Singapore’s FinLab unveils SME accelerator programme
The FinLab, a Singaporean joint venture between United Overseas Bank (UOB) and SGInnovate, has launched the third cycle of its tech acceleration programme for SMEs.
It says the latest programme is “the first designed by a local accelerator for SMEs in Singapore that have aspirations to grow and to digitalise”.
The four-month programme will guide the eight chosen SMEs to identify “problem statements” in their business, and equip them with the tools and know-how to self-innovate. Tech firms will pitch their solutions to these SMEs.
These firms will then be matched with tech solution providers and pilot the implementation of their products to address the problem statements. Throughout the process, they will be guided by experts at The FinLab and partners such as ESSEC Business School.
Felix Tan, MD of The FinLab, says: “Over the past two years, we have gained deep insights from our interactions with more than 700 financial technology start-ups. As these start-ups become more advanced in their business models, there is a need to help them commercialise by connecting them with potential customers who require technology solutions.”
The SMEs will be chosen from the food and beverage, retail, wholesale trade and logistics industries. The programme will start in March and you can apply here.
The FinLab says it will also bring together solutions from platforms like UOB’s BizSmart suite, Infocomm Media Development Authority’s (IMDA) [email protected] Digital and SME Go Digital’s portfolio, to form its pool to help the SMEs.
If you’re not familiar with SGInnovate, this is a private-limited company wholly owned by the Singapore government.