Monday, May 29 2017

VietNamNews

United Overseas Bank to support innovative fintech startups

Update: March, 10/2017 - 18:24
Đoàn Thiên Phúc, technology director of TrustPay Việt Nam, presents his project to the jury for the FinTech startup competition in Singapore. — Photo courtesy of the organiser
Viet Nam News

HCM CITY The United Overseas Bank (UOB) has launched an innovation accelerator programme for applicants in Việt Nam in an aim to encourage the growth of (FinTech) start-ups.  

FinLab was jointly set up by UOB and SGInnovate, formerly known as Infocomm Investments Pte Ltd.

Janet Young, head of UOB’s Group Channels and Digitalisation, said the bank aims to find the most imaginative minds among fintechs to create digital banking experiences to meet the changing needs of consumers and businesses.

“UOB has long believed in nurturing businesses to their full potential,” she said. “For Asia’s most promising startups, the FinLab provides an environment to help them transform emerging technologies into financial services of the future, while our accelerator programme helps speed up the pace for FinTech startups to become leaders in FinTech innovation.”

The next 100-day accelerator programme, to be held in Singapore in May, is expected to attract interest from startups in Asia and Europe.

Of the total number of applicants, 30 will be shortlisted and pitched to the selection committee made up of senior bankers and investment professionals from both UOB and the industry in Singapore.

The top 10 will then be offered a place in the accelerator programme. Those selected for the programme will receive a total of about S$440,000 (US$311,000) in cash, among other benefits.

The top 10 startups will be mentored by financial institution experts and successful entrepreneurs, including software developers, product managers and senior bankers from UOB.

After completing the programme, the startups will also be given the opportunity to connect with potential investors, with the aim of taking their business ideas to market.

Startups eligible for the programme should have developed a viable product for financial solutions in areas such as blockchain applications, cyber security, regulatory technology, payments, wealth management, data analytics, mobile banking solutions or small- and medium-sized enterprise banking.

To help Vietnamese startups prepare for the intensive application process, UOB and the FinLab hosted a pitching session where a panel of senior bankers and investment professionals guided them on their business pitches.

Felix Tan, managing director of FinLab, said: “We want to help promising start-ups become sustainable businesses. For that, they need the right attitude, opportunities, networks and relationships.”

“The pitching session enables them to refine their pitch so they can share their ideas with potential investors in a more confident and succinct manner, which is a crucial step in attracting investor interest.”

Vietnamese entrepreneurs and fintech start-ups can apply for FinLab’s programme at www.TheFinLab.com— VNS

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