Franklin Templeton, a global independent asset manager, has officially opened its first Asian fintech incubator in the heart of Singapore. The new Franklin Templeton Singapore FinTech Incubator is a joint incubation program for early-stage FinTech startups in partnership with F10 Global Innovation Network Singapore Pte. Ltd. (“F10”).
Located in the heart of Singapore’s business district at the 80RR FinTech Hub, the incubator focuses on supporting early-stage fintech companies in the areas of blockchain, digital distribution and wealth management technology, insurtech, sustainability, data science and predictive behaviour analytics, among others. Franklin Templeton will provide startups in this incubator a minimum of $150,000 each in seed funding.
BetterData is the first startup selected from over 30 applications for the Franklin Templeton Singapore FinTech Incubator. BetterData is a data platform that aims to enhance data quality, bridge data gaps and correct data biases by converting limited real data into limitless synthetic data which is faster and safer. By combining cutting-edge AI models and privacy-preserving techniques, BetterData helps to improve data-driven processes, reduce costs with near-instant data access and increase revenue streams in the financial services sector.
Tariq Ahmad, co-head of APAC 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 program, 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.”
Uzair Javaid, co-founder and CEO, and Kevin Yee, co-founder and CTO at BetterData, said: “We are thrilled to be a part of the Franklin Templeton Singapore Incubator program. Access to quality data is foundational to Singapore’s digitalisation and innovation agenda, and we believe that synthetic data – with its ability to overcome real data limitations and usage restrictions – is the future for open data innovation. We plan to scale our operations and achieve our vision of being the leading synthetic data provider in APAC with the mentoring, guidance, funding and networking support from Franklin Templeton.”
The Franklin Templeton Singapore FinTech Incubator is a part of Franklin Templeton’s broader commitment to invest in innovation to meet tomorrow’s challenges. Franklin Templeton’s Singapore FinTech team is responsible for the ongoing management and operation of this incubator.
Margaret King, VP, fintech partnerships and corporate strategic investments at Franklin Templeton, said: “Singapore’s role as the leading fundraising and innovation center 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 program also builds on the success of our fintech incubator in Silicon Valley, and we encourage more startups in Asia Pacific to join our program 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.”
The grand opening of the fintech incubator showcased companies that have emerged from Franklin Templeton’s global incubator program, as well as the firm’s key startup partners in the Asia Pacific region. They include:
- Brelyon, a technology pioneer in hardware and software technologies for headset-less immersive experiences headquartered in San Mateo, California
- Autumn, a first-in-market wealth, health and lifestyle consumer platform headquartered in Singapore
- Coherent, a Hong Kong-based software company that helps insurers transform their business and workflow processes
- Quantifeed, a Hong Kong-based digital wealth management platform for financial institutions
In addition to the seed funding, selected startups for the Franklin Templeton Singapore FinTech Incubator will be able to utilise Franklin Templeton and F10’s well-curated incubation curriculum, including two years of residency, individualised milestone-based programming and receive extensive mentoring and guidance by both founding organisations. Startups can further leverage on F10’s ecosystem of over 120 venture capitalists, a strong global corporate partner network in the financial services industry, and a strong mentor network of over 70 individuals.
Applications for the Franklin Templeton Singapore FinTech Incubator are open, with the first phase of the program commencing in July 2022.