United Overseas Bank has partnered with Infocomm Investments, the venture arm of the development Authority of Singapore, to run a fintech accelerator programme.
The FinLab initiative is looking to take stakes in young startup companies with working prototypes in payments, risk management, big data and wealth management. The bank says it wants to host 30 companies on the course over the next two years.
Companies qualifying for the three month programme will receive a $30,000 stipend and will be paired with business mentors from the bank ahead of a demo day pitch to investors and venture capitalists.
In a novel twist, the competition is also open to internal development teams at the bank in an effort to stir the startup spirit with staff.
Janet Young, UOB's head of group channels and digitalisation, told The Straits Times: "The aim is also to inculcate an innovative spirit and quicker ways of commercialising products throughout the bank. Having in-house teams will help us achieve this."
The first intake will take their places in June following a regional roadshow to promote the initiative.