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HK start-ups to be trained by leading financial firms

According to a recent press release, eight leading fintech companies have been selected for the sixth annual FinTech Innovation Lab Asia-Pacific, a 12-week mentorship program created by a multinational professional services company.

This year’s program set a record for applications, with submissions from more than 170 companies. The tremendous interest underscores expectations of growing demand from financial services firms for digital solutions to streamline their businesses, keep costs in check, and launch innovative products to boost their bottom line.

Leveraging AI, RegTech, blockchain and other technologies, the eight selected start-ups have developed innovations addressing financial education and planning, corporate banking and other key areas.

The solutions are designed to help financial institutions address a variety of challenges, from keeping up with compliance requirements and analysing large volumes of structured and unstructured data to building more-personalized customer products and services.

A Senior Managing Director, Asia-Pacific and Africa and regional program sponsor for the Lab, stated that the program is going from strength to strength, as demonstrated by the record number of applicants this year.

The program gives start-ups the opportunity to fine-tune their business plans and services while enabling participating financial institutions to get a glimpse of innovations that will shape the industry for years to come.

Five of the eight start-ups selected are from Hong Kong and one is from Shenzhen, a sign of the growing importance of the so-called Greater Bay Area in southern China as a mecca for technology and finance.

It was noted that leading Chinese companies, start-ups and more established institutions are exploring new ideas and spurring continuous innovation to stay ahead of the game, which is building a more robust fintech ecosystem in the Greater Bay Area. The region can serve as a significant catalyst for growth and innovation going forward.

The FinTech Innovation Lab Asia-Pacific is a collaboration between the multinational professional services company and leading financial institutions.

The Lab will partner the fintech start-ups with senior executives from the financial institutions, as well as with technology entrepreneurs and industry experts, to help the companies fine-tune and develop their technologies and business strategies through a series of one-on-one meetings and user-group sessions, workshops, and networking opportunities, helping them connect with potential customers at top institutions.

Cyberport, one of the Lab’s founding partners, will provide workspace to participating start-ups. It houses the largest fintech community in Hong Kong, with 350 companies, offering start-ups funding, incubation programs and a dynamic network of like-minded innovators from around the world.

The Lab culminates in November with selected participants presenting at Demo Day in front of an audience of venture capitalists and financial industry executives.

Launched in Hong Kong in June 2014, the FinTech Innovation Lab Asia-Pacific has received nearly 800 applications since its inception, with 41 companies participating to date. Alumni companies from the Lab have raised US$520 million after participating in the program.

The FinTech Innovation Lab Asia-Pacific is modelled on similar programs that Accenture co-founded in New York and London in 2010 and 2012, respectively. Globally, the Labs’ alumni companies have raised a total of about US$1.9 billion in venture financing after participating in the program.

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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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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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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.

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