for the third edition of the program. It is one of the three startups representing Singapore, and one of only two fintech firms selected, it said.
The company was also one of the finalists at the Singapore Infocomm Technology Federation (SiTF) Awards 2015 in the Best Early-Stage Innovative Start-up category.
Founded in 2015, the startup aims to build a trading workflow solution platform for global traders, using modern web applications. It uses an intuitive web-based technical analysis software to assist traders in analyzing market opportunities and regularly alerts customers on trading ideas.
Traderwave had earlier received an S$50,000 grant from the Media Development Authority (MDA) of Singapore to develop their prototype in June 2015. “We are likely one of the very few modern financial technology company that is attempting to use the latest web technologies to build a complete trading workflow solution for global retail traders” CEO Philip Teo told DEALSTREETASIA.
“Our vision is to provide global retail traders the convenience to shortlist, analyze, execute, journal and review their trading ideas from one single web-based platform that is broker neutral.”
Having bootstrapped for more than a year, Teo affirmed Traderwave’s ambition to use the programme in establishing greater recognition of the product. The firm hopes to raise our their first round of external funding by the end of the program.