DBS, Hong Kong’s Nest to launch fintech accelerator
DBS Bank has partnered with Hong Kong-based seed investor Nest to launch a financial technology (fintech) accelerator program.
The DBS Accelerator will be based in a new 5,000 square-feet workplace in Hong Kong's Wanchai district. The program, which will accept applications from now until July 1, is designed to support entrepreneurs from Hong Kong and elsewhere. DBS and Nest will help start-ups refine their business models, and also provide resources and mentoring services.
The program will commence in early August, and each participant will join the demo days with DBS and public investors from November 5.
"The DBS Hong Kong accelerator programme with Nest embodies our long-term vision and commitment to digital innovation and demonstrates our eagerness to transform the way we operate and deliver customer service by adopting the latest in technology and software advances," Sebastian Paredes, CEO of DBS, said in a statement.
Last year, DBS announced plans to invest around S$200 million ($150 million) over three years in new digital technologies.
The bank is not the first corporate to try to align itself with the start-up community. In December, AIA Group teamed up with Nest to launch a 12-week healthcare and wearable technology focused program known as AIA Accelerator.
These programs are run by Nest's newly-established Branded Accelerators, which is led by Peter Dingle, formerly of Intel Corporation. Under the initiative, Nest will customize accelerator programs for different multinationals, with each program run as a joint venture.
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