DBS to invest S$10m to support startup programmes

DBS Bank will invest S$10 million in initiatives that will support the development of the startup ecosystem in Singapore over the next five years.

The bank said on Friday that initiatives under DBS HotSpot - its pre-accelerator programme - include DBS owned programmes, partnerships with accelerators and other startup programmes.

The programme aims to help very early stage startups develop their ideas by offering them a S$25,000 entrepreneur award, workspace and access to industry mentors including angel investors and DBS executives.

Unlike other accelerators, DBS HotSpot does not require the startup to have an existing prototype or operating business. DBS does not take an equity stake from the participating teams.