THE Investment Management Association of Singapore (IMAS) has launched a fintech accelerator and mentorship programme for asset managers.
The Digital Accelerator Programme (DAP) will allow fintech startups to work with professional mentors and develop solutions that can be rapidly commercialised. It aims to help investment management firms reduce costs and increase investment returns, while delivering differentiated experiences.
Fintechs selected to take part in the DAP will work on creating digital solutions - with the aid of a mentor - on a given problem, such as how to better predict, monitor and manage new regulatory obligations, and how alternative data models and analytics can be used to develop signals in order to deliver greater returns. Up to 10 shortlisted firms will take part in the initial programme, which is open to local and global fintechs and related startups.
The shortlisted fintechs will present their solutions to over 300 delegates from venture capital firms, hedge funds, traditional asset management firms, and family offices at the IMAS Bloomberg Investment Conference 2019 on May 9, in front of a panel of judges. Prizes for up to three final winners will include embarking on a four-week acceleration programme, funding and access to professional mentors throughout this process.
Winning companies will have the chance to join IMAS as associate member and access its resources, events and networking opportunities.
Applications for the programme are open at www.IMASDAP.com, with submissions closing on April 8.
IMAS has worked with industry partners such as Schroders, KPMG Digital Village, UOB Asset Management, the Singapore Exchange and NUS Enterprise to identify key challenges which fintechs can tackle with viable, digital solutions.
Carmen Wee, IMAS chief executive officer, 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 DAP 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.”
Jessica Shearer, chairman of the IMAS Digital Innovation Working Group, and Schroders head of digital strategy and propositions APAC, said that in the modern era, 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.”