Singapore’s local banks have strengthened their support for local fintech companies through their partnerships with the Info-communications Media Development Authority of Singapore (IMDA).
Under the partnership, DBS, UOB and OCBC Bank will share their problem statements with IMDA-accredited companies and invite them to develop the relevant solutions.
Besides that, the Accreditation@IMDA (A@IMDA) programme will regularly feature accredited companies’ innovative solutions to relevant user groups in all three banks. This aims to help support the banks’ delivery of innovative customer-centric banking solutions internationally.
As for DBS, it will also conduct procurement clinic that will share best practices such as proper process to respond to DBS’ Request-For-Proposal, and Request-For-Information to enable accredited companies to better manage their procurement engagement cycles.
“[These partnerships] will support the banks in driving innovative fintech solutions within their organisations and sector. They will also enable IMDA-accredited companies to scale up, by gaining access to real problem statements and opportunities to work on innovative fintech projects within the banks and expand into international markets through the bank’s global footprint,” Dr Yaacob Ibrahim Singapore’s Minister for Communications and Information, commented at innovfest unbound 2017.
“We warmly welcome the opportunity to participate in the Accreditation@IMDA programme to help promising companies innovate, scale up and expand overseas, as well as further Singapore’s Smart Nation agenda,” said Piyush Gupta, DBS’s CEO.
He added: “DBS is particularly well-placed to do this given our extensive footprint and network in the region. A good example is our collaboration with V-Key, an IMDA-accredited tech start-up. We used its soft token solution for digibank India, India’s first mobile-only bank. Since its launch last April, we have garnered one million users, and will be introducing a similar solution in Indonesia.”
Besides the partnerships with IMDA, the three banks have been actively creating and supporting innovative fintech solutions through their respective accelerator programmes.
For instance, DBS HotSpot’s programme has accelerated more than 40 startups, which are now housed at a 16,000 sq ft innovation space innovation space called DBS Asia X. The bank’s Chief Innovation Officer, Neal Cross, also shared with Bank IT Asia last year that the bank has conducted 1,200 experiments, of which 120 have been prototyped.
As for OCBC Bank, it has piloted fintech solutions by startups that were part of its accelerator programme, The Open Vault at OCBC, last year.
Meanwhile, UOB supports the development of promising startups and high-growth early-stage companies across Asia by providing them with mentorship and access to funding to accelerate their growth. The bank does so through its accelerator called the FinLab, and its equity crowdfunding platforms called OurCrowd.