The accelerator programme culminates in a Demo Day, where the startups will present their businesses to investors and partners.
Demo Day will take place on August 4th at Capitol Theatre, Singapore.
Meet the startup teams and follow their journeys
COME INNOVATE WITH US
ABOUT THE PROGRAMME
“The best way to predict the future is to create it.”
– Peter Drucker
The OCBC FinTech Accelerator, powered by NEST, is a mentor-driven programme designed to help entrepreneurs build the financial technology companies of the future, faster and more efficiently. Run from a dedicated space in Singapore, up to eight startups will be selected to join the full-time 12-week programme kicking off in May 2016.
To help individuals and businesses across communities achieve their aspirations by providing innovative financial services that meet their needs.
We’re proud to partner with leading businesses and organisations supporting innovation in our world today
Leveraging both NEST and OCBC ‘s networks, participants will benefit from the knowledge and expertise of key industry leaders and renowned entrepreneurs from Singapore and around the world. Furthermore, mentors can offer access to a wider network of contacts that could significantly accelerate a company’s development. It is not uncommon for the mentor-entrepreneurs relationships founded during this programme to continue on well into the future.
The OCBC mentors network
Koh Ching Ching
EVP, Head of Group Corporate Communications, OCBC
- Marketing and branding
- Pitching and presentation
Chow Theng Kai
Head of Cards and Unsecured Lending , OCBC
- Consumer Banking
- Corporate Banking
SVP, Global Enterprise Banking, Emerging Business, OCBC
- Marketing and Branding
EVP, Head of Group Legal and Regulatory Compliance, OCBC
- Risk Management
- Regulatory Compliance
- Portfolio Management
Say Kwee Ng
VP at OCBC Bank
- Consumer Banking & Cards
- Wealth Management
- Personal & Secured Loans
The Nest mentors network
Co-Founder & CEO, Innervative
- Economic & Financial Literacy
- Fixed Income Investment
Managing Director, Pictet
- Private Banking
- Wealth Management
We are seeking up to eight ambitious startup companies from across the globe with an innovative FinTech proposition. If you are passionate about improving the banking experience and believe you can bring in a new era of FinTech innovation, we want to hear from you. There is no official limit on the size or stage of the companies we accept, it’s more about whether we feel the programme can have a significant positive impact on your company’s growth. Typically these are between one and five years old with a founder or co-founders and perhaps one to two employees.
The programme is designed largely for entrepreneurs who have early-stage companies in the following FinTech areas. This list is not fully representative and we welcome all FinTech focused companies to apply.
- Wealth management
- Credit and financing
- Cyber Security
- Artificial intelligence
- Big data and analytics
- Mobility and payments
Upon acceptance into the programme, your IP and startup remains yours. OCBC is interested in helping you grow and develop your product.
What types of business does the accelerator focus on?
We are looking for innovative technology-focused startups that have the potential to scale and change the future of the financial sector. We love working alongside passionate entrepreneurs who have the vision to deliver and always seek these people out during the selection process.
What role will OCBC play in the accelerator?
OCBC is committed to supporting entrepreneurs and startups globally. Through this programme we’ll provide mentorship from carefully selected business leaders and experts, not only in FinTech but also in funding, marketing, PR, scaling, running concepts, pilot testing and more. OCBC will support the companies accepted into the programme by providing mentors, visibility and network opportunities. Founders will also benefit from Nest’s global network of investors, corporates and startups.
What are the networking and educational opportunities provided during the programme?
Throughout the programme you’ll be surrounded by like-minded entrepreneurs and teams. This will give you an excellent opportunity to build strong working relationships, learn from others’ experiences and also share your own. Each week the programme includes compulsory educational seminars but we also provide access to a calendar of educational workshops happening across Singapore.
Will all the mentors come from OCBC?
No. Some will, but the majority will be a network of entrepreneurs and business leaders in Singapore and the region. Many are listed at www.nest.vc/team.
What if my company is not an expert at developing FinTech solutions?
We’re not looking for experts, just creative startups with a visionary attitude and inspiring ideas. You’ll get access to Nest and OCBC’s experts in the field. All we ask is that you’re capable of building your own solution, have the drive to make it happen, and are focused on the potential of your startup.
What size of company is OCBC looking at for this programme?
We’re focused on startups so these tend to be small businesses consisting of a founder or perhaps a team up to about five. However there is no official limit on the size of the company applying. We’re particularly interested in FinTech solutions that can be quickly brought to market and will be ready for beta testing or launch at the Investor Demo Day.
Does my business need to be a B2C or B2B business?
It can be either.
Is there a cost to apply?
The programme is free for startups. OCBC will cover some of the costs associated with one founder moving to Singapore for the duration of the programme
Will you arrange my visa?
Yes, this will all be arranged once you’ve been accepted into the programme.
What is a typical day like for an OCBC accelerator participant?
We’re pleased to say there’s no such thing as a typical day. Throughout the programme you can expect somewhere in the region of 100 potential meetings with mentors, venture capitalists, CEOs, innovators and industry visionaries.
How does the application process work?
Interested startups can apply online through our dedicated F6S application page. It includes a few simple questions about your company and your team. You’ll have the opportunity to link to videos and other assets that describe your business.
How detailed does my idea need to be in the application?
In this initial application process, we ask applicants to describe the market opportunity, the team, the concept that you want to take forward and how you plan to execute it. The more information you provide, the easier it is for us to assess the full potential of your business.
Do I need to send in a business plan?
No, just complete the online application.
Is my age a factor in your selection process?
When is the deadline to apply and what’s the overall timeline?
Applications open on January 21st 2016 and the deadline for submissions is March 17th 2016. If you’re a finalist, we’ll notify you by April 11th 2016 and help arrange your relocation to Singapore for a programme start date of May 3rd 2016 (for those based internationally). See our timeline for full details.
How can participants receive funding after the OCBC Accelerator ends?
You’ll have the opportunity to showcase your product or service at Investor Demo Day, where a range of potential investors including venture capitalists and influential industry leaders, will see your proposition and listen to your pitch.
When is the Investor Demo Day?
The Investor Demo Day will be held in July 2016. This exclusive event will be closed to the public and the guest list will include key people from our expansive network of industry leaders, investors, venture capitalists and press.
Will Nest invest in my company?
As part of the programme, Nest will sign an agreement that provides us the opportunity to invest in your company. The terms of this agreement will be negotiated on a case by case basis and will always be based on a mutually agreed upon price. We will not take a fixed equity percentage upfront, instead we will work with you to determine a valuation that you are comfortable with and appropriately captures your stage of development. Nest will only invest if at the end of the programme, we jointly feel that Nest can add significant value to your business. We understand the type of support you need and we are able to provide that support through our expansive network and our ability to market your company globally.
Will OCBC invest in my company?
OCBC will have the opportunity to invest in your company after evaluating your product and pitch at the Investor Demo Day.
Will OCBC own my IP ?
No. Upon acceptance into the programme, your IP and startup remains yours. OCBC is interested in helping you grow and develop your product. Please refer to the question below on investment and ownership for more details.
Do companies have to be on-site for the entire 12 week period?
We do require that at least one key team member relocate to Singapore for the duration of the programme and recommend that you are on-site as much as possible
Does OCBC provide accomodation for participants?
Some support will be given to those coming from overseas for the programme
Can I apply if our company or founders are not from Asia? Can you help with visa/immigration issues?
Anyone from anywhere can apply. If you’re accepted, you’ll need to have a legal right to be in Singapore. OCBC and Nest will try and provide working visas for successful companies for the duration of the programme. If this isn’t possible, we can put you in touch with agencies and services that can help you with visas and immigration, but we can only do this once you’ve been accepted into the programme.
Due to the 12-week duration of the programme, most applicants will need to apply for an extension of their visa or obtain a multiple entry visa. This can only be done when you have arrived in Singapore and the process may vary according to country you are from.
Note: Whilst Nest will endeavour to assist all foreign applicants to obtain correct visas for the programme, we cannot guarantee approval. Acceptance into the programme does not guarantee visa approval.
Is a participating company’s product or service guaranteed to be endorsed by OCBC?
No, there are no guarantees. It’s entirely at OCBC’s discretion as to whether a participating company’s product or service is taken on and/or endorsed.
Nest is a full service early-stage venture capital firm focused on helping startups and talented founders from around the world build businesses that apply and commercialise innovation. Nest also partners with leading corporations to run a series of mentor-driven accelerators in the fields of FinTech, HealthTech and Smart Cities. Designed to support the needs of high potential and fast growth startups, these programmes include a unique mix of resources that enable entrepreneurs to build and scale their businesses rapidly.
Startups presently invested in by Nest can be viewed at www.angel.co/nest-investments.
Why did OCBC partner with Nest on this programme?
The OCBC Accelerator is described as being powered by Nest, meaning that the content of the programme is created and delivered by Nest. Nest is a leader in delivering this field and has a strong track record in bringing to innovative and scalable business ideas to market which is why OCBC has chosen the company to partner with on their first FinTech programme in Singapore.