Financial Technology aka Fintech, is an area that Sri Lanka is woefully lagging behind. While there are positive signs like Nations Trust Bank releasing an open API, we still aren’t where we should be compared to the rest of the world. Yet, that hasn’t stopped startups from trying to accelerate this change despite wrangling with tough regulations.
For there is great potential in conquering and disrupting the fintech arena. According to KPMG, the global fintech industry has tripled in size over the last 10 years. This is with year-on-year growth projections constantly exceeding 25% or more. With this in mind, KPMG, the Lankan Angel Network (LAN), and BOV Capital are offering an opportunity for local startups in this space to go global.
A chance to join the Global Fintech Hackcelerator
The Lankan Angel Network, KPMG, and BOV Capital are offering local fintech startups a chance to participate in the Global Fintech Hackcelerator in Singapore. This a 12-week program by KPMG Digital Village that’s open to startups from across the world.
Its goal is to help startups enhance their solutions to solve real problems in the financial industry. As such, these startups would receive guidance from industry experts and a cash stipend of up to $20,000. After the 12-week program, the startups will be demoing their solutions at the Singapore Fintech Festival on the 12th of November 2018. Here, the top 3 startups of the program would be selected and receive an additional $50,000 each.
So how can startups in Sri Lanka apply?
The process starts by submitting a business plan to firstname.lastname@example.org before midnight on June 17, 2018. Selected startups would then receive support from HATCH, which will act as an accelerator for the local program. Through this accelerator, the startups from Sri Lanka would be mentored to apply for the Global Fintech Hackcelerator.
Additionally, the startups accepted into the local program will also get a chance to raise funding. This would be through the Lankan Angel Network and the Digital Innovation Fund. In case you’re lost, the Digital Innovation Fund is an LKR 2.3 billion initiative by Dialog Axiata and BOV Capital. Its goal is to invest in digital startups that transform industries or create new sectors.
Elaborating on the purpose of this program, Prajeeth Balasubramaniam – Cofounder of BOV Capital said, “Fintech is a significant area of interest in Sri Lanka and worldwide. Further, we are seeing huge opportunities for growing local Fintech startups across Asia, and beyond. With access to the right resources and networks, there is no limit to what Sri Lankan Fintech companies can achieve in this space.”