BankTech

Startupbootcamp FinTech Startups Closing the Gap on Customer Challenges in the Finance Industry

MEDICI

Singapore, 14 July 2016 Startupbootcamp FinTech Singapore, the leading global accelerator focusing on financial innovation, hosted Demo Day at the iconic Gardens by the Bay for the top 10 FinTech teams selected out of more than 380 applications across Asia-Pacific earlier this year.

Attracting more than 600 guests from across the financial sector, including leading investors from Southeast Asia, this year’s startups tackled FinTech areas from InsurTech and wealth management to personal finance management.

These 10 startups went through an intense three-month accelerator program with access to extensive mentorship from 400+ entrepreneurs, investors and corporate partners, who helped guide them through the ‘Shape’, ‘Build’ and ‘Sell’ stages of their startups. Demo Day is designed to showcase the startups’ ventures on center stage with the objective of attracting strategic partnerships and investments.

Below are the 10 teams that showcased at Demo Day:

Banhji (Cambodia): www.banhji.com

Taking the fear out of Accounting

Boundlss (Australia): www.boundlss.com

Helping insurers to engage and manage member health

Cefy (India): www.cefy.in

Enabling access to credit in minutes

Connaizen (India): www.connaizen.com

We help you identify, incentivize and influence your customers

CurrenSeek (Malaysia): www.currenseek.com

Making currency exchange work for you

Hektor (Singapore): www.hektor.com.sg

Supercharge your piggy-bank

hiHedge (Taiwan): www.hihedge.com

Trading through machine learning

PolicyPal (Singapore): www.policypal.co

Asia’s mobile insurance marketplace

Setscope (Thailand): www.setscope.com

Find the hidden gems in the stock market

SuperText (India): www.supertextnow.com

Enabling brands to engage with their consumers through chatbots

 Startupbootcamp FinTech Startups Closing the Gap on Customer Challenges in the Finance Industry

Startupbootcamp Demo Day - MD Steven Tong on Stage

“2016 saw a diverse cohort of FinTech startups hailing from seven different countries across APAC. This reflects the increasingly maturing FinTech ecosystems across the region. From entering the program, the teams have made impressive developments, transforming their products, building partnerships and getting terms sheets on the table. We are excited to see where these FinTech entrepreneurs will be six months from now.” Steven Tong, MD of Startupbootcamp FinTech Singapore said.

Partnerships

The 2016 cohort of startups have secured a total of 11 pilots and key partnerships, with eight more in the pipeline. Connaizen, a startup that crunches transaction data to provide personalised card-linked offers, have partnered with ICICI bank and RuPay in India to run pilot programs for their 295 million card holders. These partnerships come alongside Startupbootcamp FinTech Singapore growing its corporate partners from 9 to 12 in the 2016 program and further deepening its networkings across APAC.

“We are excited to support and partner with Startupbootcamp that continuously keeps us abreast of the latest cutting-edge products and solutions in the FinTech community in Asia. Congratulations to the 10 FinTech startups who have demonstrated a clear focus on executing their innovative solutions over the past 12 weeks. As mobile penetration continues to increase in Asia, and as part of CIMB's efforts to extend mobile financial solutions to our target customers including the unbanked population, these innovations become more critical to the financial services industry in Asia.” Shahrul Nazri bin Abdul Rahim, Senior Managing Director and Group Head of CIMB Group Corporate Development said. “CIMB, as a firm advocate of banking technology and financial innovation, are looking forward to collaborate with one or more of the FinTech startups featured here today. Ultimately, these FinTech solutions will transform how we service and interact with our customers and clients across the region, creating an ecosystem for 24/7 mobile and online banking products that are not only fast and efficient, but also safe and secure for our customers.”

 Startupbootcamp FinTech Startups Closing the Gap on Customer Challenges in the Finance Industry

Future of FinTech

In a PwC report released early this year, 75%* of surveyed industry respondents said that the most important challenge of FinTech will be in meeting the growing demand from increasingly digital native customers for exceptional user experience from their financial services providers. Today’s startups showcase how their solutions can close this gap by offering enhanced accessibility, convenience and tailored products.

“Disintermediation is FinTech’s most powerful weapon, though it is important to recognize that helping customers bypass traditional financial services processes is more often a by-product than the primary goal of these startups. What we see within the financial services ecosystem is the coming together of traditional players and startups who share a common focus on the end-customer. FinTech startups play a crucial role in identifying service gaps and inefficiencies and coming up with innovative solutions to make the customer’s life better. The onus is on traditional players to harness the brainpower of these startups and collaborate to bring innovative solutions to market faster and rewrite the financial services rulebook together. Startupbootcamp offers a great platform to help facilitate this coming together of expertise and resources.” said Antony Eldridge, FinTech and Financial Services Leader, PwC Singapore

For more information and about the event, please check:

sbcdemoday.net

Keep up to date with Startupbootcamp FinTech on Twitter @sbcFinTech or visit http://startupbootcamp.org/accelerator/fintech-singapore for more details.

*Blurred lines: How FinTech is shaping financial services by PwC

About Startupbootcamp FinTech

Launched in 2014, Startupbootcamp FinTech is the leading FinTech accelerator, and the only programme of its kind to attract such wide industry support. Based in London, New York and Singapore, its partners include MasterCard, Thomson Reuters, Accreditation@IDA, Intesa Sanpaolo, DBS Bank, RHB Bank, CIMB Bank, PwC, ThinkZone, Infocomm Investments, Jungle Ventures and Pix Vine Capital, as well as an extensive mentor and alumni network from more than 50 countries across the globe. The accelerator offers FinTech startups access to world-class industry expertise during an intensive three-month program. At the end of the program, startups pitch at Demo Day to more than 500 investors and individuals from financial services.

Founded in 2010, Startupbootcamp is a global startup accelerator with 15 programs in Amsterdam, Barcelona, Berlin, Rome, Istanbul, London, Miami, New York and Singapore. More than 325 startups have been accelerated by Startupbootcamp of which 79% are still active. For more information visit:

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI team who collaborate to create FinTech insights.

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