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IMDA Singapore signs MOIs with three leading local banks to provide IMDA-accredited companies with access to innovative banking sector projects

IMDA Singapore signs MOIs with three leading local banks to provide IMDA-accredited companies with access to innovative banking sector projects

(L-R) Mr. Samuel Tsien, Group CEO, CBC Bank; Mr. Piyush Gupta, CEO, DBS Group; Dr. Yaacob Ibrahim, Minister for Communications and Information;Mr. Tan Kiat How, CEO, IMDA; Mr.Wee Ee Cheong, CEO, UOB 

During the ongoing Smart Nation Innovations Week, the Infocomm Media Development Authority of Singapore signed individual Memorandum of Intents (MOIs) with three leading local banks, United Overseas Bank (UOB), Development Bank of Singapore (DBS) and Oversea-Chinese Banking Corporation (OCBC) to provide accredited companies with increased access to innovative projects in the banking sector.

This accreditation is done through Accreditation@IMDA (A@IMDA). It is an initiative launched in 2014 to provide promising Singapore-based tech product companies with resources and investment to help them build a track record locally, grow and compete on the global market. To date, 17 companies have been accredited.  Accredited companies have raised S$28.9 million of new capital from reputable VCs or strategic investors during or after being accredited.

All three of the banks, DBS, OCBC Bank and UOB have been actively creating and supporting innovative FinTech solutions through their individual accelerator programmes. They have also been test-bedding and deploying solutions within their organisation.

As part of this MOI, the accredited companies will get the opportunity to regularly pitch their innovative technology solutions to the relevant user departments in the three banks. The banks will facilitate the accredited companies’ expansion internationally through the banks’ global footprint, upon successful deployment of their products locally.

The banks in turn will gain access to innovative high-growth Infocomm Media (ICM) companies specialising in IoT, analytics and Artificial Intelligence, and Cybersecurity.

Through its FinTech Foundry programme, DBS will share its problem statements with relevant IMDA-accredited companies. Shortlisted companies will be invited to participate in Proof-of-Concepts to develop suitable solutions.

IMDA-accredited companies will also be provided opportunities to pitch and showcase their products to various DBS user groups. DBS will conduct procurement clinics to share general procurement best practices with IMDA-accredited companies, such as a proper process to respond to DBS’s Request-For-Proposal, and Request-For-Information to enable the companies to better manage their procurement engagement cycles.

OCBC Bank launched The Open Vault at OCBC in 2016 to collaborate with FinTech companies and connect with the Fintech eco-system. A@IMDA will complement OCBC Bank’s mentoring efforts to FinTech companies participating in The Open Vault at the OCBC FinTech Accelerator Programme.

Similar to the FinTech foundry at DBS and the Open Vault at OCBC Bank, UOB has been working to develop FinTech startups through its accelerator programme at the FinLab, a joint venture between UOB and SGInnovate. Relevant IMDA-accredited companies will be invited to participate in Proof-of-Concepts to develop relevant FinTech solutions for UOB. They will also be provided opportunities to access funding through UOB’s affiliates and partners such as equity crowdfunding platform, OurCrowd and venture lending firm,  InnoVen Capital.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.