HLB launches programme to nurture technology start-ups
KUALA LUMPUR: Hong Leong Bank Bhd ( HLB) announced the HLB LaunchPad, a mentorship and developmental programme targeted at nurturing the nextgeneration of promising Malaysian technology and FinTech startups.
This programme is part of HLB’s collaboration with Malaysia’s official trade association and governing body for angel investors and clubs, the Malaysian Business Angel Network ( MBAN) announced last October. The programme also sees the participation of Cradle Fund Sdn Bhd ( Cradle), a leading early stage funding agency offering funding opportunities to eligible participants of the programme.
“We are very excited to be rolling out HLB LaunchPad and are confident that our partnership with MBAN and Cradle will enable HLB to bring on board and nurture Malaysia’s next generation businesses.
“Since we announced our collaboration in October 2016, we have seen many local start-ups with the potential to innovate and grow in the financial services space and we envision the HLB LaunchPad to be a catalyst for opportunities for both sides of the ecosystem,” said HLB Group managing director and chief executive officer Domenic Fuda.
Under HLB LaunchPad, the Bank will select up to five startups to undergo an intensive three month programme specifically focusing on three areas: ‘Simplifying banking today’, ‘Digitising customer journeys & experience’, and ‘Re-imagining banking for tomorrow’.
Participants would be mentored by the Bank’s senior management and will have first-hand experience and exposure to the knowledge, experience and expertise of the key people driving the product, business and infrastructure development within HLB in addition to cutting edge technologies.
Participants would also be trained by design thinking experts and get the opportunity to validate their products in the market. In addition, they will receive an allowance of up to RM25,000 per startup to enhance their product or service offerings.
Of note, one of the five start-ups selected may be considered for an equity investment of up to RM1 million if the start- up is able to meet Cradle’s specific and comprehensive investment requirements.
HLB has over the past years continued to invest in digital initiatives with the objective to improve operational efficiency, customer service and product innovation.
HLB LaunchPad will be focusing on areas around Fintech, customer experience, cognitive technologies, big data, product and productivity enhancements. Applications for the HLB LaunchPad is now open.