Accenture opens applications for fifth HK fintech accelerator

Accenture is taking applications for its fifth annual FinTech Innovation Lab Asia-Pacific accelerator program (Image Olivier Le Moal / iStockPhoto)

Professional services company Accenture has opened applications for its fifth annual FinTech Innovation Lab Asia-Pacific in Hong Kong.

The 12-week accelerator program is designed to help early- and growth-stage fintech companies accelerate product and business development by gaining exposure to top financial institution executives.

Fintech startups will have until May 11 to apply to take part in the program, which is open for entrepreneurs that are developing cutting-edge and disruptive technologies for the financial services sector, and have completed a working beta version of their solution..

The program has a particular focus on the areas of big data, analytics and cognitive computing, as well as security, identity and risk management, digital marketing and social media, cloud, payments, blockchain technology, insurance solutions and talent management applications.

CTOs and other senior executives from the lab's participating financial institutions will select up to 10 of the fintech applicants to take part in the Lab through a competitive process.

The 12-week program will begin on July 30. In October, selected participants will present at an investor day in front of an audience of venture capital companies and financial industry executives.

Alumnus participating in the previous FinTech Innovation Lab Asia-Pacific programs have so far raised a total of US$288 million after completing the program.

Accenture analysis of data from CB Insights indicates that investments into Hong Kong-based fintech companies more than doubled last year to US546 million – nearly as much as the total raised across Australia, Singapore and Japan combined.

“The fintech market has evolved significantly since we launched the Lab in Asia-Pacific in 2014, with financial institutions recognizing the real benefits fintech can bring to their business and the value of partnering with startups,” Accenture senior director for innovation and fintech in Asia-Pacific Adrian Seto said.

“The FinTech Innovation Lab Asia-Pacific had a marked impact in helping bring together the ecosystem in Hong Kong, and the progress is there for everyone to see, with a surge in fundraising for startups that has helped solidify the city’s position as a major global financial hub.”