Accenture’s Fintech Innovation Lab Asia Pacific in collaboration with Hong Kong digital tech park Cyberport is now accepting applications for its fintech accelerator until May 17, 2021.

Applicants must have at least a working beta version of their technology.

The 12-week programme helps fintech startups accelerate and refine their product and business development through mentorships with senior executives from the fintech ecosystem.

The 2021 programme will introduce a new challenge-based element in the form of six problem statements from financial institution partners.

Startups that submit the most innovative propositions will be selected to receive mentoring by executives from 20 financial institutions and leading fintech entrepreneurs.

Selected teams will also gain access to Accenture’s global ecosystem and partners, including Cyberport, a digital community with over 1,650 companies.

Finalists from this year’s Lab will be given the opportunity to participate in the 24-month Cyberport Incubation Program (CIP).

The lab will culminate in November 2021 with Demo Day, where participants will showcase and pitch their ideas to venture capitalists and financial industry executives to secure further funding.

Since its inception in 2014, more than US$ 716 million in venture financing has been raised by 59 of its graduates while six of the participating companies have been acquired. In 2020, there were more than 25 potential proof of concepts (PoCs), with approximately US$ 13 million raised for the companies.

Previous participants include Tookitaki, a Singapore-based regtech, which has raised US$ 19.2 million since graduating from the lab.

Fergus Gordon, Managing Director and Banking Industry Lead, Growth Markets, Accenture said,

“The Fintech Innovation Lab Asia Pacific plays a major role in spurring the digital transformation of financial services in Asia.

 

With the support from our partners like Cyberport and the wider ecosystem, we aim to empower startups by providing them guidance and mentorship from leading financial services firms in the region.”

Eric Chan, Chief Public Mission Officer of Cyberport said,

“We are greatly honored to partner with Accenture to organise the Fintech Innovation Lab Asia Pacific program for the eighth consecutive year.

 

Twenty world-renowned financial institutions will share their operational pain points during this year’s program, allowing participating startups to contribute innovative solutions that cater to market needs. This collaboration will expand opportunities for technology adoption and will help to pair startups with investors.”