TECHINASIA: It was an especially good weekend for the 10 startups who qualified for the Startupbootcamp FinTech program in Singapore. During a special event on Saturday, the FinTech accelerator chose the finalists out of a selection process that lasted six weeks and saw 300 applications coming in.
The teams chosen include both Asia-Pacific and European startups, but all will be coming to Singapore to enjoy the fruit of their labors. Said fruit will consist of mentorship, funding to the tune of US$17,900 for each team, free workspace at Startupbootcamp FinTech’s hub at Singapore’s Blk 79, and partnerships with heavy hitters like DBS, MasterCard, Route 66 Ventures, SBT Venture Capital, MAS, and Infocomm Investments. After spending three months on the program, the teams will then be invited to Startupbootcamp’s Demo Day in late July to present their progress to investors and partners.
The 10 winning teams were interviewed and evaluated by a wide range of partners, mentors, angels, and local VCs according to Marcus Gnirck, global COO at Startupbootcamp FinTech. “The criteria [for a team to stand out] included a focus on the team members themselves,” Gnirck tells Tech in Asia.
“The team had to be robust, its members mature and experienced, and they had to fulfill essential roles within it (including technology, management, etc.). And they also had to present an exciting idea, not just duplicate an idea that’s already been done in the West.” To drive home the emphasis on the human element, the interview process even included a psychologist who evaluated the teams, according to Gnirck.
Between them, the winning startups combine several current trends in the FinTech space, such as blockchain technologies, wealth management, and even crowdfunding. According to Startupbootcamp’s press release, they have already collectively raised over US$1,8 million and 30 percent of them are already generating revenue.
Bankguard focuses on security in banking transactions, offering technology to deal with phishing and hijacking attacks. Its work includes security solutions that work for ebanking across different devices and operating systems.
Bw8 seeks to disrupt the wealth management industry by creating a social network to connect non-professional investors to expert traders. The company aims to provide a one-stop online platform for trading, offering built-in research and analytics.
Creditseva offers credit monitoring and rectification through its data analytics and decision platform, which connects consumers to banks and assists with the closing of old bad loans and credit card debt.
CryptoSigma offers a money transfer service that allows for remittances all over the world instantly for less than 0.5% in fees per transaction. The company employs the blockchain, a decentralized global value transfer network, to allow the users to create a Bitcoin wallet and use that as the means of transfer.
DeBuNe provides an online platform for small and medium enterprises (SMEs) to collaborate, market, offer, and monetise their products or services. The platform is based on blockchain technology, which allows for decentralization and security of communications and activities.
A wealth management service, Dragon Wealth offers wealth managers an integration-free platform and mobile app to help them boost their sales and acquire new clients. It employs techniques such as machine learning and data analytics, as well as ease of use and low cost for users.
Kashmi is a peer-to-peer payment platform for mobile. Transactions take place within a free and unrestricted network with social media functions, which the team describes as “Facebook meets PayPal”.
KyePot enables money saving, lending, and borrowing through trusted social online groups. Users can create their own social savings groups and then leverage the power of those groups to borrow at lower costs.
Another idea that uses the blockchain, Otonomos allows for the issuance of digital shares in the same way as creating a Bitcoin wallet. The service uses also legal engineering to charter legal entities, known as Blockchain Chartered Companies, or BCCs, within the blockchain protocol, allowing for a company to go public from day one.
SkolaFund aims at education financing for underprivileged students. Combining crowdfunding, scholarships, and student loans through its Sponsor Recognitions Program, the company seeks to make education affordable across Asia.