DBS in Hong Kong is taking a long-term view of the startup ecosystem, setting up a programme for young fintech companies to work in tandem with the bank on innovative solutions that address distinct business problems.
Rolled out in both Hong Kong and Singapore, Startup Xchange is designed to exclusively match the bank’s problem statements to fintech startups.
DBS says the model allows startups to tap into the bank’s networks to build a sustainable business over time and reference the bank as an anchor client while raising funds.
Brit Blakeney, innovation and ecosystem head at DBS Bank (Hong Kong), says: “Fostering a dynamic global ecosystem of collaborative FinTech startups based on targeted business problem statements, as well as opportunities, is key to helping us reimagine and shape the future of banking. Startup Xchange is a natural extension and evolution of DBS Accelerator, and is a win-win for both the startups and DBS Hong Kong, as we are able to explore and solve business ideas together in real time.”
Launched in 2015, the DBS Accelerator programme has raised over US$16 million in funding for graduates and led to longer-term engagements between the bank and a number of alumni, including FinChat, Perx Technologies, HyperAnna and Squirro.