FinTech Innovation Lab Asia-Pacific looking for startups that can revolutionize banking services

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For the second year running, the FinTech Innovation Lab Asia-Pacific is inviting applications from financial technology innovators across the region to participate in its 12-week accelerator program that helps early- and growth-stage financial technology startups accelerate product development and gain exposure to top-level financial industry executives.

A digital revolution in banking is underway and fintech startups are at the heart of it. The term ‘fintech’ refers to ventures that apply technology to improve financial services. Fintech is part of the surge in disruptive technologies that is changing business models across industries. According to a report by Accenture The Future of Fintech and Banking, released last month, global investment in fintech ventures tripled from $4.05 billion in 2013 to $12.2 billion in 2014, with Europe being the fastest growing region in the world. The same report suggests that many established banks are not well equipped to deal with the digital revolution.

Julian Skan, Accenture managing director overseeing the FinTech Innovation Lab London, went so far as to say on CNBC that these technologies could change the business models for the banking industry.

Entrepreneurs developing technologies for financial services, particularly in the areas of Big Data and analytics, mobile and wireless, payments, risk management, security, compliance, and social media and collaboration technologies, are invited to attend a video conference July 15-16 to pitch their concepts to the CTOs and/or CIOs of the participating financial institutions that the FinTech Innovation Lab Asia-Pacific works with.

According to the Accenture report fintech innovations have the potential to shrink the role and relevance of today’s banks, but also help them improve their services. The writers quote Lending Club, the peer-to-peer lending platform founded in 2006 that raised $865 million on the New York Stock Exchange, valuing its business at $8.5 billion and recorded the biggest US tech IPO of 2014, as an example of the new wave of financial technology that will have a significant impact on the future of financial services.

The FinTech Innovation Lab Asia Pacific launched its first 12-week accelerator programme in September 2014 after calling for applications in July. The accelerator is modelled on a similar program that was co-founded by Accenture and the Partnership Fund for New York City in 2010.