Welcome!

News Feed Item

Eight Financial Technology Startups Enter the FinTech Innovation Lab Asia-Pacific

More comprehensive analytics for credit analysis, data protection solutions and quantum computing software are among the new innovations from eight financial technology entrepreneurs selected to participate in the 2014 FinTech Innovation Lab Asia-Pacific. The Lab, which was launched by Accenture (NYSE:ACN) in June 2014, is a collaboration in Hong Kong between Accenture and leading financial institutions, supported by Cyberport and Airbnb. It is designed to nurture early-stage companies from around the world that are developing new technologies for the financial services sector with a particular focus on the Asia-Pacific region.

The eight startups were chosen by leading industry executives from a wide range of applicants and will receive senior-level mentoring to help them develop and commercialize their innovations and connect with potential customers at top institutions. The eight companies selected are: Advanced Merchant Payments, AtCipher.com, Beijing Wecash Wonder Technology, FinSuite, I Think Security, iDGate, Jocata Financial Advisory & Technology Services and QxBranch.

“We are very pleased with the number and quality of applications to the inaugural FinTech Innovation Lab Asia-Pacific, particularly the broad range of solution areas and the wide geographic base from which the applications have been made,” said Sushil Saluja, senior managing director, Financial Services at Accenture. “The solutions proposed by the 2014 Lab applicants selected help provide better data security, analysis and risk assessments to assist financial institutions across Asia-Pacific in improving the quality of service for financial services customers. Our goal with the Lab is to help foster innovation in financial services using technology, reflecting our commitment at Accenture to spearhead innovative technological solutions that make a real difference in the everyday lives of people.”

The entrepreneurs chosen for the Lab will be mentored for 12 weeks by leading executives from financial services firms through a series of panel discussions, workshops, leadership coaching and networking opportunities. At the end of the program, the entrepreneurs will be given an opportunity to present their concepts to potential investors and financial industry executives.

Supporting financial institutions include: Bank of America Merrill Lynch, Bank of China (Hong Kong), Barclays, China Construction Bank (Asia), Credit Suisse, DBS, HSBC, J.P. Morgan, Morgan Stanley, Ping An and UBS.

The FinTech Innovation Lab Asia-Pacific is modeled on a similar program that was co-founded by Accenture and the Partnership Fund for New York City in 2010. The New York Lab’s 24 alumni companies have raised almost $80 million in venture financing after participating in the program; one participant was acquired for $175 million. The Partnership Fund for New York City is the $110 million investment arm of the Partnership for New York City (www.pfnyc.org). The Fund’s mission is to engage NYC’s business leaders to identify and support promising NYC-based entrepreneurs in both the for-profit and non-profit sectors to create jobs, spur new business and expand opportunities for New Yorkers to participate in the City’s economy. In 2012, Accenture and a dozen major banks in London launched the FinTech Innovation Lab London, with support from the city’s mayor and several government bodies. The majority of participants in London’s inaugural program have gone on to sign deals with banks and collectively have raised $10 million in new financing since participating.

The 2014 FinTech Innovation Lab Asia-Pacific participants are:

Advanced Merchant Payments (AMP), with offices in Hong Kong, the United Kingdom, Singapore and the Philippines enables banks and other financial institutions to profitably offer short-term unsecured loans to under-served small businesses in both developed and emerging markets. By utilizing AMP’s end-to-end solution, banks can address the credit gap that micro, small- and medium-sized enterprises face with an “alternative lending” offering that is complementary to existing product sets – while minimizing costs or development efforts. AMP’s patented platform leverages principles from micro-finance, payment processing, data analytics and predictive modeling – together with more traditional loan underwriting principles – to originate and service loans across countries, currencies and banking systems with cost efficiency.

AtCipher.com addresses the security concerns that many organizations have regarding cost-saving cloud solutions. The Hong Kong-based company developed a security system for encrypted data storage and sharing, encrypted searches and encrypted email with security policy enforcements. AtCipher’s applications perform client-side encryption so that data is encrypted before reaching the server so that the cloud provider is unable to access the customer’s data, making it more secure.

Beijing Wecash Wonder Technology Co. Ltd. helps analyze Chinese customers’ credit. Customers sign up for the app, provide information to the company and within 15 minutes, receive a credit evaluation. By mining public mobile data from roughly 600 million mobile internet users, Wecash is able to quickly provide extensive credit assessments and build predictive models for customers’ credit risk.

FinSuite developed patented technology that aims to reduce the cost and time required to analyze business structures and financials on loan applications. The Melbourne-based company built two complementary solutions. One is an application that provides a mobile platform for capturing and presenting a structure of a group of entities and how they are related to each other. The other, known as the BizAnalyser application, uses an optical character recognition engine and a patent-pending parsing engine to read a PDF document containing financial statements, re-create the contents, categorize each line item and produce a set of reports on the company and its performance. FinSuite is already available in Australia and is seeking to expand its services in Asia-Pacific.

I Think Security Ltd. is a cyber-security lab that provides easy-to-use, highest-grade data protection solutions to prevent data leaks and corporate espionage. The Ontario-based company's main product, LOQ, is an information security and tracking service that is being used by financial institutions to secure information sharing with high-net-worth individuals. LOQ enables users to drive new revenues, reduce costs and achieve compliance. I Think Security Ltd. seeks to expand into Asia-Pacific.

iDGate has developed an identity authentication system for online and mobile transactions that does not require a one-time-password via Short Message Service (SMS) or security device. The Taipei-based company leverages a multi-factor authentication process to send a push notification on behalf of the financial institution whenever a financial transaction is initiated that allows users to authenticate it via their smartphones. The aim is to provide better security and an easier-to-use experience to everyday users and to save financial institutions money, since the service is less expensive than the cost of using a security device or sending multiple SMS.

Jocata Financial Advisory & Technology Services Private Ltd. provides sophisticated Know Your Customer (KYC) and Anti-Money Laundering (AML) software that not only meets regulatory expectations and reduces the cost of compliance but also aims to drive business growth by creating a high-quality, standardized and reusable data asset. The company’s software can be implemented on-premise or hosted using a private cloud model. With offices in Hyderabad and Pune, India, and New York, the company is seeking to expand its footprint in Asia-Pacific.

QxBranch, based in Hong Kong; Adelaide, Australia; and Washington D.C., is developing software that will bring quantum computing to the mainstream. The startup has access to one of only two commercially available quantum computers and is commercializing products that harness the advantages of this breakthrough technology. Applications for the financial sector will include portfolio optimization, stock market analysis and risk modeling, with even more possibilities likely to emerge in the next five years as the technology base matures. QxBranch seeks to leverage the FinTech Innovation Lab Asia-Pacific to develop relationships with top financial organizations and gain insight into the areas of business where quantum computing can be most effective.

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with more than 293,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is http://www.accenture.com.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, provided a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to oper...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
In his session at 21st Cloud Expo, James Henry, Co-CEO/CTO of Calgary Scientific Inc., introduced you to the challenges, solutions and benefits of training AI systems to solve visual problems with an emphasis on improving AIs with continuous training in the field. He explored applications in several industries and discussed technologies that allow the deployment of advanced visualization solutions to the cloud.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
In his session at 21st Cloud Expo, Carl J. Levine, Senior Technical Evangelist for NS1, will objectively discuss how DNS is used to solve Digital Transformation challenges in large SaaS applications, CDNs, AdTech platforms, and other demanding use cases. Carl J. Levine is the Senior Technical Evangelist for NS1. A veteran of the Internet Infrastructure space, he has over a decade of experience with startups, networking protocols and Internet infrastructure, combined with the unique ability to it...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...
"Infoblox does DNS, DHCP and IP address management for not only enterprise networks but cloud networks as well. Customers are looking for a single platform that can extend not only in their private enterprise environment but private cloud, public cloud, tracking all the IP space and everything that is going on in that environment," explained Steve Salo, Principal Systems Engineer at Infoblox, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventio...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
Gemini is Yahoo’s native and search advertising platform. To ensure the quality of a complex distributed system that spans multiple products and components and across various desktop websites and mobile app and web experiences – both Yahoo owned and operated and third-party syndication (supply), with complex interaction with more than a billion users and numerous advertisers globally (demand) – it becomes imperative to automate a set of end-to-end tests 24x7 to detect bugs and regression. In th...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.