OCBC launches new fintech startup accelerator programme

It kicks off in April 2016.

Rather than be daunted by the rise of fintech startups, OCBC Bank has rolled out a search for radical new players with the launch of The Open Vault, its new financial technology unit.

The Open Vault at OCBC is housed in a specially-created 2,400 square foot space on New Bridge Road. It is led by Pranav Seth, OCBC Bank’s Head of E-Business and Business Transformation.

“We are investing heavily in the areas of mobile, data and analytics, bio-metrics and security to provide superior customer-centric solutions. We actively scan for technologies and innovations globally," Seth said.

The Open Vault will focus on five key areas of innovation, namely wealth management, credit and financing, insurance, cybersecurity, and artificial intelligence.

The accelerator programme is open to local and international startups, and will be conducted in partnership with global investment and start-up incubation firm NEST. It will provide selected start-up firms with access to business mentorship, technical expertise from OCBC Bank and dedicated guidance from NEST experts and partners.

Innovators and Fintech start-ups can apply for OCBC Bank’s accelerator programme at www.theopenvaultatocbc.com. Applications will close on 17 March 2016 and the programme will begin in April 2016.

The summit of the programme is Demo Day in July 2016, when the selected start-ups will pitch their innovations to compete for investment interest.