APAC Fintech Financing Activities (Graphic: Business Wire)
Launched by Accenture (NYSE:ACN) in June 2014, the FinTech Innovation Lab is a 12-week mentoring program to enhance fintech innovation and drive high-tech job growth in Asia-Pacific by connecting startups with decision makers at some of the world's leading financial institutions. This year's Investor Day was held at Cyberport in Hong Kong. "Investor Day is always an exciting event in Hong Kong as it underscores best practice: the financial services industry working together with Accenture and the government to nurture startups that offer innovative solutions to challenges facing the industry," said Nicholas Yang, the Secretary for Innovation and Technology of the Hong Kong Special Administrative Region. "We are pleased to be spearheading this cooperative mentorship at a time when fintech is on the rise across Asia-Pacific." In the first three quarters of 2016, fintech investments in Asia-Pacific reached nearly $10.5 billion, the bulk of it driven by investments involving Greater China companies. This is more than Europe, which attracted $2 billion in investments, and more than the US, which attracted $6 billion in investments in the same period. "We are increasingly seeing a willingness from financial institutions in the region to work with fintech startups to help address new challenges ranging from how best to adopt blockchain technology to how to maximize IT efficiency," said Jon Allaway, senior managing director, Financial Services at Accenture, and the executive sponsor of the FinTech Innovation Lab Asia-Pacific. "The startups that we are seeing typically have banking experience and understand the perspective of the banks or are passionate about a customer experience that they believe needs to be fixed, but it's their enthusiasm and laser-sharp focus on a specific area that gives them deep-dive expertise that makes them so valuable to financial services companies."