|[June 11, 2014]
Accenture, Top Banks in Asia Launch 'FinTech Innovation Lab Asia-Pacific'
HONG KONG --(Business Wire)--
A group of 10 leading financial institutions and Accenture (News - Alert) (NYSE: ACN)
today launched an Asia-Pacific-wide competitive search for the region's
top financial technology innovators. Selected companies will participate
in the FinTech Innovation Lab Asia-Pacific, a 12-week program that helps
early- and growth-stage financial technology innovators accelerate
product development and gain exposure to top-level financial industry
executives. Further information is available at www.fintechinnovationlabapac.com
and applications will be accepted between July 1, 2014 and July 31, 2014.
Entrepreneurs developing potentially game-changing technologies for
financial services - particularly in the areas of Big Data and
analytics, mobile and wireless, payments, risk management, security,
compliance, and social media and collaboration technologies - are
invited to apply. Senior executives from Bank of America Merrill Lynch,
Bank of China (Hong Kong), Barclays, China Construction Bank (Asia),
DBS, HSBC, J.P. Morgan, Morgan Stanley, Ping An and UBS will select the
winning applicants and provide mentoring to entrepreneurs from across
Asia-Pacific who attend the program in Hong Kong.
"Hong Kong's role as a regional hub for the banking industry and the
gateway for China investment made it an ideal location to launch our new
Asia-Pacific Lab," said Sushil Saluja, senior managing director of
Accenture's Asia-Pacific Financial Services practice. "By fostering the
development of the next generation of financial technology companies,
the Lab will further strengthen Hong Kong's status as one of the world's
leading financial capitals."
The FinTech Innovation Lab Asia-Pacific is modeled on a similar program
that was co-founded by Accenture and the Partnership Fund for New York
City in 2010. The New York Lab's 18 alumni companies have raised more
than $76 million in venture financing after participating in the
program; one participant was acquired for $175 million. In 2012, the
FinTech Innovation Lab London was launched by Accenture and a dozen
major banks in London, with support from the city's mayor and other
government bodies. The majority of the participants in the inaugural
program have gone on to sign deals with banks and collectively they have
raised $10 million in new financing since participating.
Global investment in fintech ventures has more than tripled from $928
million in 2008 to $2.97 billion in 2013, according to a recent report
by Accenture. During the same period, investment in Asia-Pacific fintech
ventures has increased nearly fourfold to $104 million in 2013.
How the Lab Works
Through a competitive process, banks will select up to seven startups to
participate in the program, which begins at the end of September 2014.
In cooperation with the Lab, Cyberport and Airbnb will provide work
space and housing to participating entrepreneurs. Chosen entrepreneurs
will be mentored for twelve weeks by leading financial services industry
executives who will help them fine-tune and develop their technologies
and business strategies through a series of workshops, panel
discussions, user-group sessions, networking opportunities, one-on-one
meetings and presentations. The program culminates in December with an
Investor Day presentation by participants in front of an audience of
financial industry executives and potential investors.
"Financial institutions recognize more clearly than ever the importance
of technology innovation but oten lack hands-on exposure and engagement
with promising ventures," said Accenture's Saluja. "On the other hand,
startups often lack the resources and capital to endure the typical
two-to-three year sales cycle for selling solutions to financial
institutions. This program helps close the gap through a proven
"Innovation is a core value of Bank of China (Hong Kong) and we take
great pleasure to be part of this meaningful program that shares the
same belief," said Alex Lee, chief operating officer, Bank of China
(Hong Kong). "The FinTech program provides an effective platform for
financial technology innovators to better understand our needs, which
helps drive banking innovation to transform the customer experience.
Financial services companies are the largest buyers of
technology-enabled solutions and we are delighted to be at the forefront
"China Construction Bank (Asia) is excited to help lead the way in
fintech innovation by being sponsors of the FinTech Innovation Lab
Asia-Pacific," said Arthur Wong, head of information technology at China
Construction Bank (Asia). "We recognize that innovation is the way
forward for the industry and it plays a key part in the growth journey
of the bank, which is committed to keep on enhancing customer experience
and bringing added values to our client."
"DBS has been on an innovation journey to shape the future of banking,"
said Neal Cross, DBS chief innovation officer. "Our support of the
FinTech Innovation Lab Asia-Pacific brings together the ideas and
agility of the start-up world and DBS' network and experience across
Asia, as part of our efforts to enhance the customer experience and
better engage customers in the digital landscape."
"The increasing role of technology in financial services, particularly
in insurance, is driving the kind of cutting-edge services that our
customers in China demand," said Richard Lee, head of the strategic
consulting department of Ping An technology. "The FinTech Innovation Lab
Asia-Pacific is an important development in ensuring the industry stays
in tune with what customers want and expect."
"This provides a unique opportunity for entrepreneurs who are seeking
guidance and mentorship from both potential clients and funders," said
Simon Lucocq, head of Asia-Pacific technology and operations at Bank of
America Merrill Lynch. "We are pleased to be a part of a program that
fosters innovation that will help the financial services industry across
"This program creates an opportunity for regional entrepreneurs to
develop their ideas and receive the support necessary to make them
happen here in Asia," added Samson Chan, managing director, head of
equities technology for Asia-Pacific at Barclays. "We recognize that the
leading banks of the future need to be at the forefront of fintech in
order to best service our clients."
"HSBC has been part of the London FinTech program for the past two years
and we are honored to be involved with the first program in Hong Kong
this year," said Raymond Cheng, chief operating officer, HSBC
Asia-Pacific. "Our involvement brings us into contact with a diverse,
innovative group of companies that we can support, mentor and learn
from. I believe programs like FinTech are essential for a healthy,
thriving and developing financial services market and HSBC is committed
to supporting the FinTech Innovation program as it expands into Asia."
"J.P. Morgan is delighted to be a part of Asia-Pacific's first FinTech
Innovation Lab, an important initiative that we have supported in other
regions around the world," said Alan Goldstein, Asia-Pacific head of
technology for J.P. Morgan's corporate & investment bank. "As Asia
continues to emerge as a source of business creativity and innovation,
we're excited to have an opportunity to work with some of the region's
newest entrepreneurs and businesses and help them find their own path to
"Morgan Stanley already participates in The FinTech program globally and
we are very happy that Hong Kong is being added. We have a significant
technology footprint in Asia and a long history of working with our
technology bankers in support of West Coast start-ups. It is very
exciting that we can now bring some of those practices into Hong Kong,"
said Jim McGill, Asia chief information officer for Morgan Stanley.
"Our clients demand access to state-of-the-art technology platforms so
an initiative like the FinTech Innovation Lab Asia-Pacific not only
gives us direct insight into the themes being pursued by technology
innovators in the region, but is also an opportunity for UBS to provide
hands-on mentoring to the companies which will help shape the industry's
future," said James Kennedy, chief technology officer for UBS in Asia
"Cyberport is a creative digital community with a cluster of technology
tenants and is committed to facilitating the local economy by nurturing
IT industry start-ups and entrepreneurs," said Herman Lam Heung-yeung,
chief executive officer of the Hong Kong Cyberport Management Company,
which is wholly owned by the Hong Kong SAR Government. "The FinTech
Innovation Lab Asia-Pacific at Cyberport will support the overall growth
of the technology startup ecosystem in Asia-Pacific and increase
innovation in the financial services industry, so we are excited to be
working with Accenture and the consortium of financial services
executives to drive this effort."
"We are excited to see that the FinTech Innovation Lab now has a global
footprint with this expansion to Asia-Pacific. The willingness of senior
bank executives to mentor the next generation of fintech entrepreneurs
speaks to their commitment to supporting innovation and growing tech
jobs," said Maria Gotsch, president and CEO of the Partnership Fund for
New York City.
Applications must be submitted by July 31, 2014. Startups selected for
the FinTech Innovation Lab Asia-Pacific will be notified by
mid-September 2014. The program will begin at the end of September and
conclude with presentations at Investor Day in mid-December. Finalists
must reside in Hong Kong for the duration of the program. For more
information about the FinTech Innovation Lab Asia-Pacific, visit www.fintechinnovationlabapac.com.
Accenture is a global management consulting, technology services and
outsourcing company, with approximately 289,000 people serving clients
in more than 120 countries. Combining unparalleled experience,
comprehensive capabilities across all industries and business functions,
and extensive research on the world's most successful companies,
Accenture collaborates with clients to help them become high-performance
businesses and governments. The company generated net revenues of
US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page
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