A number of RegTech companies have been selected for the fifth annual FinTech Innovation Lab Asia-Pacific.
The 12-week mentorship program created by Accenture has selected eight FinTech companies following a record number of applications from more than 160 companies.
Launched in Hong Kong in June 2014, the FinTech Innovation Lab Asia-Pacific has received nearly 600 applications since its inception, with 33 companies participating to date. Alumni companies from the Lab have raised US$288 million after participating in the program.
The startups in the 2018 group have developed innovations in a wide variety of areas — including regulatory technology (RegTech), identity authentication, financial planning, artificial intelligence, software as a service and cloud-based delivery.
The 2018 FinTech Innovation Lab Asia-Pacific participants include Checkbox.ai, Gekko Lab, Know Your Customer, NoPassword, Tookitaki, Hyper Anna, BetterTradeOff, and Bereev.
Checkbox.ai is a Sydney-based start-up whose technology platform enables the digital transformation of regulation, policy and business services into easy-to-use business applications in the cloud. The platform lets users create online software applications; it can also deliver real-time auditing, reporting and analytics related to all and every customer input.
Gekko Lab, a Hong Kong-based RegTech startup for financial intelligence and investigation, is included in the 2018 lab. The company’s graphical network analytics software and built-in proprietary database enhance users’ capability to detect and manage risks using data analytics.
Know Your Customer provides digital solutions that quickly and accurately identify and verify companies and individuals prior to client on-boarding, while NoPassword is a US-based startup that offers the next generation of identity platform. It uses a six-step authentication process starting with local biometric authentication (face, voice, fingerprint, iris, behavior, etc) on the user’s smartphone, then extracts hidden features from the phone to perform MFA.
Singapore-based Tookitaki aims to improve risk and efficiency through actionable, auditable and scalable machine-learning-enabled software solutions. Mindtree recently partnered with the RegTech to use AI and Machine Learning to help banks across reduce risk and improve compliance.
The FinTech Innovation Lab Asia-Pacific is a collaboration between Accenture and leading financial institutions. The principal financial institutions for 2018’s Lab are: Bank of America Merrill Lynch; Credit Suisse; Goldman Sachs; HSBC; J.P. Morgan; Macquarie Group; Morgan Stanley; Nomura; Societe Generale; Standard Chartered; Sun Life Financial; and UBS.
In addition, associate financial institutions include: AIA International Ltd; BlackRock; China CITIC Bank International; China Construction Bank (Asia); Citi Hong Kong; Generali; Maybank; Siam Commercial Bank; ZhongAn International; and Zurich Insurance.
Accenture recently launched a dedicated RegTech stream for its sixth FinTech Innovation Lab London. Accenture’s shortlist, a list of 20 start-ups which will be mentored by top banks and insurers, features four RegTech companies. The RegTech stream includes Cognitiv +, Regnosys, Safescribe, and Waymark.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
