SuperCharger FinTech Accelerator celebrates the end of the SuperCharger Kuala Lumpur initiative with its founding partner Standard Chartered Bank and main partners Allianz Malaysia and Malaysia Digital Economy Corporation (MDEC). The event, called the 2017 SuperCharger Kuala Lumpur Demo Day, marked the successful completion of the 12-week programme from the world’s first accelerator dedicated to both global FinTech start-ups and scale-ups.
The programme enables local and international growth stage companies to expand their operations within Malaysia and the region. This year’s event marks the first SuperCharger in Malaysia after it gained momentum from its two successfully completed acceleration efforts in Hong Kong.
During the 12-week accelerator platform, start-ups have explored opportunities to work with tier-one financial institutions as well as enlisted MDEC’s support on opening local offices. This includes leveraging on growth services like the Malaysian Tech Entrepreneur Programme. These companies have also gained access to leading investment and legal expertise in FinTech space, such as Orange Growth Capital and Wong & Partners. Mentors and local entrepreneurs contribute to this experience by sharing on topics like FinTech- FinServ partnership strategies, marketing, and local hiring practices.
SuperCharger start-ups made progress across the board, both locally and internationally. In total, 29 proof of concepts (POCs), contracts, and partnerships were closed during the 3- month period. These efforts include entering markets across Asia and Europe, adding 15 new employees, and securing a combined USD$15 million in funding during the period. As for Malaysia, four agreements were signed locally and two new projects are now being implemented. Several additional POCs in Malaysia are expected to be announced in early 2018 as well, with seven of the companies expecting to hire as many as 28 new employees in Malaysia collectively by mid-2018.
Start-up Progress Highlights
Capnovum – Listed as RegTech100 and selected for “Beyond Compliance” campaign by ITN Productions.
Chekk – Prepared new mobile app and web portal for consumers and businesses to support personal data management, customer due diligence at on-boarding and refresh, electronic verification of ID, and secure messaging.
MyFinB – Entered a MOU with Malaysia Institute of Accountants (MIA) to help accountants harness data and produce insights in three areas: audit, accounting and tax using analytics.
Neosurance – Signed collaborations with Moovby, a peer-to-peer car rental app and Currenseek, a location-based currency comparison app which helps thousands of Malaysians to get covered from travel risks.
Neuroprofiler – Secured USD$600K worth of funding.
Pand.ai – Launched 2 enterprise chatbots to global financial institutions in Singapore and Malaysia within the last 3 months.
Pulse iD – moved to production stage with one of Malaysia’s largest media companies and soon entering global agreement with a global payments platform.
Solus – Released new dedicated banking application with proprietary workflow and Solus scoring system.
Springday – Invited to participate on the Australian Government Digital Health CRC and gone live with Arcadis Asia in 12 markets.
According to Mr Matthew Norris, Standard Chartered’s Global Head, Global Business Services, “The value-add of SuperCharger goes beyond sourcing effective solutions to existing problem statements. By enabling collaboration between the best Fintech start-ups and established financial services companies, SuperCharger has brought to life real innovation for the financial services industry. As a founding sponsor of SuperCharger, Standard Chartered is pleased to reaffirm our commitment to encouraging innovation and entrepreneurship in the markets where we operate by nurturing the next generation of fintech entrepreneurs who will shape the next trends in banking.”
“This ecosystem, through multiple engagement efforts with regulators, financial instruments, industry players and experts, academic institutions, investors, start-ups, and scale-ups, is now experiencing accelerated growths. In wanting to leverage on this development as a nation, Malaysia aspires to be an emerging FinTech hub that oversees multi-lateral focuses in this space. This collaboration with SuperCharger, Allianz, and Standard Chartered will be the next enabler element that can and will attract various industry players to consider Malaysia as suitable to grow their network and expand their reach within and around Southeast Asia. What this programme has discovered and improved with these nine start-ups re-affirms the market potential within the FinTech space,” said Dato’ Ng Wan Peng, COO of MDEC.
Allianz Malaysia Berhad’s Chief Executive Officer, Mr Zakri Khir, said “Allianz Malaysia’s association with SuperCharger has given us access to nine promising start-up companies and we have learnt a great deal from the way they operate and run their business. It allows us to break into the new digital landscape, leverage on their expertise and innovative ideas to reach out to customers and improve customer experience”.
The initiative builds from SuperCharger’s experience as a super-connector for FinTech companies wishing to move into Asia by playing a bigger role in supporting the whole ecosystem in Malaysia.
Tyler Aveni, SuperCharger KL’s Country Director said “The programme SuperCharger built in Hong Kong through partners like Standard Chartered has done a good job at enabling partnerships between innovative startups and leading financial institutions. In Malaysia, we are doubling down on this role, but it is rewarding to do so and grow alongside the Malaysia FinTech industry as it takes shape. Developing local talent and drawing awareness of innovation occurring internationally can help the community. Working with an insurer like Allianz and government agencies like MDEC adds additional depth to the program as well. We are inspired and humbled to be part of the country’s transformation in this industry, and we are committed to doing more, doing better going forward.”
As the programme winds down, SuperCharger intends to continue to host public events and connecting the community. Islamic FinTech and digital payments are two areas where Malaysia has room to lead in and grow. As the industry grows, the emergence of more local business-to-business (B2B) FinTech companies should signal a maturing of the market in the coming months.
SuperCharger’s Hong Kong programme is now accepting applications; the Kuala Lumpur leg will re-open for applications in the summer of 2018.