Singapore-based bank OCBC has opened a financial technology incubator called The Open Vault at OCBC, in association with Hong Kong-based venture capital firm Nest.
Applications opened on February 1 and will close on March 17, and up to eight startups will be selected to join a 12-week, mentor-driven program which kicks off in May 2016 in a bid to find the next generation of fintech successes.
OCBC has not disclosed whether it plans to fund the startups, but it will introduce them to prospective investors. Beyond financing, successful applicants will gain access to OCBC’s broader contacts in insurance, and wealth and asset management.
The accelerator scheme will provide access to Nest’s expertise in marketing, strategy and funding, and will run weekly seminars and workshops from a dedicated space in downtown Singapore while also offering invitations to broader industry events.
Harnessing OCBC and Nest’s networks in Singapore and around the world, the mentor program will culminate in a demo day in July, where participants will showcase their startup to a crowd of leading investors and global entrepreneurs.
Nest is also collaborating with insurance firm AIA on an accelerator for the health technology and wearables space that will hold its demo day in March.