Hong Kong’s financial tech start-ups to get boost with new bank-backed accelerator programme

Hong Kong’s efforts to build up its credentials in financial technology innovation are primed for a big boost, with the opening today of an “accelerator” programme for start-ups in the field by management consulting giant Accenture. 

Ten major banks are lending support to this year’s edition of FinTech Innovation Lab Asia-Pacific, which Accenture established in the city last June.

The Lab represents a competitive search for Asia’s leading start-up financial technology innovators, especially those involved in the areas of mobile payments, big data and analytics, risk management and compliance, alternative currencies, and social media and collaboration.

Applications will be accepted until May 31. Seven applicants will be selected for a 12-week course in Hong Kong that starts in August, which will help the start-ups accelerate product development, fine-tune business strategies and receive mentoring from top financial industry executives.

Banks participating in the Lab this year include Bank of America Merrill Lynch, China Construction Bank (Asia), China Citic Bank International, Commonwealth Bank of Australia, Credit Suisse, HSBC, JP Morgan, Maybank, Morgan Stanley and UBS.

“FinTech [financial technology] can lead to innovations in financial services that help make customers’ lives easier and banking less costly, which is what makes mentoring start-ups so exciting for us,” said Jon Allaway, Accenture’s group technology officer for financial services, who oversees the Lab in Hong Kong.

With increasing pressure to boost growth and cut costs, many large banks are now seeking to engage with promising ventures that offer technologies designed to improve efficiency in their industry.