DBS looks for the next big thing in FinTech

DBS will set its sights on artificial intelligence, data analytics and wealth management for the second DBS Accelerator, a 12-week mentor-driven programme held in partnership with startup group NEST.

In 2014, the bank revealed plans to invest more than HK$1 billion over three years to harness digital technology. This is on top of some HK$6 billion the bank has invested in technology initiatives.

Aimed at innovative and scalable financial technology startups, the accelerator programme looks to support startup businesses and entrepreneurs delivering breakthrough innovations in the world of finance. The initiative is also being used to appeal to innovative and digitally-savvy DBS employees. The bank piloted its first hackathon in Singapore and organised a Greater China hackathon for about 75 talented employees from Hong Kong, China and Taiwan.

Up to eight potential startups will get access to a dedicated 5,000-square foot co-working space in Wan Chai and receive support from DBS and Nest executives.

Sebastian Paredes, DBS Bank CEO, said at the heart of the DBS Accelerator programme was a commitment to shaping the future of finance through digital innovation.

Simon Squibb, CEO of NEST, added the first round featured 10 exceptional entrepreneurs from around the globe, but all had one thing in common: “Aspirations to build their business in Hong Kong and scale it across Asia and beyond,” he said.

The 2016 accelerator program will conclude with a demo day scheduled in November.

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