Financial technology accelerator launches in Singapore

The initiative is the result of a strategic partnership with the Singapore government-backed Inofcomm Development Authority (IDA), which set up a base in London - Startupbootcamp FinTech's home city - earlier this year. It wants to work with UK accelerators to enable Singapore-based tech start-ups to enter Europe through London, while London-based tech start-ups access Asia through Singapore.

Startupbootcamp FinTech Asia is backed by Infocomm Investments, a subsidiary of IDA, as well as MasterCard, DBS Bank, SBT Venture Capital, Route 66 Ventures and the Monetary Authority of Singapore. It was launched at an event co-hosted by IDA and Boris Johnson, the Mayor of London. Johnson is currently on a tour of Southeast Asia.

The new program will provide funding, mentorship, office space and access to a network of industry partners, investors and venture capital firms for up to 10 financial technology start-ups selected from a pool of applicants. Pitch days will be held between January and March 2015 in Singapore, Hong Kong, Jakarta, Shanghai, Beijing, Mumbai, Bangalore, Tokyo and Sydney.

The three-month accelerator will begin in May. Each of the 10 teams will receive EUR15,000 ($18,700) and mentorship from an assortment of Startupbootcamp FinTech founders and local entrepreneurs. They will be housed in Singapore's start-up cluster, which comprises Block 71 - home to around 250 start-ups that receive discounts on rent, free Wi-Fi access and shared work and recreational amenities - and the planned Blocks 73 and 79.

Singapore's ambitions to become a regional technology hub are in part reflected by the smart nation initiative launched earlier this year. Steve Leonard, executive deputy chairman of IDA and chairman of Infocomm Investments, said the initiative involves pulling together academic resources, government R&D investment, tech start-ups and pools of private sector capital.

"The financial services sector affecting everyone's daily transactions is one interesting space with huge opportunities for disruptive innovation. The anchoring of Startupbootcamp FinTech in Singapore bridges two continents - Europe and Asia, and builds a new breed of high growth FinTech startups that are familiar with both ecosystems from the start," Leonard added.

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• Topics
• Early-stage
• Southeast Asia
• Europe
• Financials
• Venture
• seed
• Venture
• Singapore
• Financial Services
• Southeast Asia
• Europe