"Singapore’s multinational bank DBS has officially launched its business-matching programme for startups, called Startup Xchange, in two of its biggest markets, Singapore and Hong Kong.
The programme is designed to help DBS and its corporate and SME clients find solutions for their business by tapping on the expertise of startups, who will co-create these solutions with the bank.
By working closely with the startups and clients, DBS wants to buck what appears to be a downward spiral trend for conventional accelerator programmes.
A DBS research found that 78 per cent of accelerators launched in Singapore over the past three years are now defunct as many startups had failed without the continued support from established sponsors and partners.
In addition, an Ernst & Young ASEAN Fintech Census earlier this year also revealed that less than 39 per cent of fintech startups benefitted from fixed tenures at accelerators.
Startup Xchange will focus on four areas of technology: artificial intelligence (AI), data science, immersive media and the Internet of Things (IoT)."
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