DBS to invest $10m in local startups over five years

Its startup accelerator is on the lookout for new ideas.

DBS Bank will invest S$10 million in initiatives that will support the development of the startup ecosystem in Singapore over the next five years, the bank said in a release today.

These initiatives include DBS owned programmes, partnerships with accelerators and other startup programmes.

DBS HotSpot, the first pre-accelerator programme created by an Asian bank, is the first among the series of initiatives. The programme is designed to help very early stage startups develop their ideas by offering them a SGD 25,000 entrepreneur award, workspace and access to industry mentors.

During the three-month programme, DBS HotSpot participants worked with leading industry mentors including angel investors and DBS executives. The success of the programme has captured the attention of the startup community and interest in the second intake.

Through DBS HotSpot and other programmes, DBS also plays a key role in building a robust startup ecosystem in the region. Applications for DBS HotSpot 2016 will open in Q1 2016.