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Applications are now being accepted for Accenture’s annual FinTech Innovation Lab Asia-Pacific, a 12-week program that helps early- and growth-stage fintech companies accelerate product and business development through mentorship with executives from top financial institutions.
Fintech entrepreneurs developing cutting-edge products, services and technologies are invited to apply now until May 10, the company said. The sixth year of the Lab comes after global fintech investments more than doubled in 2018, to USD 55.3 billion.
A recent Accenture report noted a clear shift in focus between fintechs and traditional financial services companies over the past 12 to 18 months, from competition to collaboration, which sets the stage for a positive outlook for the industry and future investments.
“There’s now widespread acceptance that the best way forward for banks and fintech startups is to collaborate where possible, creating big ecosystems that will help unlock huge value for all stakeholders, particularly consumers,” said Piyush Singh, Accenture’s financial services lead for Asia-Pacific and Africa and regional programme sponsor for the Lab.
“We’ve already seen banks, insurers and wealth managers partner with fintechs here in Asia and elsewhere around the world, but the outlook for further collaboration and the resulting value creation is what’s making investors more comfortable to spread their bets more widely, pushing broad gains around the world.”
Alumni companies from the Lab have raised USD 508 million to date after participating in the program.
The principal financial institutions for the Lab in 2019 are: Bank of America Merrill Lynch; BlackRock; Credit Suisse; Goldman Sachs; J.P. Morgan; Macquarie Group; Morgan Stanley; Societe Generale; Standard Chartered; SunLife Financial; and Zurich Insurance. In addition, supporting financial institutions are: AIA International Limited; China CITIC Bank International; CLSA; Dah Sing Bank; Generali; Maybank; Natixis; Saxo Markets; and ZhongAn International.
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