A new programme will allow financial technology (fintech) start-ups to work with professional mentors and develop solutions that can be rapidly commercialised for the asset management sector.
The initiative, set up by the Investment Management Association of Singapore (IMAS), aims to help investment management firms reduce costs and increase returns.
Fintechs selected to take part in the programme will work with a mentor to create digital solutions to a given problem.
Such a problem could be how to better predict and manage new regulatory obligations, or how alternative data models can deliver greater returns.
A maximum of 10 shortlisted firms will take part in the initial stage of the programme, which is open to local and global fintechs and related start-ups.
They will present their solutions to more than 300 delegates and a panel of judges at the IMAS Bloomberg Investment Conference 2019 on May 9.
Up to three winners willreceive a four-week acceleration programme, funding and access to professional mentors.
The winning companies will also have the chance to join the IMAS as associate members, allowing them to access the organisation's resources, events and networking opportunities.
Applications are open at www.IMASDAP.com, with submissions closing on April 8.
IMAS has collaborated with industry partners such as Schroders, KPMG Digital Village, UOB Asset Management, the Singapore Exchange and NUS Enterprise to identify key challenges that fintechs can tackle with workable solutions.
DRIVING DIGITAL DISRUPTION
We hope that the programme will serve as a catalyst to speed up the adoption of new technology in investment management and ensure that fintech firms are embedded into the asset management ecosystem.
IMAS CHIEF EXECUTIVE CARMEN WEE
IMAS chief executive Carmen Wee said: "Given that the investment management industry is on the verge of digital disruption, we need to constantly innovate and reinvent ourselves in order to remain globally competitive.
"We hope that the programme will serve as a catalyst to speed up the adoption of new technology in investment management and ensure that fintech firms are embedded into the asset management ecosystem."
Ms Jessica Shearer, chairman of the IMAS Digital Innovation Working Group and regional head of digital strategy and propositions at Schroders, said asset managers all need to embark on a digital transformation journey.
She added: "Tapping into the fintech community will enable us to be more agile, accelerate our digital agendas and also deliver innovative investment offerings and experiences to our clients."