Ayoconnect is the only Indonesian fintech startup to be shortlisted for Accenture’s 2021 FinTech Innovation Lab Asia-Pacific.
SINGAPORE and HONG KONG; Sept. 2, 2021 – Accenture (NYSE: ACN) today announced the 11 leading fintech companies that have been selected for the 2021 FinTech Innovation Lab Asia Pacific, held in collaboration with Hong Kong Cyberport. The companies were welcomed today at the welcome reception, which featured remarks by guest of honor Christopher Hui, Secretary for Financial Services and the Treasury, Hong Kong Special Administrative Region, as well as a fireside chat with Nelson Chow, chief fintech officer, Fintech Facilitation Office, Hong Kong Monetary Authority (HKMA).
A premier global accelerator program created by Accenture, the Lab is a 12-week program that provides fintech startups with mentorship from leading financial institutions to help them fine-tune and scale their businesses. The Lab has received more than 1,350 applications since it was launched in 2014; its 59 alumni companies have raised more than US$716 million in venture financing.
This year’s program received submissions from 28 countries. Applicants were invited to share solutions that address key topics in financial services, including supporting digital currencies, managing environmental, social, and governance (ESG) standards and risks, improving client engagement and growing wealth management and insurance services in Asia Pacific.
Ayoconnect, Indonesia's leading financial API platform, is the only Indonesian startup to be shortlisted in this year's cohort. Along with 10 other startups hailing from six markets, Ayoconnect will be partnered with senior executives from participating financial institutions including AIA; Bank of America; China Construction Bank (Asia); Credit Suisse; Generali; Hang Seng Bank; HSBC; ICBC (Asia); J.P. Morgan; Macquarie Group; Malayan Banking Berhad; Manulife; Morgan Stanley; Mox Bank; QBE; Societe Generale; Sun Life and Zurich Insurance Company Ltd.
“As the Asia Pacific region accelerates its adoption of fintech solutions, we remain committed to developing a healthy and thriving ecosystem for startups and financial institutions,” said Fergus Gordon, a managing director at Accenture who leads its Banking industry practice in Asia Pacific, Latin America, Africa and the Middle East. “The region is fertile ground for growth and innovation in the financial services industry. The Lab will provide a platform for startups and participating financial institutions to come together and explore a viable way forward to accelerate the advancement of the sector in the region.”
The 2021 Lab formally kicks off this week, giving startups access to Accenture’s global ecosystem and partners. This year’s Lab also features an enhanced partnership with Hong Kong Cyberport, providing these startups with the opportunity to participate in the Cyberport Incubation Program (CIP). The two-year program will provide selected startups with a range of business, professional and mentorship support.
Peter Yan, Cyberport’s CEO, said: “As Hong Kong’s leading fintech hub, Cyberport is delighted to collaborate with Accenture once again in organizing the FinTech Innovation Lab Asia Pacific. The most outstanding fintech start-ups across the globe will be gathered under this program and we will maximize their potential through comprehensive training with the full support of renowned financial institutions. I am glad to see that five Hong Kong start-ups have been selected this year despite the keen competition. It is a testament to the excellent capabilities and innovation of our start-ups grown in Hong Kong’s vibrant fintech ecosystem. I also encourage other selected start-ups to capitalize on Hong Kong’s position as a springboard to expand their businesses to the Guangdong-Hong Kong-Macao Greater Bay Area and ASEAN markets, in which Cyberport can be their home in Hong Kong.”
The program will culminate in November, when the participants will present their solutions at a virtual Demo Day to an audience of venture capitalists and financial industry executives.
Endorsing Company Quotes
“Virtual banking offers a path for the fintech sector to develop. As one of Hong Kong’s leading virtual banks, there’s so much we can share from our experience. We are happy to be part of the fintech community and work with the FinTech Innovation Lab.” - Deniz Güven, CEO, Mox Bank Limited
“A vibrant fintech community is essential for us to have a healthy, innovative financial services industry. As one of the world’s largest banks, we have an opportunity to share experience, insight and coaching to support the great ideas and innovations the FinTech Innovation Lab program brings, with clever people building out their creative ideas.” - Richard Lord, Chief Information Officer, Wholesale – Asia Pacific, HSBC Bank PLC
The FinTech Innovation Lab is an excellent opportunity for J.P. Morgan to engage with fintechs in the Asia Pacific region, to learn first-hand how emerging technologies have the potential to transform the way we do business. Banks and emerging tech companies are increasingly working together and this trend is likely going to continue. Through the FinTech Innovation Lab, the start-ups will also have the opportunity to gain insights into some of the current and future challenges faced by financial institutions.” - Harshika Patel, Head of Strategy for Asia Pacific, J.P. Morgan
This article was first published in Accenture's Newsroom.