Top three startups will receive early-stage funding of approximately US$36,500 each
1337 Ventures, a startup accelerator and early-stage VC firm based in Kuala Lumpur, is launching an accelerator programme, called “Alpha Startups: MyFintech Week” for Bank Negara Malaysia’s MyFintech Week 2019.
MyFintech Week is a one-week long festival to promote growth and diversity in the fintech ecosystem, spur digital transformation of financial institutions, develop fintech for mutual benefit, and elevate its public acceptance. The event, which will be held from 17 to 21 June 2019, comprises concurrent sessions throughout the week, which will run in various formats designed to inspire thinking, stimulate discussion and encourage networking through panels, smart networking sessions, industry dialogues, as well as tech showcases.
“With over 170 active fintech players, the Malaysian fintech scene is healthy and growing. Bank Negara Malaysia (the central bank) has appointed 1337 Ventures to run The Alpha Startups for MyFintech Week accelerator programme to solve financial consumers pain points in the areas of banking, payments, insurance technology and regulation/supervision technology. Bank Negara Malaysia has also launched “The Financial Innovation Lab Challenge”, in collaboration with UNCDF, to assist fintech startups in building solutions to address financial inclusion needs for Malaysians. These two initiatives will feature at MyFintech Week 2019,” said En Suhaimi Ali, Chairman at Bank Negara Malaysia’s Financial Technology Enabler Group (FTEG).
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Alpha Startups: MyFintech Week is catered to startups of all stages, from ideation to seed. The pre-accelerator dives deep into helping entrepreneurs capitalise on technology to identify new opportunities in the fintech industry and build useful and marketable in-demand products that enhance financial services. Furthermore, startups are able to validate their idea with stakeholders and policy makers.
The 4-week, intensive programme culminates in a demo day in MyFintech Week. Top teams presenting in demo day will be able to present their pitches to top investors throughout the region. Selected top three teams will receive early-stage funding of RM150,000 (approximately US$36,500).
Beyond funding, the teams will undergo a 6-month intensive accelerator programme, where they will be connected with potential investors, mentors, and partners. Teams will also receive a slew of exclusive package worth over RM500,000 (US$121,500), ranging from US$100,000 worth of cloud credits from Amazon Web Services, and Google Cloud.
Additionally, companies will also receive free benefits from payment gateways, marketing tools, and recruitment platforms. As part of the partnership, Bank Negara Malaysia will facilitate selected startups through the Fintech Regulatory Sandbox if necessary.
As the first accelerator in Malaysia, Alpha Startups has graduated top startups all over Southeast Asia. Some the notable graduates are Funding Societies, Gigfairy, Coins.ph, MaidEasy.
Applications are now open, and ends on April 19.
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