Launch of new accelerator boosts S’pore’s start-up scene

SINGAPORE — The local technology scene is getting a fresh boost with the launch of an accelerator programme by European firm Startupbootcamp FinTech, a financial innovation-focused group looking to support up to 10 start-ups here.

Launched yesterday in partnership with the Infocomm Development Authority (IDA) during a gathering of financial technology leaders, the programme will provide successful applicants with funding of €15,000 (S$24,000) each, as well as office space for at least three months at Singapore’s start-up cluster in one-north.

Participants will also receive mentorship and access to a network of industry partners, investors and venture capital firms.

The announcement comes as Singapore accelerates its push to become a Smart Nation and follows news earlier this week that several local start-ups, such as mobile advertising platform PocketMath and online marketplace Carousell, have attracted significant investments from big names in the venture capital industry.

IDA’s executive deputy chairman Steve Leonard said: “The Prime Minister of Singapore has laid out a vision for Singapore to become a Smart Nation .... And the financial services sector affecting everyone’s daily transactions is one interesting space with huge opportunities for disruptive innovation,” he added.

Startupbootcamp FinTech’s London programme today supports 10 teams with a combined valuation of €7 million and managing director Nektarios Liolios hopes to replicate the success in Singapore, home to more than 200 banks with operational headquarters.

Mr Liolios said Singapore has a vibrant start-up scene, citing a report from business consultancy KPMG showing that start-ups here secured US$1.7 billion (S$2.2 billion) in venture capital funding last year — more than in Hong Kong, Japan and South Korea.

“We think the timing is right to open a Startupbootcamp FinTech programme in Asia. Singapore, with its concentration of investors, financial institutions and mentors, as well as the strong industry and government support here, makes an ideal innovation hub,” he said.

The team from Startupbootcamp FinTech will host a series of pitching sessions across the region from January to March for interested start-ups that want to present their ideas. The 10 successful applicants will be admitted into a three-month accelerator programme in May.

DBS bank, MasterCard and venture capital firms SBT Venture Capital and Route 66 Ventures are backing the Singapore programme.

Meanwhile, the IDA said it has tied up with Founders Forum, a network of tech entrepreneurs and investors, to host the inaugural Founders Forum Smart Nation Singapore here in April next year.

Also present at yesterday’s gathering was London Mayor Boris Johnson, who was in town for an official visit.

He urged the financial technology sector to come up with a solution to the congestion caused by growing numbers of parcel delivery vans.

“We need a solution ... Is it, as I hope, going to be drones?”

Mr Johnson also saw a demonstration of innovative apps, including Vieweet which allows a shopper to browse a store online by virtually walking down aisles and looking at products on the shelves.