Alpha Startups: Fintech Edition sees applications from across SEA
By Digital News Asia June 20, 2018
- Applications for the four-week programme close on June 22
- Addresses real business challenges in the financial services industry
1337 Ventures, in collaboration with MDEC and Innostart Capital, will be launching its quarterly-run Alpha Startups: Fintech Edition programme this July to entrepreneurs who are hungry to break into the fintech market.
Since applications were opened to the public, the programme has received a positive response and submissions from a diverse array of fintech verticals and countries, as reported in 1337 Venture’s blog update on the current Malaysian Fintech Opportunity Map.
Popular fintech verticals include insurtech (17.3%), personal finance management (13.3%), trading (8%), e-wallet (5.3%), payments (4%), blockchain (4%), foreign exchange (4%), SME solutions (4%), and micro loans (4%).
1337 Ventures has partnered with Hong Leong Bank, RHB, and Maybank to list down the top problem statements for participating startups to solve in order to address real business challenges that the financial services industry currently faces and equip startups with crucial insider knowledge of fintech regulations in Malaysia.
The Alpha Startups: Fintech Edition is a four-week pre-accelerator programme, where startups will get to learn the ropes of entrepreneurship, test and validate their ideas, as well as develop and market products customers actually want.
It will be capped by a Demo Day to select the three top startups to receive early-stage funding of RM50,000 (US$12,560), after which Canadian investment firm InnoStart Capital will grant an additional RM75,000 (US$18,839) to the top startup of the programme.
Beyond funding, the three top startups will also receive up to US$100,000 in Amazon Web Services credits, US$100,000 worth of Google Cloud and Firebase credits, and US$120,000 in Microsoft Azure credits to kickstart and support their initial product development.
“Our first fintech accelerator brought in startups like Coins.ph, Funding Societies, and PawnHero, that have each gone regional, and became pioneers of their industries. However, much opportunity is still available in the fintech space, as can be seen in our Fintech Opportunity Map. We believe that this accelerator programme will be a great opportunity to transform ideas into successful regional companies,” said 1337 Ventures founding partner Bikesh Lakhmichand (pic).
Alpha Startups has graduates from all over Southeast Asia. Some notable graduates are Funding Societies, who raised SG$10 Million from Sequoia Capital in under 12 months after completing Maybank Fintech (Alpha Startups), and live music booking startup Gigfairy that went from idea to acquisition by Tune Studios and BAC Ventures in 12 months.