DBS Bank has opened a dedicated workspace in Hong Kong in an effort to nurture the next wave of financial technology (fintech) innovators.
Called the Vault, the 5,000-square foot (464.5 sq m) workspace in Wan Chai will provide startups participating in its accelerator programme with work and office space, technology resources and mentor support.
The accelerator programme was launched in April as part of the bank's partnership with Hong Kong-based innovation incubator Nest. It will begin in early August and end in November with a Demo Day, where successful ideas presented will be selected for further investment.
"The DBS Accelerator programme aims to nurture a new generation of digital leaders and talent to secure Hong Kong's future as a fintech hub," said Sebastian Paredes, DBS Bank (Hong Kong) CEO.
"Hong Kong is uniquely positioned to help fintech companies succeed and bring innovation to Asia," said Nest CEO Simon Squibb. "There is a lot of brainpower in this city that needs seed capital to support innovation and there are a lot of entrepreneurs here willing to invest time to build great companies."
DBS Bank started its transformational journey to become a digital bank in 2014. Aside from investing S$200 million to harness digital technologies and S$1 billion spend on further technology initiatives, the bank has been promoting a digital mindset among its employees. Earlier this year, it piloted a Greater China hackathon, which saw the participation from about 75 employees from Hong Kong, China and Taiwan.