Accenture Gets Ready for Second Round of APAC FinTech Innovation Lab

Opening up a new round of its accelerator program in the Asia Pacifc region, Accenture has announced that it has opened the application period for its second class. The program follows the expansion of Accenture’s FinTech Innovation Lab for its first class in 2014, after launching the program in New York in 2010 and adding a London lab in 2012. For the current class, the FinTech Innovation Lab is inviting firms involved with alternative currencies, Big Data and analytics, mobile and wireless Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, Risk Management Risk Management One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, One of the most common terms utilized by brokers, risk management refers to the practice of identifying potential risks in advance. Most commonly, this also involves the analysis of risk and the undertaking of precautionary steps to both mitigate and prevent for such risk.Such efforts are essential for brokers and venues in the finance industry, given the potential for fallout in the face of unforeseen events or crises. Given a more tightly regulated environment across nearly every asset class, Read this Term and compliance, as well as social media and collaboration technologies.

Beginning in August, the lab is a 12 week program for 10 early and growth stage financial technology companies. Along with Accenture, providing mentorship are representatives from both regional and global banks including BAML, China Construction Bank (Asia), China Citic Bank International, Commonwealth Bank of Australia, Credit Suisse, HSBC, J.P. Morgan, Maybank, Morgan Stanley and UBS. The goal of the program is to assist entrepreneurs in developing their fintech offerings, while gaining exposure and advice from leading financial institutions.

Participating in the Lab in 2014 enabled us to have high-level conversations with C-suite executives at multinational banks - Thomas J. DeLuca

Thomas J. DeLuca, chief executive officer of AMP Credit Technologies (AMP) provided his review of participating in the first class in the public statement from Accenture, “Participating in the Lab in 2014 enabled us to have high-level conversations with C-suite executives at multinational banks and helped us crystalize our business plan for providing advanced technology for small business lending. Since ‘graduating’ from the program, we have attracted additional investors and expanded beyond Hong Kong, Singapore and the Philippines, recently entering the U.K. market.”

Commenting about the kickoff of accepting applications for the second class, Jon Allaway, Accenture’s Group Technology Officer for Financial Services, who oversees the FinTech Innovation Lab Asia-Pacific stated “Accenture places innovation at the heart of financial services through programs such as our FinTech Innovation Lab Asia-Pacific, which enables financial services organizations in the region to embrace, mentor and advise startups looking to become the digital disruptors of the future. Fintech can lead to innovations in financial services that help make customers’ lives easier and banking less costly, which is what makes mentoring startups so exciting for us.”