Lankan Angel Network (LAN) together with KPMG, Digital Innovation Fund and HATCH, a startup incubation and acceleration platform are organizing a program for the first time in order to empower local Fintech startups. The aim of the program is to look for local innovative solutions that address problems in the financial services industry ranging from the local, to regional and even global levels.
Being a part of the Fintech Hackcelerator
If you are a Fintech company and you are interested in taking part in this program, then all you have to do is to submit your business plan to email@example.com before midnight on June 17, 2018. Selected companies from the first round will be mentored to apply for the Global Fintech Hackcelerator in Singapore. In addition, the companies will also get an opportunity to raise funding through DIF and LAN.
In case you didn’t know, the Digital Innovation Fund, powered by Dialog Axiata, and managed by BOV Capital, is an LKR 2.3 billion fund that invests in digital startups. The Lankan Angel Network is Sri Lanka’s largest network of business professionals and experienced entrepreneurs who actively seek and invest in early-stage, innovative and scalable ventures. The winner of the local competition will be sponsored to attend Singapore’s largest Fintech festival in 2018.
The current state of Fintech companies
According to KPMG, investments in global Fintech companies were US$31 Billion. The global Fintech industry has tripled in size over the last 10 years. Year-on-year global growth projections for the industry has also exceeded 25%. The preexisting Fintech landscape that includes lending, personal finance, payments, consumer banking, retail and institutional investment platforms, insurance and regulatory tech will all continue to be boosted with technologies such as Blockchain, AI, and Machine Learning.
“Fintech is a significant area of interest in Sri Lanka and worldwide. Further, we are seeing huge opportunities for growing local Fintech startups across Asia, and beyond. With access to the right resources and networks, there is no limit to what Sri Lankan Fintech companies can achieve in this space”, commented Prajeeth Balasubramaniam, Co-Founder, BOV Capital / Founding Board Member, Lankan Angel Network.