Eight financial technology startups were recently chosen to participate in the 2014 FinTech Innovation Lab Asia-Pacific, which was launched by Accenture in June to support early-stage companies that are developing new technology for the financial services industry.
The eight startups include Advanced Merchant Payments, AtCipher.com, Beijing Wecash Wonder Technology, FinSuite, I Think Security, iDGate, Jocata Financial Advisory & Technology Services and QxBranch.
“We are very pleased with the number and quality of applications to the inaugural FinTech Innovation Lab Asia-Pacific, particularly the broad range of solution areas and the wide geographic base from which the applications have been made,” Sushil Saluja, the senior managing director of financial services at Accenture, said. “The solutions proposed by the 2014 Lab applicants selected help provide better data security, analysis and risk assessments to assist financial institutions across Asia-Pacific in improving the quality of service for financial services customers. Our goal with the Lab is to help foster innovation in financial services using technology, reflecting our commitment at Accenture to spearhead innovative technological solutions that make a real difference in the everyday lives of people.”
Lab participants will be mentored for three months by executives from a number of financial services firms through workshops, leadership sessions, panel discussions and networking events. Participants will have the ability to present their ideas to investors and executives at the end of the program.
Supporting companies include Bank of America Merrill Lynch, Bank of China, Barclays, China Construction Bank, Credit Suisse, DBS, HSBC, JPMorgan, Morgan Stanley, Ping An and UBS.
The FinTech Innovation Lab is modeled on a similar event co-founded by Accenture and the Partnership Fund for New York City in 2010. In 2012, Accenture and several other banks launched the lab in London.