Singaporean lender DBS Bank has launched a new programme called Startup Xchange, which will match the bank’s corporate and SME clients’ with startups suited to their needs.
The new programme is a revamp of the bank’s accelerator programme DBS HotSpot and forms part of the bank’s S$10m ($72,25,700) investment to facilitate the development of startups.
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Initially launched in Singapore and Hong Kong, the new programme will focus on artificial intelligence, data science, immersive data, and the internet of things.
The programme will enable startups to co-create solutions with the bank as well as name the bank as an anchor client during fundraising initiatives with the investor community.
Startup Xchange has already matched 21 startups with DBS units and the bank’s SME clients, leading to the development of 10 technology solutions.
This includes virtual bank recruiter JIM that was developed with the participation of impress.ai, a Singaporean startup and DBS SME client.
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By GlobalDataAn additional 10 solutions are expected to be rolled out in the next 12 months.
DBS head of innovation group Bidyut Dumra said: “Startups sometimes have the brightest minds to develop the most cutting-edge technology solutions but they lack an anchor client and continuous funding.
“Startup Xchange is great as it helps the ecosystem of startups, DBS and its customers to commercialise emerging technology solutions to quickly achieve shared business goals.”
