UOB, IDA to provide 30 fintech startups $440,00 each in benefits from May

UOB is providing each startup with $30,000 in seed funding, in exchange for a 6 per cent equity stake.
UOB is providing each startup with $30,000 in seed funding, in exchange for a 6 per cent equity stake. PHOTO: ST FILE

SINGAPORE - UOB, together with Infocomm Investments Pte Ltd (IIPL), a unit of the Infocomm Development Authority of Singapore (IDA), will provide up to $440,000 in cash and benefits to 30 financial services technology (fintech) startups under its accelerator programme, the bank said on Tuesday (Feb 23).

The 100-day accelerator programme will take in its first batch of 10 startups come May. The programme, announced last November, is run by The FinLab, a joint venture with UOB and IIPL.

UOB is providing each startup with $30,000 in seed funding, in exchange for a 6 per cent equity stake.

Each team will also receive $400,000 worth of software licenses sponsored by The FinLab's technology partners, and free working space at BASH (79 Ayer Rajah Crescent).

The programme will be rolled out in Singapore over three cycles in the next two years, and The FinLab is currently recruiting startups across Bangkok, Hong Kong and Jakarta.

UOB is also offering fully-paid sabbatical leave for its employees, if they are selected for the programme.