Startup Xchange: Adopting an outcome driven and collaborative approach to deliver values through start-up and bank collaborations
Startup Xchange, a programme by the DBS Innovation’s fintech team, was launched to enable DBS and our customers to harness the power of emerging technologies. While accelerators were the norm, we made a conscious choice to deviate from such a model.
Our research found that 78% of locally launched accelerators have become defunct as many start-ups had failed without the continued support from established sponsors and partners. A 2018 Ernst & Young ASEAN Fintech Census also revealed that less than 39% of fintech start-ups benefitted from fixed tenures at accelerators. It takes more than just seed monies when it comes to supporting start-ups.
So we embarked on a unique journey to match DBS’ business teams and our clients to start-ups with cutting-edge technology solutions. It’s a win-win proposition — we solve problems faced by the bank and our clients, while providing valuable business to the fintech start-ups. We find this imperative for our transformation from a conservative bank to a nimble 26,000-person start-up. How does Startup Xchange play to this change?