Startupbootcamp FinTech partners CIMB Group to expand reach into Southeast Asia

Stocks and Financial Services Press Releases Friday October 9, 2015 10:24
Singapore--9 Oct--Asian Banker

Singapore - Startupbootcamp FinTech Singapore today opened applications for its 2016 accelerator programme and announced a FastTrack tour across APAC. With stops in Mumbai, Seoul, Manila and Sydney, Startupbootcamp is looking to plug into FinTech ecosystems across APAC, exchange financial innovation insights and scout the hottest FinTech startups for the 2016 programme. As part of this regional expansion, Startupbootcamp FinTech is proud to welcome leading ASEAN universal bank, CIMB Group on board as a partner, expanding the accelerator's reach into the ASEAN markets.

Plans for the new FastTrack tour, which will take place in 14 different cities across the APAC 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. While it is not a prerequisite for startups participating in the FastTrack tour to concurrently apply for the accelerator programme, the tour presents an opportunity for these startups to fast-track their venture and for Startupbootcamp FinTech to support regional FinTech ecosystems.

Steven Tong, Managing Director of Startupbootcamp FinTech said, "As we open applications for 2016 and kick off our FastTrack tour, we are looking for startups with strong solutions in the FinTech hot topics of wealth management and blockchain technology, but we are also interested in seeing more back office and compliance solutions as well as the traditional FinTech strongholds like financial inclusion and payments."

To date, Startupbootcamp FinTech Singapore has accelerated 11 teams, who graduated from the accelerator on the 29th of July having received mentorship and practical guidance from over 200 entrepreneurs, investors, industry participants and partners as well as access to international markets.

The partnership with CIMB Group will increase this 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. CIMB Group, a firm advocate of banking technology, is certainly not remote to financial innovation. Counting products and services such as CIMB Clicks, Plug N' Pay, Rekening Ponsel and Speedsend under its belt, the regional banking giant continues to harness the best that technology has to offer, so as to meet evolving consumer demands.

Tengku Dato' Zafrul Aziz, Group CEO of CIMB Group commented, "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."

Markus Gnirck, co-founder of Startupbootcamp FinTech said, "We are excited to welcome CIMB Group on board to help us strengthen this regional position and it was an honour to welcome Tengku Dato' Zafrul Aziz, Group CEO of CIMB Group to Singapore to mark the announcement. This partnership is a huge value-add for our startups, offering them great accessibility to these growing markets."

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 (SG$24,500) living expenses and office space for at least three months at accelerator hub, BASH, in Singapore's startup cluster, One-North.

--www.theasianbanker.com (Oct 09, 2015 )--

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