DBS Bank’s Hong Kong business will turn its global innovation programme aimed at supporting fintech companies and entrepreneurs into a year-round initiative, the bank said in a statement.
“With the success of the DBS Accelerator programme, we are excited and committed to driving progress towards a fintech future,” said DBS Bank (Hong Kong) CEO Sebastian Paredes.
Previously, the bank’s fintech programme was a once-a-year initiative. Now, applications will be accepted on a year-round basis.
After the success of its first programme in 2015, DBS Accelerator’s second edition launched in April 2016, allowing startup businesses and entrepreneurs to gain support in their efforts to deliver innovative technology-based solutions for the financial services industry.
Fintech companies can access NEST’s [a DBS partner] dedicated 5,000-square foot workspace in Wan Chai, where they are guided through their business growth and development by mentors from DBS Bank (Hong Kong).
This year, the bank will focus on startups in the risk management, blockchain and digital space, according to Paredes.
“Dynamic new ways to enhance risk management, cyber security and the digital customer journey, and opportunities to apply blockchain and cryptocurrency technologies, are helping banks transform through fintech innovation,” he said.
The number of innovation labs and accelerator programmes hosted by banks has increased over the past two years, with banks aiming to foster the growth of the burgeoning fintech space in a meaningful and timely manner.
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