UOB supports Singapore FinTech start-ups with $1 million accelerator programme
United Overseas Bank on Feb 23 announced that it is launching a 100-day accelerator programme for 30 start-ups in Asia through a joint-venture called FinLab it has with the IDA of Singapore.
Each FinTech start-up will reportedly get SGD $30,000 of seed money in return of 6% equity, among other benefits are another SGD $400,000 in software credits, $7,000 in office space, for up to a total of SGD $440,000 in cash and benefits. First cycle will start in May-2016, with applications closing 18th March 2016.
This follows UOB's last year's $500 million effort in supporting startups in China, India and SEA.
For more details about the programme, please visit Finlab website here.