Singapore becoming the Asian FinTech hub!
OCBC Bank has launched a fintech co-working space and innovation unit in Singapore and its first accelerator programme to identify and collaborate with innovative startups. The 24000-square foot Open Vault at OCBC has been established to help drive the development of new products and business models through collaboration with startups, universities and other non-bank stakeholders. To kick off, OCBC is working with early stage venture capital firm Nest to seek out eight ambitious small scale startups to join an inaugural accelerator programme. The 12-week bootcamp will provide successful applicants with access to mentors from Nest and OCBC, dedicated working space and a digital sandbox populated with the bank's data and APIs for prototyping new applications. The accelerator concludes with a demo day to potential investors in late July.