Hong Kong programme hopes to unearth next fintech blockbuster

Ten technology start-ups, including companies from Hong Kong, South Korea, Singapore and the United States, aim to introduce innovation that could help financial institutions in the Asia-Pacific improve their efficiency, bolster cybersecurity and offer more customer-friendly services.

A system that consolidates and analyses insurance policies from different providers in one place for customers, a blockchain platform that enables users to share data securely and a micro-insurance platform that offers low-cost coverage on demand are among the hopefuls taking part this year in the region’s largest financial technology accelerator programme.

Accenture’s FinTech Innovation Lab Asia-Pacific, being held in Hong Kong for the fourth consecutive year, selected the 10 for a 12-week mentorship programme, supported by 18 major financial institutions.

“Asia provides unique challenges and opportunities that are driving true fintech innovation here,” said Evangelos Kotsovinos, the Asia head of infrastructure and China chief information officer for Morgan Stanley.

"Working with labs such as Accenture’s is a great way for Morgan Stanley to identify technologies that can help us grow and evolve our business, but also to give back to the community by advising start-ups on how to commercialise their technology to meet the demands of a global financial services firm.”

This year’s participants in the programme are South Korean blockchain infrastructure provider Blocko; Hong Kong-based CoverGo, which automates manual insurance processes; FutureFlow, a US specialist in countering money laundering and terrorist financing; American start-up KapitalWise, which offers a micro-investment platform; and Singapore-based microUmbrella.com, which provides a micro-insuance buying and claims platform.