Accenture has started accepting applications for Asia-Pacific’s third annual FinTech Innovation Lab – the 12-week program that helps early- and growth-stage fintech companies accelerate product and business development by gaining exposure to top financial institution executives. Those interested to participate can apply till May 31, 2016.

In 2014, Accenture launched FinTech Innovation Labs in Asia-Pacific and Dublin, Ireland. This year’s program has been expanded to include more of Asia’s Financial Institutions across banking, insurance and capital markets.

“We’re having fintech discussions at financial institutions across Asia, as executives want to know about the latest cutting edge fintech solutions to invest in, develop or buy that can streamline services for customers,” said Jon Allaway, senior managing director at Accenture and the executive sponsor of the FinTech Innovation Lab Asia-Pacific. “That is why in our third year of the lab we have increased the number of financial institutions in the lab to 20 from 12, increased the number of participants we’ll accept in the program to 12 from seven and expanded to include insurance.”

Applicants must have a working beta version of their technology. The APAC Lab is a program for entrepreneurs that are developing cutting-edge and disruptive technologies for the financial services sector - particularly in the areas of:

• Big data
• Analytics and cognitive computing
• Security and identity management
• Risk management and compliance
• Digital marketing and social media
• Cloud; payments; and Internet of Things applications
• Blockchain technology
• Talent management

Chief technology officers and senior technology executives from the financial institutions will select 12 of the applying fintech companies to participate in the Lab through a competitive process and will then provide them with intensive in-person mentoring in Hong Kong.

The twelve principle financial institutions are: Bank of America Merrill Lynch, BNP Paribas, Commonwealth Bank of Australia, Credit Suisse, Generali, Goldman Sachs, HSBC, J.P. Morgan, Maybank, Morgan Stanley, Sun Life Financial and UBS. In addition, supporting banks include: China CITIC Bank International, China Construction Bank (Asia), Macquarie, Nomura, Standard Chartered, Siam Commercial Bank, Societe Generale, Sumitomo Mitsui Financial Group (SMFG).

On 5 July, 2016, start-ups will be notified if they have been shortlisted for selection, and are invited to present at Interview Day. Shortlisted start-ups will participate in an in-person or video conference interview with the senior executives of the Lab’s participating financial institutions from 13 -15 July, 2016. On 20 July, 2016, selected start-ups to join the FinTech Innovation Lab Asia-Pacific 2016 program are notified and announced.

The Lab, which begins in August 2016, will culminate in November 2016 with a Demo Day presentation by selected participants in front of an audience of venture capitalists and financial industry executives.