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Banking & Finance

FE Credit kicks off fintech startup accelerator program

Released at: 17:00, 23/10/2019

FE Credit kicks off fintech startup accelerator program

Photo: Hung Cao (VET)

FE Xcelerate program to support fintech startups in Vietnam and globally over the course of 12 weeks.

by Hung Cao

Vietnamese lender FE Credit announced investment opportunities for fintech startups in Vietnam and globally through the launch of FE Xcelerate, an enterprise accelerator program, on October 22.

With cooperation from Medici, a multinational company that acts as a bridge between startups and investors, the accelerator program aims to support and mentor both domestic and foreign fintech (financial technology) startups and provide them with the opportunity to co-create business solutions that can be scaled into commercial products.

Vietnam ranks second in Southeast Asia in terms of the development of its startup ecosystem, according to Ernst & Young’s latest research. A survey on financial sector technology conducted by the Vietnam National University - Ho Chi Minh (VNUHCM-IBT) found that more than 154 companies are operating in the fintech field in Vietnam and 70 per cent of them have raised funds from investors in developed countries such as the US, the UK, France, and Japan. A record $117 million was raised in 2018; the most investment in Vietnamese startups to date.

Vietnam provides the necessary infrastructure for fintech services, even in remote areas, due to having one of the highest smartphone penetration rates in Southeast Asia. With the majority of the population being young (between 18 and 35) and its significant exposure to the outside world, the foundation for growth in the local fintech industry is solid.

“Our mission is to provide the best platform for startups and assist them with extensive guidance on moving from concept-to-product-to-market,” said Mr. Basker Rangachari, CMO of FE Credit. “With this, they can have enough resources to develop their technologies and turn them into viable commercial solutions for the financial sector in the most comprehensive way. Startups will also have an opportunity to quickly expand their business by offering their solutions to FE Credit’s large and diverse customer base.”

“We would be delighted to have all fintech startups in Vietnam participate in the program. They should not miss this unique opportunity to become an integral partner in this accelerator program. The program offers the opportunity to work with FE Credit’s experienced leaders and expert teams and develop innovative technological products with our guidance and support.”

Early-stage or mature startups with disruptive solutions for a pre-defined need can apply for the program. Startups must have been “operational” for at least one year and the deadline for applications is November 27.

The Top 20-25 shortlisted startups will be invited to “pitch” in the second week of December, where they can showcase their product in front of a panel of judges.

Those shortlisted on pitch day will get the opportunity to work closely with FE Credit for 12 weeks as a part of their accelerator program. Startups can take advantage of continued engagement with industry experts and global investors, via one-on-one interactions, for the entire duration of the program.

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