The Co-Foundry and Plug & Play launch new fintech accelerator in Singapore

Startups in Singapore’s fintech space will get another shot at joining an accelerator, thanks to the arrival of a new program called TCF-PnP Program: Fintech Call 2015.

The program’s acronym-heavy moniker doesn’t exactly roll off the tongue, but it highlights the main partners behind it: launched by Singapore venture accelerator The Co-Foundry and Silicon Valley’s Plug & Play, the initiative is also supported by global forex broker service provider OANDA Asia Pacific and Singaporean VC BlueHill Asset Management.

The TCF-PnP program will provide fintech startups with networking opportunities and mentorship from OANDA and BlueHill mentors as well as entrepreneurs with experience in the business and technology space. Workspace facilities will be offered both in Singapore and in Silicon Valley in the USA.

The 6- to 12-month long program will offer participating startups funding support ranging from pre-seed (up to US$200,000) to seed (up to US$1 million) and help them in strategic fundraising from VCs and angel investors on both sides of the Pacific. Startups can choose to participate in either the Singapore or the Silicon Valley branch of the program and switch at will later. The only requirements for participation are that the companies are in pre-seed or seed stage and that they are involved in fintech.

Betting on fintech startups certainly makes a lot of sense in Singapore, one of the largest and most active financial hubs in Asia. Another accelerator program, Startupbootcamp FinTech, just announced its participating startups for the summer.

“With more than 600 financial institutions in Singapore, the financial services industry is a significant contributor to the economy and has established Singapore as the unrivalled financial hub in Southeast Asia,” Vicknesh R. Pillay, managing director at BlueHill and one of the program’s lead mentors, said in a statement.

Fintech Call 2015 will have three rounds for applications to the program, with the deadline for the first round on April 30. The other two rounds will expire May 31 and June 30.

Silicon’s Valley Plug & Play is also backing the SPH Plug & Play program by Singapore Press Holdings, aimed at local and regional media startups.