Feb 26, 2016 -
United Overseas Bank (UOB) Group today announced its plans to encourage the growth of the best and brightest financial technology (FinTech) start-ups in the region. A 100-day accelerator programme will be run by The FinLab, UOB’s joint venture with Infocomm Investments Pte Ltd (IIPL) for 30 start-ups.
Through The FinLab, UOB is providing each start-up RM90,000 in seed money in return for a six per cent equity stake. Each will also receive RM1.2 million in software credits sponsored by The FinLab’s partners and about RM21,000 in complimentary office space. In total, each start-up stands to receive up to RM1.32 million worth in cash and benefits.
The programme will be rolled out in Singapore over three cycles in the next two years. The first batch of 10 chosen start-ups will start in May this year. Each start-up should preferably have developed a minimum viable product for financial solutions in payments, wealth management, customer experience management, big data analytics, mobility solutions and small and medium-sized enterprise banking. The participants will be exclusively mentored by financial institution experts and successful entrepreneurs. They will also be given the opportunity to connect with potential investors with the aim of taking their business ideas to market.