Fashion
Financial services technology accelerator Startupbootcamp FinTech and Malaysia’s CIMB Group have announced a partnership that would give startups in the programme access to the region’s markets.
In a statement announcing that applications for next year’s accelerator programme are now open, CIMB said the partnership would increase 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 high numbers of unbanked, with Indonesia, for example, being home to 6% of the world’s unbanked, which makes these markets well-timed for FinTech innovation,” the banking group said.
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 15,000 euros (RM70,469) living expenses and office space for at least three months at accelerator hub, BASH, in Singapore’s startup cluster, One-North.
Launched late last year, the Fintech programme has to date accelerated 11 teams, who graduated from the accelerator on July 29, having received mentorship and practical guidance from over 200 entrepreneurs, investors, industry participants and partners as well as access to international markets.
Commenting on the partnership, CIMB Group CEO Tengku Datuk Zafrul Aziz said that as 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.
Furthermore, as CIMB continues to spur our own innovation space, this partnership also opens up further avenues for collaboration and cross-pollination of ideas with these startups to grow FinTech in Asia. I am confident that CIMB would be able to adopt some of the innovative solutions that are brought to fruition through our investment into this partnership,” said Tengku Zafrul.
CIMB, a firm advocate of banking technology, counts products and services such as CIMB Clicks, Plug N’ Pay, Rekening Ponsel and Speedsend under its belt.
Startupbootcamp FinTech co-founder Markus Gnirck, meanwhile, said that the partnership with CIMB was a huge value-add for our startups, offering them great accessibility to the region’s growing markets.
Along with the opening of applications, plans for a new FastTrack tour, which will take place in 14 different cities across the Asia Pacific region were also unveiled.
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.
