Singapore – 12 February 2018: The FinLab, a joint venture between United Overseas Bank Limited (UOB) and SGInnovate, today announced the launch of the third cycle of its acceleration programme.
The programme is the first designed by a local accelerator for small and medium enterprises (SMEs) in Singapore that have aspirations to grow and to digitalise. The four-month programme will guide participating SMEs to identify problem statements in their business and equip them with the tools and know-how to self-innovate. SMEs will then be matched with curated technology solution providers and pilot the implementation of their products to address the problem statements. Throughout the process, they will be guided by experts at The FinLab and partners such as ESSEC Business School. The launch of the SME accelerator programme comes as a recent ASEAN SME Transforma/on Study. Found that while SMEs were struggling with how to transform their business through technology, they planned to invest more in it in order to build their business. The FinLab’s SME accelerator programme will focus on helping SMEs to increase revenues, to raise productivity and to reach new markets by tapping the right technology solutions.
Mr Felix Tan, Managing Director of The FinLab, said, “Over the past two years, we have gained deep insights from our interactions with more than 700 financial technology start-ups. As these start-ups become more advanced in their business models, there is a need to help them commercialise by connecting them with potential customers who require technology solu7ons. We’ve also seen that SMEs want to innovate but may not know where and how to start. As such, for our Cycle 3 programme, we will be bringing accelera7on not only to tech solu7on providers but also to SMEs that want to transform their business, and matching this demand and supply concurrently.”
Ms Janet Young, Head of Group Channels and DigitalisaQon, UOB, said, “Today, more than ever, SMEs realise the importance of using technology to ensure their relevance in a digital economy. However, we have seen many SMEs challenged by the vast array of options and the lack of talent and know-how to harness the potential of technology and translate it into benefits for their businesses. The FinLab’s introduction of an accelerator programme for SMEs will support companies looking to transform and to digitalise, by equipping them with tools continually self-innovate and stay ahead in the digital age.”