How the Lab Works

Through the competitive application process, the 10 financial institutions will select approximately seven startups to participate in the program, which begins in August. The entrepreneurs will be mentored for 12 weeks by leading financial services industry executives, who will help them fine-tune and develop their technologies and business strategies through a series of workshops, panel discussions, user-group sessions, networking opportunities, one-on-one meetings and presentations. The program culminates in November with an Investor Day presentation by participants in front of an audience of potential investors. In cooperation with the Lab, Cyberport will provide work space to participating entrepreneurs, and J Plus Hotel by YOO will assist with accommodations.

The FinTech Innovation Lab Asia-Pacific is modelled on a similar program that Accenture co-founded in 2010 with the Partnership Fund for New York City, the US$110 million investment arm of the Partnership for New York City. The New York Lab’s 24 alumni companies have raised more than US$160 million in venture financing after participating in the program; one participant was acquired for US$175 million.  In 2012, Accenture and a dozen major banks in London launched the FinTech Innovation Lab London, with support from the city’s mayor and other government bodies.  The 14 companies that passed through the program in the first two years raised more than US$35 million in new investment, signed nearly 50 contracts to do business with banks, and increased revenues by 170 percent. In 2014, Accenture launched FinTech Innovation Labs in Asia-Pacific and Dublin, Ireland.  Participants in the Asia-Pacific Lab have thus far raised more than US$6 million.
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