Franklin Templeton will provide startups in this incubator with a minimum of US$150,000 each in seed funding
Asset management firm Franklin Templeton has officially opened its first Asian fintech incubator in Singapore.
The Franklin Templeton Singapore FinTech Incubator is a joint incubation programme for early-stage startups launched in partnership with F10 Global.
Located in the heart of Singapore’s business district at the 80RR FinTech Hub, the incubator focuses on supporting early-stage fintechs in the areas of blockchain, digital distribution and wealth management technology, insurtech, sustainability, data science, and predictive behaviour analytics.
Franklin Templeton will provide startups in this incubator with a minimum of US$150,000 each in seed funding.
Commenting on the launch of the new incubator, Tariq Ahmad, co-head of the Asia Pacific at Franklin Templeton, said: “In line with the Monetary Authority of Singapore’s push to nurture a culture of innovation in the financial services sector, we are delighted to officially kick off the launch of the Franklin Templeton Singapore Incubator programme, which demonstrates our commitment to supporting the next generation of fintech startups.”
“The official opening of the incubator comes at a time when fintech startups are poised for further growth across the region. We will continue to seek collaborations with agile and promising startups to strengthen Singapore’s role as a regional innovation hub and deepen collaboration within Asia Pacific’s vibrant fintech ecosystem.”
Franklin Templeton’s Singapore fintech team is responsible for the ongoing management and operation of the incubator. Margaret King, vice president of fintech partnerships and corporate strategic investments, said: “Singapore’s role as the leading fundraising and innovation centre for Asia Pacific startups has been growing on the back of rising fintech fundraising levels.”
“With the stewardship, expertise and support of our local Singapore-based fintech team, we seek to support creative startups across the region through the inaugural Franklin Templeton Singapore FinTech Incubator.”
“This programme also builds on the success of our fintech incubator in Silicon Valley, and we encourage more startups in Asia Pacific to join our programme to catalyse innovative solutions in fields such as blockchain, alternative data, wealth management and green tech. Together, we can transform the way asset management is delivered and experienced across the region.”
BetterData was the first startup selected from more than 30 applications to the incubator. The fintech provides a one-stop data platform that aims to enhance data quality, bridge gaps and correct biases using AI models and privacy-preserving techniques.
Franklin Templeton said BetterData “helps to improve data-driven processes, reduce costs with near-instant data access and increase revenue streams in the financial services sector”.
In addition to seed funding, selected startups will be able to utilise Franklin Templeton and F10’s incubation curriculum, including two years of residency and individualised milestone-based programming, and receive extensive mentoring and guidance.
Applications for the Franklin Templeton Singapore FinTech Incubator are open, with the first phase of the programme commencing next month.