15 Jan 2016 - Startupbootcamp FinTech collaborates with Accreditation@IDA to support the growth of FinTech startups in Singapore. IDA will enrich the Startupbootcamp FinTech accelerator program by providing startups assistance on their technical architecture, which comprises of in-depth product testing and financial advisory, including financial modelling and fund raising.
Singapore, 15 January 2016 | For Immediate Release
Startupbootcamp FinTech collaborates with Accreditation@IDA to support the growth of FinTech startups in Singapore. IDA will enrich the Startupbootcamp FinTech accelerator program by providing startups assistance on their technical architecture, which comprises of in-depth product testing and financial advisory, including financial modelling and fund raising. These tools will not only complement Startupbootcamp’s mentoring efforts but are tailored to the startups’ growth stage and needs.
Startupbootcamp FinTech is a global accelerator focused on financial innovation, providing FinTech startups with funding, mentorship and guidance from leading financial services industry partners. To date, the Startupbootcamp FinTech Singapore program has 11 alumni teams that have achieved milestone growth since Demo Day last July 2015. Startups such as Toast and Kashmi have closed pre-series A funding rounds.
With this collaboration, new startups selected for the 2016 accelerator program will gain support from Accreditation@IDA. These startups will be offered essential tools such as comprehensive technical product testing and evaluations to ensure their product is robust and financial advisory to facilitate sustainable growth. Eligible startups from Startupbootcamp FinTech may be subsequently evaluated for the award of IDA’s accreditation status.
As part of Infocomm Media 2025, Accreditation@IDA seeks to grow the ICT industry through assisting the growth of promising Singapore-based technology companies by building their track record, credibility and creating more business opportunities for their products and solutions. Through comprehensive product testing, Accreditation@IDA has helped companies uncover and clear more than 10,000 functional and security concerns to enable companies to strengthen their products. Already, Accreditation@IDA has helped 5 accredited companies win more than $14.4 million in funds. One such company is Deep Identity and its recent acquisition by Trusted Source Pte Ltd, a wholly owned subsidiary of Temasek Management Services.
“We are thrilled to work with Startupbootcamp FinTech to have FinTech startups hit the ground running,” said Steve Leonard, Infocomm Development Authority of Singapore, Executive Deputy Chairman. “Accreditation@IDA helps startups build better companies through comprehensive technical, business, finance and IP evaluation. Having helped strengthened more than 30 products in the past year, we are providing tried and tested tools and models to complement the accelerator and improve the quality of startups. Being involved at the accelerator stage will also enable IDA early engagement opportunities with innovative and promising startups.”
Steven Tong, Managing Director of Startupbootcamp FinTech, said, “The Accreditation@IDA program provides high value services that are complementary to the accelerator program. This will enable the startups to develop high quality products that meet the needs of their target customers and save valuable time and resources.”
Applications for the 2016 Startupbootcamp FinTech Accelerator program remain open until 7th of February 2016.
- Successful teams selected for the Startupbootcamp FinTech accelerator program will receive:
- Extensive mentorship from 200+ entrepreneurs, investors, and partners
- Access to top markets in Europe, US and APAC
- 3+1 months free office space
- SGD24,500 in cash per team
- Exposure to 200+ Angels & VCs
- Invitation to Startupbootcamp global alumni network and growth program
The program is open to all early stage startups in FinTech across Asia. Interested startups can apply for Startupbootcamp FinTech Accelerator Programme in Singapore here: http://www.startupbootcamp.org/accelerator/fintech-singapore.html
JOINTLY ISSUED BY THE INFOCOMM DEVELOPMENT AUTHORITY OF SINGAPORE, ACCREDITATION@IDA & STARTUPBOOTCAMP FINTECH
About Infocomm Development Authority of Singapore
The mission of the Infocomm Development Authority of Singapore (IDA) is to develop information technology and telecommunications within Singapore with a view to serve citizens of all ages and companies of all sizes. IDA does this by actively supporting the growth of innovative technology companies and start-ups in Singapore, working with leading global IT companies as well as developing excellent information technology and telecommunications infrastructure, policies and capabilities for Singapore. For more news and information, visit www.ida.gov.sg. Follow IDA on Facebook IDA.Singapore and Twitter @IDAsg.
Small local technology companies often face an uphill task in competing for projects with government and large enterprises. The challenges they face are difficulties in substantiating their product claims, lack of track record and market visibility. To help build Singapore as a Nation of Opportunities for our companies, the Accreditation@IDA was launched in July 2014 to help level the playing field for our promising Singapore-based tech-product start-ups to compete with global products, win work and grow.
Under the Accreditation@IDA, IDA will evaluate and accredit Singapore-based tech-product companies to provide greater assurance to potential buyers on the core functionalities of the accredited products, ability to deliver and the financial sustainability of the companies. This will help to remove the perceived procurement risks associated with the smaller companies and enable these companies to build track records. Accredited companies are to be considered first by Government agencies in their procurement. Upon being accredited, Accreditation@IDA organises focused workshops and discussion forums for the companies to meaningfully engage key Government stakeholders to pitch their value proposition, explore new use cases and develop proof of concept projects for their products. Accredited companies are also regularly featured at IDA organised industry events and media coverage to help increase their market visibility.
As of end Dec 2015, 11 companies are accredited with products ranging from video analytics, Unmanned Aerial Systems and mobile security solutions.
For more information visit: www.ida.gov.sg/accreditation
About Startupbootcamp FinTech
Launched in 2014, Startupbootcamp FinTech is the leading FinTech accelerator, and the only programme of its kind to attract such wide industry support. Based in London, New York and Singapore, its partners include Lloyds Banking Group, MasterCard, Rabobank, Thomson Reuters, Bank of Scotland, arvato Financial Services, Halifax, My Order, DLL Financial Solutions, MJ Hudson, Route66 Ventures, Intesa Sanpaolo, DBS Bank, RHB Bank, CIMB Bank, PwC, Infocomm Investments, Jungle Ventures and PixVine Capital, as well as an extensive mentor and alumni network from more than 50 countries across the globe. The award-winning accelerator offers FinTech startups access to world class industry expertise during an intensive three month programme. At the end of the programme, startups pitch at Demo Day to more than 500 investors and individuals from financial services.
Founded in 2010, Startupbootcamp is a global startup accelerator with 14 programs in Amsterdam, Barcelona, Berlin, Copenhagen, Eindhoven, Istanbul, London, Miami, New York and Singapore. More than 300 startups have been accelerated by Startupbootcamp of which 79% are still active. For more information visit:
- Facebook: www.facebook.com/startupbootcamp
- Twitter: www.twitter.com/sbcFinTech
Founded in 2010, Startupbootcamp is a global startup accelerator with 11 programs in Amsterdam, Barcelona, Berlin, Copenhagen, Eindhoven, Istanbul, London and Singapore, and a mentor and alumni network in more than 30 countries. More than 240 startups have been accelerated by Startupbootcamp of which 80% are still active. For more information visit: www.startupbootcamp.org
For media clarifications, please contact:
Aung Thi Ha (Mr)
Assistant Manager, Corporate and Marketing Communications
Infocomm Development Authority of Singapore
Tel: (65) 6211 1309
Kimmy Paulino (Ms)
Tel: (65) 8111 7628