SYS-CON MEDIA Authors: Jason Bloomberg, Liz McMillan, Pat Romanski, Elizabeth White, Javier Paniza

News Feed Item

Eight Financial Technology Startups Enter the FinTech Innovation Lab Asia-Pacific

More comprehensive analytics for credit analysis, data protection solutions and quantum computing software are among the new innovations from eight financial technology entrepreneurs selected to participate in the 2014 FinTech Innovation Lab Asia-Pacific. The Lab, which was launched by Accenture (NYSE:ACN) in June 2014, is a collaboration in Hong Kong between Accenture and leading financial institutions, supported by Cyberport and Airbnb. It is designed to nurture early-stage companies from around the world that are developing new technologies for the financial services sector with a particular focus on the Asia-Pacific region.

The eight startups were chosen by leading industry executives from a wide range of applicants and will receive senior-level mentoring to help them develop and commercialize their innovations and connect with potential customers at top institutions. The eight companies selected are: Advanced Merchant Payments, AtCipher.com, Beijing Wecash Wonder Technology, FinSuite, I Think Security, iDGate, Jocata Financial Advisory & Technology Services and QxBranch.

“We are very pleased with the number and quality of applications to the inaugural FinTech Innovation Lab Asia-Pacific, particularly the broad range of solution areas and the wide geographic base from which the applications have been made,” said Sushil Saluja, senior managing director, Financial Services at Accenture. “The solutions proposed by the 2014 Lab applicants selected help provide better data security, analysis and risk assessments to assist financial institutions across Asia-Pacific in improving the quality of service for financial services customers. Our goal with the Lab is to help foster innovation in financial services using technology, reflecting our commitment at Accenture to spearhead innovative technological solutions that make a real difference in the everyday lives of people.”

The entrepreneurs chosen for the Lab will be mentored for 12 weeks by leading executives from financial services firms through a series of panel discussions, workshops, leadership coaching and networking opportunities. At the end of the program, the entrepreneurs will be given an opportunity to present their concepts to potential investors and financial industry executives.

Supporting financial institutions include: Bank of America Merrill Lynch, Bank of China (Hong Kong), Barclays, China Construction Bank (Asia), Credit Suisse, DBS, HSBC, J.P. Morgan, Morgan Stanley, Ping An and UBS.

The FinTech Innovation Lab Asia-Pacific is modeled on a similar program that was co-founded by Accenture and the Partnership Fund for New York City in 2010. The New York Lab’s 24 alumni companies have raised almost $80 million in venture financing after participating in the program; one participant was acquired for $175 million. The Partnership Fund for New York City is the $110 million investment arm of the Partnership for New York City (www.pfnyc.org). The Fund’s mission is to engage NYC’s business leaders to identify and support promising NYC-based entrepreneurs in both the for-profit and non-profit sectors to create jobs, spur new business and expand opportunities for New Yorkers to participate in the City’s economy. In 2012, Accenture and a dozen major banks in London launched the FinTech Innovation Lab London, with support from the city’s mayor and several government bodies. The majority of participants in London’s inaugural program have gone on to sign deals with banks and collectively have raised $10 million in new financing since participating.

The 2014 FinTech Innovation Lab Asia-Pacific participants are:

Advanced Merchant Payments (AMP), with offices in Hong Kong, the United Kingdom, Singapore and the Philippines enables banks and other financial institutions to profitably offer short-term unsecured loans to under-served small businesses in both developed and emerging markets. By utilizing AMP’s end-to-end solution, banks can address the credit gap that micro, small- and medium-sized enterprises face with an “alternative lending” offering that is complementary to existing product sets – while minimizing costs or development efforts. AMP’s patented platform leverages principles from micro-finance, payment processing, data analytics and predictive modeling – together with more traditional loan underwriting principles – to originate and service loans across countries, currencies and banking systems with cost efficiency.

AtCipher.com addresses the security concerns that many organizations have regarding cost-saving cloud solutions. The Hong Kong-based company developed a security system for encrypted data storage and sharing, encrypted searches and encrypted email with security policy enforcements. AtCipher’s applications perform client-side encryption so that data is encrypted before reaching the server so that the cloud provider is unable to access the customer’s data, making it more secure.

Beijing Wecash Wonder Technology Co. Ltd. helps analyze Chinese customers’ credit. Customers sign up for the app, provide information to the company and within 15 minutes, receive a credit evaluation. By mining public mobile data from roughly 600 million mobile internet users, Wecash is able to quickly provide extensive credit assessments and build predictive models for customers’ credit risk.

FinSuite developed patented technology that aims to reduce the cost and time required to analyze business structures and financials on loan applications. The Melbourne-based company built two complementary solutions. One is an application that provides a mobile platform for capturing and presenting a structure of a group of entities and how they are related to each other. The other, known as the BizAnalyser application, uses an optical character recognition engine and a patent-pending parsing engine to read a PDF document containing financial statements, re-create the contents, categorize each line item and produce a set of reports on the company and its performance. FinSuite is already available in Australia and is seeking to expand its services in Asia-Pacific.

I Think Security Ltd. is a cyber-security lab that provides easy-to-use, highest-grade data protection solutions to prevent data leaks and corporate espionage. The Ontario-based company's main product, LOQ, is an information security and tracking service that is being used by financial institutions to secure information sharing with high-net-worth individuals. LOQ enables users to drive new revenues, reduce costs and achieve compliance. I Think Security Ltd. seeks to expand into Asia-Pacific.

iDGate has developed an identity authentication system for online and mobile transactions that does not require a one-time-password via Short Message Service (SMS) or security device. The Taipei-based company leverages a multi-factor authentication process to send a push notification on behalf of the financial institution whenever a financial transaction is initiated that allows users to authenticate it via their smartphones. The aim is to provide better security and an easier-to-use experience to everyday users and to save financial institutions money, since the service is less expensive than the cost of using a security device or sending multiple SMS.

Jocata Financial Advisory & Technology Services Private Ltd. provides sophisticated Know Your Customer (KYC) and Anti-Money Laundering (AML) software that not only meets regulatory expectations and reduces the cost of compliance but also aims to drive business growth by creating a high-quality, standardized and reusable data asset. The company’s software can be implemented on-premise or hosted using a private cloud model. With offices in Hyderabad and Pune, India, and New York, the company is seeking to expand its footprint in Asia-Pacific.

QxBranch, based in Hong Kong; Adelaide, Australia; and Washington D.C., is developing software that will bring quantum computing to the mainstream. The startup has access to one of only two commercially available quantum computers and is commercializing products that harness the advantages of this breakthrough technology. Applications for the financial sector will include portfolio optimization, stock market analysis and risk modeling, with even more possibilities likely to emerge in the next five years as the technology base matures. QxBranch seeks to leverage the FinTech Innovation Lab Asia-Pacific to develop relationships with top financial organizations and gain insight into the areas of business where quantum computing can be most effective.

About Accenture

Accenture is a global management consulting, technology services and outsourcing company, with more than 293,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$28.6 billion for the fiscal year ended Aug. 31, 2013. Its home page is http://www.accenture.com.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
In a world of ever-accelerating business cycles and fast-changing client expectations, the cloud increasingly serves as a growth engine and a path to new business models. Dynamic clouds enable businesses to continuously reinvent themselves, adapting their business processes, their service and software delivery and their operations to achieve speed-to-market and quick response to customer feedback. As the cloud evolves, the industry has multiple competing cloud technologies, offering on-premises ...
DevOps means different things to different people. Qubell defines DevOps as the ability for the developer teams to do what they need to do to have this level of self-service. At DevOps Summit, Stan Klimoff, CTO of Qubell, demos the enterprise DevOps platform.
SYS-CON Events announced today that that Innodisk, the service-driven provider of industrial embedded flash and DRAM storage products and technologies, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies. With satisfied customers across the embedded, aerospace and defense, cloud storage markets an...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Eighty-five percent of companies store information in some sort of unstructured manner. In this demo at 15th Cloud Expo, Mark Fronczak, Product Manager at Solgenia, discussed their enterprise content management solution, which was created to help companies organize and take control of their digital assets.
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
Leysin American School is an exclusive, private boarding school located in Leysin, Switzerland. Leysin selected an OpenStack-powered, private cloud as a service to manage multiple applications and provide development environments for students across the institution. Seeking to meet rigid data sovereignty and data integrity requirements while offering flexible, on-demand cloud resources to users, Leysin identified OpenStack as the clear choice to round out the school's cloud strategy. Additional...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's