8 APAC finance tech startups selected for FinTech Innovation Lab

Eight financial technology entrepreneurs have been selected to take part in the 2014 FinTech Innovation Lab Asia-Pacific, according to Accenture.

The contenders are pushing new innovations, including those related to more comprehensive analytics for credit analysis, data protection solutions and quantum computing software. 

These companies are Advanced Merchant Payments, AtCipher.com, Beijing Wecash Wonder Technology, FinSuite, I Think Security, iDGate, Jocata Financial Advisory & Technology Services, and QxBranch.

Accenture, in collaboration with financial institutions as well as Cyberport and Airbnb, launched the Lab which is designed to nurture early-stage companies from around the world that are developing new technologies for the financial services sector in Asia Pacific. 

Leading industry executives chose the eight entrants from a wide range of applicants and will receive senior-level mentoring to help them develop and commercialize their innovations and connect with potential customers at top institutions.

Advanced Merchant Payments enables banks and other financial institutions to profitably offer short-term unsecured loans to under-served small businesses in both developed and emerging markets.

AtCipher.com addresses the security concerns that many organizations have regarding cost-saving cloud solutions. AtCipher’s applications perform client-side encryption so that data is encrypted before reaching the server so that the cloud provider is unable to access the customer’s data, making it more secure.

Beijing Wecash Wonder Technology helps analyze Chinese customers’ credit. Customers sign up for the app, provide information to the company and within 15 minutes, receive a credit evaluation.

FinSuite developed patented technology that aims to reduce the cost and time required to analyze business structures and financials on loan applications. 

I Think Security is a cyber-security lab that provides easy-to-use, highest-grade data protection solutions to prevent data leaks and corporate espionage.

iDGate has developed an identity authentication system for online and mobile transactions that does not require a one-time-password via Short Message Service (SMS) or security device.

Jocata Financial Advisory & Technology Services Private provides sophisticated Know Your Customer (KYC) and Anti-Money Laundering (AML) software that reduces the cost of compliance and creates a standardized and reusable data asset.

QxBranch is developing software that will bring quantum computing to the mainstream. The startup has access to one of only two commercially available quantum computers and is commercializing products that harness the advantages of this breakthrough technology.