Venture scouting and (Fintech) startup incubation for a leading global bank
A NYSE-listed, Fortune 50 Global Bank wanted to identify potential industry disruptors (Fintech startups) that may be future investment, partnering, or acquisition opportunities that would provide the bank with a competitive advantage. The bank’s Fintech team based in the US launched a global Fintech challenge and required partners with deep connections into the startup ecosystems across major Fintech hubs to assist in identifying and incubating startups.
Venturetec partnered with the bank for the Asia Pacific Fintech challenge, supporting the bank in Hong Kong, Singapore and Sydney. We utilised our startup ecosystem connections to scout for relevant startups developing emerging tech and Fintech solutions aligned to the banks key innovation themes. The shortlisted startups entered an incubation program to explore where there were opportunities to partner with the bank’s business units and to identify potential use cases for the application of their technologies.
Over 70 Fintech startups were shortlisted to present their solutions at the demo day events across Fintech hubs in APAC, the demo days were attended by hundreds of employees and executives from the bank, as well as industry experts and media. 12 of the startups were awarded with cash prizes and entered a pilot phase to test their solutions within supporting business/functional units, creating a strong pipeline of future innovations for the bank.