January 20, 2016
The SBC FastTrack program is for early-stage startups that have at least a beta product and a client base; there are no prerequisites for funding. The Startupbootcamp FinTech’s FastTrack event is to be held across 16 locations in the Asia-Pacific region. Ten startups will be selected to take part in the three-month accelerator in Singapore in 2016. The selected startups will be offered access to industry expertise during the accelerator program. At the end of the program, startups will pitch at the Demo Day to more than 500 investors and individuals from financial services.
Startupbootcamp FinTech hosted a two-day FastTrack program in India. The events were organized in Mumbai and Bangalore on January 11 and January 13 respectively in partnership with TATA Consultancy Services and NASSCOM.
FastTrack events are a bite-sized glimpse into the value of a Startupbootcamp program. Thirty startups across the three stops will have the opportunity to connect with top mentors, get feedback from other startups and meet the Startupbootcamp team.
SBC received an overwhelming response to the FastTrack events in APAC markets. On an average, it received 20 applications for each Southeast Asia event. In India, Bangalore saw a large number of applications—about 60 applications from FinTech startups—which is by far the most number of applications for an SBC FastTrack event in APAC. Looking at the quality of FinTech startups in Mumbai and Bangalore, SBC have included a number of these startups in their top 30 watch list for the accelerator program in Singapore.
Of the 25 applications for FinTech startups in Mumbai, the FastTrack event selected nine early-stage FinTech teams to pitch their ventures and the opportunity to connect with industry experts.
The event was kick-started by panel discussion that consisted of:
- Steven Tong (MD Startupbootcamp): Also moderator of discussion
- Sanjay Sharma (CIO, RBL Bank)
- Sidd Gandhi (CEO and Founder of KyePot 2015 Startupbootcamp FinTech Singapore Cohort)
- V Ram (Vice President at TCS Banking and Financial Services)
With its varied global experience, the panel discussed multiple touch-points as to what the major drivers for FinTech in India are, the opportunities for FinTech in India, the challenges in building FinTech startup, and how to establish relationships with banks and financial institutions.
The discussion centered on technical transformation in the financial services in India and its impact, the future of Indian FinTech, how FinTech startups and banks can associate and work together, how to find the right talent in startups’ early stages and various opportunities & challenges for FinTech in India. The discussion then moved on to how Mumbai, the finance capital of India, can shape itself to be the FinTech hub of India. V Ram (President - TCS Banking and Financial Services) discussed TCS's COIN initiative and their strategy to work with FinTech startups.
The discussion was followed by the introduction of nine early-stage FinTech startups. Each team got an opportunity to pitch their ventures and to connect with industry experts from Startupbootcamp FinTech, RBL Bank, TCS and other finance experts.
At the Bangalore FastTrack event, eight early-stage FinTech startups focusing on the areas of wealth management, payments, blockchain and consumer finance got the opportunity to pitch their ideas and received 1:1 feedback from mentors from Startupbootcamp FinTech, HDFC Bank, Oracle, TCS and other finance experts and early-stage investors. SBC arranged sessions for an additional eight startups in 1:1 meetings the following day in Bangalore, giving them an opportunity to interact with mentors and discuss their ideas and products.
The Bangalore event hosted a panel discussion that consisted of:
- Steven Tong (MD Startupbootcamp)
- Vidhya Shankar (Head Partner Alliance, NASSCOM - 10000 Startups)
- Sathya Vishnubhotla (CEO & Co-Founder of Creditseva.com)
The panel discussion was largely focused on the impact of mobile device penetration and exponentially increasing mobile user base in India on financial services, other than core banking which are the other industries are in focus for FinTech startups in India, opportunities and challenges for FinTech startups and how FinTech startups can work with banks and financial institutions.
The panel discussion was followed by a networking dinner where a lot of ideas and views were exchanged among the diverse audience.
It's less than 3 weeks until applications close (7th Feb) for the Accelerator program. For more information visit.
Startupbootcamp (SBC) is a global network of industry-focused accelerators. It helps startups to go global by giving them direct access to an international network of the most relevant partners, investors and mentors in their sector.
Startupbootcamp started in 2010 and now operates globally with 11 accelerator programs and eight locations in Amsterdam, Berlin, Copenhagen, Eindhoven, Istanbul, London, Barcelona, Miami, New York and Singapore.