DBS opens DBS Accelerator in Hong Kong

DEALSTREETASIA: Southeast Asian super-regional financial services group DBS, which is based in Singapore, has launched a DBS fintech accelerator in Hong Kong, in a physical site called “The Vault”. This is to function as a FinTech startup hub located in the heart of Wan Chai, Hong Kong.

The 5000 square foot workspace is its first accelerator and will provide DBS Accelerator startup ventures with work and office space, resources and mentor support, in order to incubate and build entrepreneurial fintech ventures into business that can compete and adapt in swiftly changing markets.

The accelerator is designed to help entrepreneurs facilitate the creation of ventures that can drive wealth creation and serve increasingly sophisticated customer needs, leveraging on ‘fintech-focused disruptive technologies’.

As part of a drive to promote an ‘innovative and digital mindset’, DBS HK recently piloted its first Greater China hackathon, with participation from about 75 employees from Hong Kong, China and Taiwan. According to official statements, the outcome was compellingly positive.

Commenting on the opening of the accelerator, DBS (Hong Kong) CEO Sebastian Paredes stated: “DBS Hong Kong is a pioneer in leveraging digital and mobile technologies in our financial products and services. The DBS Accelerator programme aims to nurture a new generation of digital leaders and talent to secure Hong Kong’s future as a world-class FinTech hub.”

DBS Hong Kong has a record of investing considerable resources in driving innovation and digital banking developments. An instant of this is the DBS Loan Centre mobile application, which enables the loan application process to be completed within a minute via smartphone use.

Another example is the ec-Loan mobile application, which was recently launched to enable DBS SME Relationship Managers to efficiently conduct the in-principle loan approval during a client meeting. Via the application, the credit scorecard of the ec-Loan programme is converted into a mobile application, which transforms the traditional paper-based approval process into a real-time digital process. Read the full article

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