DBS to support Singapore’s start-up ecosystem

These initiatives include a variety of DBS-owned programs, partnerships with accelerators, as well as other start-up programs.

One such initiative is called DBS HotSpot, a three-month pre-accelerator program which is designed to help very early stage start-ups develop their ideas. The bank will offer a S$25,000 entrepreneur award, workspace and access to industry mentors including angel investors and DBS executives. Unlike other accelerators, DBS HotSpot doesn't require a start-up to have an existing prototype or operating business. Furthermore, the bank doesn't take an equity stake in the incubated start-ups.

"Singapore is becoming a thriving startup ecosystem and with our roots as the Development Bank of Singapore, we are keen to help grow the community," Neal Cross, chief innovation officer at DBS Bank, said in a statement.

The bank also plans to continue supporting start-ups through later-stage accelerators and other industry programs. The DBS HotSpot program has already accepted 11 Singapore-based start-ups, ranging from social networking platforms to financial technology developers.

Since 2010, DBS been working on developing a fintech ecosystem and last year it announced plans to invest around S$200 million over three years in new digital technologies.

Earlier this year, it launched a venture debt program to support Singapore start-ups, offering a capital-raising channel that involves little or no dilution of equity. In April, the firm partnered with Hong Kong-based seed investor Nest to launch a fintech accelerator program. Similar to the DBS HotSpot initiative, the DBS Accelerator will provide space and mentors to help Hong Kong-based start-ups.

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• Topics
• Greater China
• Early-stage
• Venture
• Technology
• Financials
• China
• seed
• Financial Services
• Venture
• TMT