If India’s Fintech startups had to handpick a few factors that would enable them to expand their business, the list would look something like this: access to global markets; mentors from the finance and venture capital sector; and connections with the right people – from businesses to government agencies.
Singapore-based The FinLab opens its accelerator programme to Indian Fintech startups
Meeting these requirements of the startup community is The FinLab, which is opening its accelerator programme to Indian startups. A joint venture between United Overseas Bank Limited (UOB) – a leading bank in Asia, and Singapore Innovate (SGI) – a Singapore Government agency that connects entrepreneurs with industry mentors, venture capitalists and research talent – The FinLab focuses on accelerating the development of Fintech startups. Through their networks into the financial industry and the venture capital ecosystem, the accelerator provides startups with valuable insights and a strong infrastructure enabling them to grow and expand their business.
Are you ready to give The FinLab your best shot? Still unconvinced? Here are three reasons why this is an exciting proposition for startups.
- Helps startups with go-to market support
As a joint venture between two key industry players, The FinLab’s wide connections in ASEAN, Greater China, Europe, and the United States provide startups that are part of the cohort unparalleled access to most of the world’s markets.
UOB will be looking to work with startups with solutions in either the retail, SME, commercial banking spaces that can help serve their existing clients better, or provide new services that are relevant to them.
With an emphasis on science and deep-technology, SGI brings together partners from the private sector, institutes of higher learning, and research organisations as part of Singapore’s broader ecosystem of innovation. Through this ecosystem, SGI connects these aspiring entrepreneurs with support for business-plan development, sources of funding, and go-to-market efforts.
- Makes the right connections happen
Critical feedback and sharp insights from The FinLab’s expert mentors will help startups improve or even pivot your business offerings.
Investors, business partners, and government agencies, who are all part of The FinLab’s broad networks, can help startups make meaningful connections in the region and scale their businesses faster. And with the many large tech partners like Alipay, Amazon, Google, IBM and Microsoft, you can find the right platform to make your solution more technically robust and scalable too.
- Get to be part of a vibrant startup community
BASH (which stands for “Build Amazing Startups Here”) is as cool as it sounds. The FinLab runs its programme at BASH, a vibrant co-working space in JTC Launchpad, otherwise known as Singapore’s startup hub, and sometimes called the Silicon Valley of Singapore. Home to more than 500 startups, VCs, and other SMEs, JTC Launchpad provides a collaborative community for startups to build their businesses, something that The FinLab participants can benefit from. Being a part of BASH means getting to be a part of a thriving one-of-a-kind startup community and ecosystem.
Here's how you could be a part of The FinLab
If you are a Fintech startup in areas including but not limited to the following: Blockchain Applications, Security & Encryption, Data Analytics, Risk & Wealth Management, Mobile Banking Solutions, and SME Solutions – then The FinLab’s acceleration programme may just be the thing your business needs.
The basic criteria for application for a startup are as follows:
- Should be around three years old;
- Have a strong and cohesive team (with technical expertise) that you are proud of;
- Already have clients (at least beta clients); and
- Be looking to grow and scale the business into ASEAN and Asia
So , if you qualify with respect to the above requirements, you have three easy options to apply for the programme. You could put together a deck, video or fill in the application form, sharing team details, the problem you are addressing, and the solutions you are offering.
Be the next award-winning startup
The FinLab remains dedicated to pushing the growth of startups’ business even after the programme is over. The first batch of the programme saw eight interesting startups graduate in August 2016. The cohort included startups Attores, Turnkey Lender, Nickel, Cardup, SsinoConnect, FinMitra, Stock2Day, Tuple Technologies, some which have turned into award-winning startups.
Attores and Turnkey Lender made it to the top 40 list for the Monetary Authority of Singapore Fintech Awards in November 2016 at the Singapore Fintech Festival; with Turnkey Lender taking the second prize in the Singapore SME Category. CardUp was chosen as one of 19 teams from 655 applications worldwide for the Global Fintech Hackcelerator.
The FinLab’s acceleration programme is designed to help selected Fintech startups like yours validate business assumptions and product-market fit, improve business and revenue models, while accessing investor and resource networks that will be crucial for your future growth and expansion.