KPMG launches Digital Village to fill a crucial gap in the startup ecosystem

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Incubators, accelerators, and other startup support programs abound in every startup hub in the world today. Many of them are giving stellar support to fledgling startups. But much more can be done to fuel innovation and commercialize it, believes KPMG, one of the world’s biggest auditing and financial services companies.

That’s why KPMG in Singapore has launched KPMG Digital Village, a collaborative ecosystem of innovators, investors, and corporates innovating and reaping its rewards together. The global giant made the announcement today at our Tech in Asia Singapore conference.

“Our Digital Village will help startups to further accelerate and grow to the next stage and equip corporate clients with the latest innovation technology. More so, it will facilitate the adoption of innovation and technology by Singapore businesses, to grow and be competitive at an international level,” Lyon Poh, head of Digital + Innovation at KPMG in Singapore, said.

He pointed out that commercial innovation often lacks adequate management. “Whether it’s a small local enterprise or a large multinational company, many are often too focused on achieving marketing benefits,” he said. The KPMG Digital Village aims to tackle this issue head-on. It plans to match the needs of corporates and investors with the supply of innovation from startups, innovators, and research and development houses.

The Digital Village will focus on fintech, healthtech, and logistics. KPMG professionals will also lend their functional expertise around digital strategy, analytics, customer experience, cyber security, cloud computing, and Internet of Things (IoT).

Tech in Asia’s chief operating officer Andrew Wang underlined that Tech in Asia‘s mission is to serve Asia’s startup community. “And the collective value of Digital Village’s innovation ecosystem complements our objectives. As a strategic partner, we are now equipped to help startups tap into this network,” he said.

Tried and tested idea

Before implementing the Digital Village, KPMG tested out the core idea with one of its clients, a motor insurance company. It helped the insurer in Singapore to develop a working prototype for mobile telematics program. The client was guided throughout the ideation process and KPMG also shortlisted competitive ideas from startups for it. The result was an innovative mobile app that learns about driving behaviors and rewards good drivers. It paved the way for further digital products.

The Digital Village initiative officially launched today but it already has its first participant: AIA Group Limited (AIA), one of Asia’s top health insurers. KPMG has also tied up with other enablers to prepare startups for venture capital funding. This includes mentor-driven accelerator programs by Nest as well as local tertiary institutions to help young student entrepreneurs.

“Brilliant start-up innovations don’t always get the attention they deserve. We want to bring these valuable ideas to life, and beyond that, help contextualize their innovations to the challenges of corporate clients. If you’re a corporate with a business challenge, or a start-up with a groundbreaking concept, we want to be your first stop on a digital journey,” said Lyon Poh.

For a long while now, KPMG had what it calls an “innovation network” – venture capitalists, research institutions, and industry leaders – accessible to the firm’s corporate clients. The Digital Village initiative was further crafted to answer a demand by industry leaders for an “innovation ecosystem that not only incubates and accelerates new ideas but also commercializes them,” Lyon said.