Accenture, a provider of services and solutions in strategy, consulting, digital, technology and operations, announced today that eight leading fintech companies will begin a 12-week mentorship program in the third annual FinTech Innovation Lab Asia-Pacific.
Launched by Accenture in June 2014, the FinTech Innovation Lab Asia-Pacific is a collaboration between Accenture and leading financial institutions including Bank of America Merrill Lynch, BNP Paribas, Commonwealth Bank of Australia, Credit Suisse, Generali, Goldman Sachs, HSBC and J.P. Morgan.The startups participating in this year’s Lab have developed a range of innovations from wealth management solutions that are precisely oriented to customers’ investment intents, know your customer (KYC) services that leverage blockchain technology and a fraud prevention program using algorithms based in Chinese-characters to help financial institutions flag risk.
The selected startups will receive senior-level mentoring to help them develop and commercialise their innovations and connect with potential customers at top institutions.
Jon Allaway, senior managing director, Financial Services at Accenture, said: “Most financial institutions are grappling with how to become more efficient, cut costs, comply with regulators and simultaneously increase their interaction with customers.
The startups in this year’s Lab offer innovative answers to these problems. With solutions like analytics that make wealth management advice available to more clients, we are seeing how fintech can help institutions deliver better services to their customers.”
The eight companies chosen for the Lab will be mentored by leading financial services executives over 12 weeks through a series of workshops at Cyberport, panel discussions and coaching sessions on product and business-development.
At the end of this year’s program, five of the eight participants will be selected to present their concepts to potential investors and financial industry executives.
The 2016 FinTech Innovation Lab Asia-Pacific participants are:
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ChartIQ – provides securities-specific financial chart and data visualisation products in HTML5.
HedgeSPA – a predictive investment analytics platform that enables investment professionals to tap the internet to improve their performance.
KYC-Chain – uses biometrics, emerging technologies and distributed ledger (blockchain) tech to streamline onboarding processes and provide consensus on identity.
Lattice – a developer of portfolio support software for investors, portfolio managers, risk managers and traders.
Privé Managers – a completely integrated and comprehensive wealth and asset management platform powered by a proprietary bionic advisory engine.
Seerene – provides insights, actionable analytics and transparency to improve efficiency and streamline costs.
SIORK – helps financial institutions evaluate customer data and detect criminal activities such as fraud and money laundering in both developed and emerging markets.
TNG Wallet – offers an e-wallet for payment to merchants, person-to-person fund transfer, bank transfers and year-round cash withdrawal.
The FinTech Innovation Lab Asia-Pacific is modelled on a similar program which Accenture co-founded in 2010 with the Partnership Fund for New York City, the US$115 million investment arm of the Partnership for New York City.
Globally, the Labs’ alumni companies have raised more than US$370 million in financing after participating in the program.