Launched in June last year, Accenture’s FinTech Innovation Lab is the result collaboration between a number of the world’s leading banks, such as Bank of America Merrill Lynch, China Citic Bank International, Commonwealth Bank of Australia, Credit Suisse, Goldman Sachs, HSBC, and J.P. Morgan. It is a 12 week program that provides mentoring from leading industry executives through panel discussions, workshops, one-to-one coaching, networking, as well as investment and partnership opportunitites. Furthermore, Bitspark will be presenting their product - a decentralised blockchain remittance platform - to potential investors at the end of the program.
We are hugely excited to be chosen to be part of the program! The opportunities that come with it are fantastic, and we’re looking forward to making the most of it to take our business to the next level. Accenture and the other banks that are part of the program have a huge amount of experience, and having them support early stage startups such as Bitspark will be invaluable.
![2015 FinTech Innovation Lab Asia-Pacific participants] (https://newsroom.accenture.com//content/1101/images/fintech final.jpg)
Jon Allaway, senior managing director, Financial Services at Accenture said this:
“We’re extremely impressed with the energy and enthusiasm the startups have demonstrated for creating solutions that are intuitive for customers, secure for financial institutions and cost-effective for everyone. It’s exciting working with the entrepreneurs because, like Accenture, they envisage a future where technology solutions not only arm financial institutions with far-more-sophisticated, fine-tuned data but also make everyday transactions simpler for consumers.”
George Harrap, CEO of Bitspark commented that:
“There is a clear trend in the banking industry in 2015 that they are ready to engage in the world of Cryptocurrency and Blockchain technology. We are happy to be introducing our world leading Blockchain powered remittance platform to the financial services industry who can not only assist us to accelerate our business but also provide us with support, mentorship and the contacts to ensure we can bring our technology to the market in the best way possible.”
Accenture’s Lab is a great example of how large banks are starting to take notice of Fintech startups especially in the Blockchain and cryptocurrency space. Each week there are more announcements from well-known financial institutes stating that they are looking into or investing in new technologies. It is great to see the banks and other financial institutions recognising the benefits that Fintech can bring where together we have the opportunity to bring a product to the market that can positively help millions by making remittances more accessible and less costly for the developing world.