Startupbootcamp FinTech Singapore has inked a deal with Malaysian bank CIMB Group to expand the acceleratorâ€™s reach into the ASEAN markets. The partnership will also give FinTech an added opportunity to pitch before an audience of financial industry experts and angel investors.
To date, Startupbootcamp FinTech Singapore has had 11 teams who graduated from the accelerator, having received mentorship and practical guidance from over 200 entrepreneurs, investors, industry participants and partners as well as access to international markets.
The partnership with CIMB Group will increase this support in offering the 2016 startups additional expertise, exposure channels, and access into the high potential markets in ASEAN, particularly Thailand and Indonesia. Both countries have high smartphone penetration and with Indonesia which makes these markets well-timed for FinTech innovation.
CIMB Group, which claims to be â€śan advocate of banking technologyâ€ť with services such as CIMB Clicks, Plug Nâ€™ Pay, Rekening Ponsel and Speedsend under its belt will also have the opportunity to adopt some of the innovative solutions that are brought to fruition through the investment into this partnership.
Tengku Datoâ€™ Zafrul Aziz, group CEO of CIMB Group said: â€śAs a leading ASEAN universal banking group, CIMB is strategically placed to assist businesses including startups, in the region to realise their potential. We are certainly excited to partner Startupbootcamp FinTech to not only advance financial innovation in the region, but also create in-roads for these FinTech businesses in growing markets such as Thailand and Indonesia.â€ť
Aziz added that CIMB continues to spur its own innovation space and this partnership also opens up further avenues for collaboration and â€ścross-pollination of ideasâ€ť with these startups.
The Startupbootcamp FinTech Singapore 2016 accelerator programme will provide funding, mentorship, office space and access to a network of industry partners, investors and venture capital firms for 10 selected Singapore-based FinTech startups. Each successful team will also receive â‚¬15,000 (SG$24,000) living expenses and office space for at least three months at accelerator hub, BASH.
FinTech has also opened applications for its 2016 accelerator programme and announced a FastTrack tour across APAC with stops in Mumbai, Seoul, Manila and Sydney. The FastTrack tour will provide startups with the opportunity to pitch before an audience of financial industry experts and angel investors and receive one-on-one advice on their business model and go-to-market strategy.
Steven Tong, managing director of Startupbootcamp FinTech said, â€śWe are looking for startups with strong solutions in the FinTech hot topics of wealth management and blockchain technology, but we are also interested in seeing more back office and compliance solutions as well as the traditional FinTech strongholds like financial inclusion and payments.â€ť