1337 Ventures launches accelerator programme for MyFintech Week 2019
By Digital News Asia March 26, 2019
- Four-week programme is geared towards early-stage startups
- Applications are now open, and will close on April 19
1337 Ventures will be launching its first ever accelerator programme for Bank Negara Malaysia’s MyFintech Week 2019, and it’s geared towards early stage startups.
Alpha Startups: MyFintech Week Edition , powered by 1337 Ventures is an initiative by Bank Negara Malaysia in conjunction with MyFintech Week , a one-week long festival of events with the goal to promote growth and diversity in the fintech ecosystem, spur digital transformation of financial institutions, develop fintech for mutual benefit, and elevate public acceptance of fintech.
According to a statement by Bank Negara Malaysia's Financial Technology Enabler Group (FTEG) chairman, Suhaimi Ali, "MyFintech Week 2019 will be Malaysia’s first flagship fintech event that will be held from June 17-21, 2019. The event comprises concurrent sessions throughout the week, which will run in various formats designed to inspire thinking, stimulate discussion and encourage networking through panels, smart networking sessions, industry dialogues, as well as tech showcases.
"With over 170 active fintech players, the Malaysian fintech scene is healthy and growing. Bank Negara Malaysia has appointed 1337 Ventures to run The Alpha Startups for MyFintech Week accelerator programme to solve financial consumers’ pain points in the areas of banking, payments, insurance technology and regulation/supervision technology.
“Bank Negara Malaysia has also launched, in collaboration with UNCDF, The Financial Innovation Lab Challenge to assist fintech startups in building solutions to address financial inclusion needs for Malaysians. These two initiatives will feature at MyFintech Week 2019."
What is Alpha Startups: MyFintech Week
Got a Fintech startup idea that has the potential to make life easier or even disrupt the financial services scene? Validate it and fine-tune your business and go-to-market plan at Alpha Startups: MyFintech Week, catered to startups of all stages, from ideation to seed.
The four-week fintech-oriented pre-accelerator dives deep into helping entrepreneurs capitalise on technology to identify new opportunities in the Fintech industry and build useful and marketable in-demand products that enhance financial services. Furthermore, startups are able to validate their idea with stakeholders and policy makers.
The four-week, intensive programme culminates in a Demo Day in MyFintech Week, a five-day festival by Bank Negara Malaysia to showcase Malaysia’s fintech companies, together with educating the public of new fintech tools.
Top teams presenting in demo day will be able to present their pitches to top investors throughout the region. Selected top three teams will receive early-stage funding of RM150,000.
Beyond funding, the teams will undergo a six-month intensive accelerator programme, where they will be connected with potential investors, mentors, and partners. Teams will also receive a slew of exclusive package worth over RM500,000, ranging from US$100,000 worth of cloud credits from Amazon Web Services, and Google Cloud.
Beyond that, companies will also receive free benefits from payment gateways, marketing tools, and recruitment platforms. As part of the partnership, Bank Negara Malaysia will facilitate selected startups through the Fintech Regulatory Sandbox if necessary.
As the first accelerator in Malaysia, Alpha Startups have successfully graduated top startups all over Southeast Asia. Some notable graduates of Alpha Startups are Funding Societies, who raised S$10 million from Sequoia Capital in under 12 months after completing Maybank Fintech (Alpha Startups) and is one of the top performing P2P lending platforms in Malaysia.
Another notable graduate is live music booking startup Gigfairy that went from idea to acquisition in just 12 months. Gigfairy has since been acquired by Tune Studios and BAC Ventures.
Others include Coins.ph, which was recently acquired by GoJek for US$72 million, and MaidEasy, that raised an undisclosed seven-digit amount from Axiata 12 months after Alpha Startups.
Applications are now open, and ends on April 19. Apply now at bit.ly/alphaBNM.