More comprehensive analytics for credit analysis, data protection solutions and quantum computing software are among the new innovations from eight financial technology entrepreneurs selected to participate in the 2014 FinTech Innovation Lab Asia-Pacific. The Lab, which was launched by Accenture (NYSE:ACN) in June 2014, is a collaboration in Hong Kong between Accenture and leading financial institutions, supported by Cyberport and Airbnb. It is designed to nurture early-stage companies from around the world that are developing new technologies for the financial services sector with a particular focus on the Asia-Pacific region.
The eight startups were chosen by leading industry executives from a wide range of applicants and will receive senior-level mentoring to help them develop and commercialize their innovations and connect with potential customers at top institutions. The eight companies selected are: Advanced Merchant Payments, AtCipher.com, Beijing Wecash Wonder Technology, FinSuite, I Think Security, iDGate, Jocata Financial Advisory & Technology Services and QxBranch.
“We are very pleased with the number and quality of applications to the inaugural FinTech Innovation Lab Asia-Pacific, particularly the broad range of solution areas and the wide geographic base from which the applications have been made,” said Sushil Saluja, senior managing director, Financial Services at Accenture. “The solutions proposed by the 2014 Lab applicants selected help provide better data security, analysis and risk assessments to assist financial institutions across Asia-Pacific in improving the quality of service for financial services customers. Our goal with the Lab is to help foster innovation in financial services using technology, reflecting our commitment at Accenture to spearhead innovative technological solutions that make a real difference in the everyday lives of people.”
The entrepreneurs chosen for the Lab will be mentored for 12 weeks by leading executives from financial services firms through a series of panel discussions, workshops, leadership coaching and networking opportunities. At the end of the program, the entrepreneurs will be given an opportunity to present their concepts to potential investors and financial industry executives.
Supporting financial institutions include: Bank of America Merrill Lynch, Bank of China (Hong Kong), Barclays, China Construction Bank (Asia), Credit Suisse, DBS, HSBC, J.P. Morgan, Morgan Stanley, Ping An and UBS.
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 24 alumni companies have raised almost $80 million in venture financing after participating in the program; one participant was acquired for $175 million. The Partnership Fund for New York City is the $110 million investment arm of the Partnership for New York City (www.pfnyc.org). The Fund’s mission is to engage NYC’s business leaders to identify and support promising NYC-based entrepreneurs in both the for-profit and non-profit sectors to create jobs, spur new business and expand opportunities for New Yorkers to participate in the City’s economy. In 2012, Accenture and a dozen major banks in London launched the FinTech Innovation Lab London, with support from the city’s mayor and several government bodies. The majority of participants in London’s inaugural program have gone on to sign deals with banks and collectively have raised $10 million in new financing since participating.
The 2014 FinTech Innovation Lab Asia-Pacific participants are Advanced Merchant Payments (AMP), AtCipher.com, Beijing Wecash Wonder Technology Co. Ltd., FinSuite, I Think Security Ltd., iDGate, Jocata Financial Advisory & Technology Services Private Ltd. and QxBranch.