DBS Launches Startup Matching Platform, Revamping Earlier Program
DBS Bank launched a revamped program aimed at matching DBS' corporate clients’ problem statements to startups.
DBS Bank on Tuesday launched a platform that match its corporate clients' problem statements with startups, creating win-win solutions. Named Startup Xchange program, this is a revamp of an earlier accelerator program launched by the bank (DBS HotSpot) based on new findings.
«Startups sometimes have the brightest minds to develop the most cutting-edge technology solutions but they lack an anchor client and continuous funding. Startup Xchange is great as it helps the ecosystem of startups, DBS and its customers to commercialise emerging technology solutions to quickly achieve shared business goals,» said Bidyut Dumra, head of DBS’ innovation group in a press statement.
New Findings
An internal research by the bank found that 78 percent of accelerators launched in Singapore over the past three years are now defunct as many startups had failed without the continued support from established sponsors and partners.
A separate Ernst & Young ASEAN Fintech Census report earlier this year has revealed that less than 39 percent of fintech startups benefitted from fixed tenures at accelerators. These findings led to the revamp of the bank’s earlier accelerator programme called DBS HotSpot.
The Startup Xchange Program is part of a five-year SGD 10 million investment made by the bank in 2015 to support the development of startups, and now focused on helping them stay afloat.
Four Areas of Focus
Named the Startup Xchange program, it is focused on four areas of frontier technology that will help businesses stay relevant in the long run. These are: artificial intelligence (AI), data science, immersive media and the Internet of Things.
By harnessing the power of these emerging technologies, the bank believes that itself and its clients are able to stay one step ahead of their customers, and fulfil their needs in a faster and more seamless manner.
For a start, the bank has launched the Startup Xchange programme in its two largest markets, Singapore and Hong Kong.
Real-Time Problems and Solutions
Unlike typical accelerator programmes, Startup Xchange brings in startups to co-create solutions with the bank, thus addressing business problem statements in real-time.
Since its pilot launch several months ago, Startup Xchange has successfully matched 21 startups with units within the bank, as well as the bank’s SME clients to solve business pain-points. This has resulted in the successful rollout of 10 emerging technology solutions to-date, with another 10 solutions expected to be launched over the next 12 months.
DBS As Anchor Client
In addition to helping the bank's clients digitise their business, Startup Xchange also allows startups to showcase the solutions they developed for DBS, and to name the bank as an anchor client when raising capital with the investor community.
A successful project under the newly launched Startup Xchange is JIM, Southeast Asia’s first virtual bank recruiter. It was created by the impress.ai team (a Singapore-based startup) and a DBS small-medium-enterprise client that partnered with DBS’ HR team.
Once JIM was launched, impress.ai raised US$ 1.2 million and had a five-fold increase in monthly revenues from the partnership, helping it transition from a startup to a more sustainable business.
