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Amazon Web Services Makes ‘Big Bets’ on Generative AI as it Launches Global Fintech Accelerator

Amazon Web Services (AWS) has launched its first ‘Global Fintech Accelerator’, in partnership with multinational tech company NVIDIA. The program aims to jumpstart early-stage fintech startups leveraging AI to innovate financial services across the NA, EMEA, and LATAM regions.

Amazon Web Services’ newly launched fintech accelerator offers seed-stage startups a unique opportunity to grow and scale their businesses with the help of experienced industry professionals and potential investors.

Throughout a six-week program, between 18 September and 23 October, 150 selected startups (50 companies from each region) will undergo tailored programming with experts across both the fintech and artificial intelligence/ machine learning (AI/ML) space.

Benefits of the program include:

  • Sessions focused on developing business and technical skills, best practices for fundraising, and key industry trends
  • Weekly deep dives and mentorship with technology teams from AWS and NVIDIA
  • The opportunity to receive up to $25,000 in AWS credits to build their products and service
  • Access to the global AWS fintech startup community, a group of mentors and investors, and future resources from an invite-only Slack workspace

At the end of the program, the top 15 fintech startups will be invited to present their products and services to a curated list of potential investors and customers on a demo day and could receive up to $75,000 in additional AWS credits.

‘Making big bets on the potential of generative AI’

Ninety-one per cent of financial institutions are using AI to drive business transformation and change, with 80 per cent of fintechs leveraging ML in particular. As the market evolves, AI and ML are standing out as critical enablers of innovation, driving success across the customer journey from user onboarding and workflow automation, to risk management and customer experience.

Howard Wright, vice president and global head of startups at Amazon Web Services, said: “We are making big bets on the potential of generative AI to significantly change every customer experience out there, especially as it relates to financial services.

“In the long term, we expect generative AI to usher in the era of self-driving money, when every consumer with a smartphone can have access to an affordable, trusted financial advisor that will help them improve their financial health. These solutions will leverage what the cloud does best: it democratises access for everyone.”

Malcolm deMayo, global vice president of financial services at NVIDIA, also commented: “Some of the world’s leading fintechs use the full-stack NVIDIA platform to harvest data intelligently and seamlessly through AWS. Through this collaboration, we can help many more startups, especially in our own startup program NVIDIA Inception, to jumpstart their AI and ML journey and bring new financial services to the market.”

Applications for the AWS Global Fintech Accelerator are open until 14 August 2023.

Author

  • Tom joined The Fintech Times in 2022 as part of the operations team; later joining the editorial team as a journalist.

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