Accenture, top banks launch ‘FinTech Innovation Lab Asia-Pacific’

HONG KONG: A group of 10 leading financial institutions and Accenture today launched an Asia-Pacific-wide competitive search for the region's top financial technology innovators. Selected companies will participate in the FinTech Innovation Lab Asia-Pacific, a 12-week program that helps early- and growth-stage financial technology innovators accelerate product development and gain exposure to top-level financial industry executives.

Further information is available at www.fintechinnovationlabapac.com and applications will be accepted between July 1, 2014 and July 31, 2014

Entrepreneurs developing potentially game-changing technologies for financial services - particularly in the areas of Big Data and analytics, mobile and wireless, payments, risk management, security, compliance, and social media and collaboration technologies - are invited to apply. Senior executives from Bank of America Merrill Lynch, Bank of China (Hong Kong), Barclays, China Construction Bank (Asia), DBS, HSBC, J.P. Morgan, Morgan Stanley, Ping An and UBS will select the winning applicants and provide mentoring to entrepreneurs from across Asia-Pacific who attend the program in Hong Kong.

"Hong Kong's role as a regional hub for the banking industry and the gateway for China investment made it an ideal location to launch our new Asia-Pacific Lab," said Sushil Saluja, senior managing director of Accenture's Asia-Pacific Financial Services practice. "By fostering the development of the next generation of financial technology companies, the Lab will further strengthen Hong Kong's status as one of the world's leading financial capitals."

The FinTech Innovation Lab Asia-Pacific is modeled on a similar program that was co-founded by Accenture and the Partnership Fund for New York City in 2010. The New York Lab's 18 alumni companies have raised more than $76 million in venture financing after participating in the program; one participant was acquired for $175 million. In 2012, the FinTech Innovation Lab London was launched by Accenture and a dozen major banks in London, with support from the city's mayor and other government bodies. The majority of the participants in the inaugural program have gone on to sign deals with banks and collectively they have raised $10 million in new financing since participating.

Global investment in fintech ventures has more than tripled from $928 million in 2008 to $2.97 billion in 2013, according to a recent report by Accenture. During the same period, investment in Asia-Pacific fintech ventures has increased nearly fourfold to $104 million in 2013.