SINGAPORE (Feb 12): The FinLab, a joint venture between UOB and state-owned firm SGInnovate, has launched the third cycle of its acceleration programme which aims to help local small medium enterprises (SMEs) grow and digitalise.
Eight SMEs from the F&B, retail, wholesale trade and logistics industries will be chosen to participate in the Cycle 3 programme, which will commence in end-March next month.
The FinLab was established to accelerate the growth of tech startups as well as the business transformation of SMEs in Singapore, by providing select firms access to the programme’s mentor networks as well as insights and connections into the ASEAN region for more effective scaling and growth of their businesses.
Previously, five startups including online platform CardUp were chosen for the first cycle’s list of startups, while businesses such as P2P payments firm PayKey and gold trading app HelloGold were among the eight beneficiaries of the second cycle.
In a joint release on Monday, The FinLab says the third cycle of its programme, which is to last for four months, will guide participating SMEs to identify problem statements in their businesses while equipping them with the tools and know-how to self-innovate.
SMEs will then be matched with curated technology solution providers and pilot the implementation of their products to address the problem statements, all while under the guidance of experts at The FinLab and partners such as ESSEC Business School.
For the first time in the accerator programme, tech firms will be expected to pitch their solutions to SMEs in Cycle 3 and bring together solutions from platforms – including UOB’s BizSmart Suite, IMDA’s Accreditation@SG Digital, and SME Go Digital’s portfolio – to form its pool of solutions.
In all, The FinLab says its SME accelerator programme will focus on helping SMEs to increase revenues, to raise productivity, and to reach new markets by tapping the right technology solutions.
Felix Tan, managing director of The FinLab, notes a growing need among fintech startups to commercialise as they become more advanced in their business models, by connecting them with potential customers who require technology solutions.
“We’ve also seen that SMEs want to innovate but may not know where and how to start. As such, for our Cycle 3 programme, we will be bringing acceleration not only to tech solution providers, but also to SMEs that want to transform their business, and matching this demand and supply concurrently,” he adds.
