Visa invites Asia Pacific’s top startups to shape the future of payments
12/15/2022
Visa, a world leader in digital payments, has announced an open call for startups across Asia Pacific to apply for the Visa Accelerator Program 2023. Now in its third year, the Visa Accelerator Program selects a small group of startups to collaborate on some of the most pressing challenges in the payments industry. The 2023 program will focus on developing solutions in the following areas: Web 3.0, global money movement, embedded finance, merchant and small business enablers, and open banking solutions.
The Visa Accelerator Program was launched in 2019 and has since enabled the growth of some of Asia Pacific's most prominent startups. The five startups from the 2022 cohort presented their proof-of-concepts at the Visa Accelerator Spotlight event, after working with Visa product and business development teams to bring their concepts to life and expand their businesses into new markets across the region.
Startups from the 2021 and 2022 cohorts secured nine commercial deals with Visa's clients and partners in Asia Pacific. Additionally, Visa has entered into six partnership and commercial agreements with selected startups, emphasising the value that startups can bring to the larger payments industry.
Chris Clark, President, Asia Pacific, Visa said, "It is exciting to see great products co-developed by the successful startups from the previous cohorts, who have also become our valued partners. Expectations are high as we recruit for the third cohort, because we want to continue bringing the best startups across the region into Visa's payments network. We're looking forward to seeing applications from all around Asia Pacific for the 2023 Accelerator Program."
To tap into the best of the Asia Pacific startup community, Visa is partnering with Plug & Play, one of the world's most successful global innovation platforms. Plug & Play will be a key strategic partner and will curate access to emerging fintech-focused startups for the Visa Accelerator Program 2023. Plug & Play will bring their expertise as a highly successful investor and their experience working with other major corporate accelerator programs, to identify, attract and accelerate startups who want to solve industry challenges and scale new technologies.
Jupe Tan, Managing Partner of Plug & Play APAC said, "We are delighted to be working on the Visa Accelerator Program. Our goal is to provide a line-of-sight into the most innovative fintech startups that are shaping the financial services industry across Asia Pacific, as well as enable successful proof-of-concept engagements between the finalised startups and Visa."
Dung Dang, Visa Country Manager of Vietnam and Laos shared: “Vietnam is a leading market for fintech innovation in ASEAN with more than four out of five consumers using apps with embedded finance functionality1 and almost 80% of consumers are interested in using smart devices for shopping2. The Visa Accelerator Program will help the most innovative fintechs expand their market reach with the right product solutions, technical integration and fast-tracked commercialization. With the roadshow organized by Plug & Play in Ho Chi Minh City, we hope the appetite for innovation and entrepreneurship in Vietnam, one of the most vibrant startup scenes in Asia-Pacific, will see strong interest among startups to join our program.”
Clark added, "Our partnership with Plug & Play will connect Visa with like-minded fintechs that share our common goal to build new digital commerce experiences together. From exploring the potential of new developments like Web 3.0 and embedded finance, to making it easier for businesses to move money around the world, there are so many opportunities for startups to work with Visa and our network of bank and merchant partners."
Join the program
Applications for the Visa Accelerator Program 2023 are now open and will close 10 January 2023. The program is the right fit for startups that are at Series A and above, have a long-term commitment to Asia Pacific growth and existing operations in the region, and have a market-validated, proven solution. The six-month program will allow selected startups to work together with Visa's payment experts, product architects and business development teams to rapidly co-develop, test, and iterate solutions, while pursuing tangible go-to-market opportunities with Visa's extensive network of financial institutions, merchants and digital partners. For more information, including how to apply, visit: https://www.visa.com.sg/apaccelerator
1 FinTech in ASEAN 2022: Finance, reimagined report was prepared by United Overseas Bank in Nov 2022.
2 The Visa Consumer Payment Attitudes Study was prepared by CLEAR in Aug-Sep 2021, surveyed amongst 6,520 consumers in Singapore, Philippines, Malaysia, Indonesia, Thailand, Vietnam, and Cambodia. The study conducted online interviews with 1,000 Vietnamese consumers across the country who are working part or full time with a demographic mix that sought to create a representative mix of ages and genders.
About Visa
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About Plug & Play
Plug & Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before.
Since inception in 2006, our programs have expanded worldwide to include a presence in over 40 locations globally, giving start-ups the necessary resources to succeed in Silicon Valley and beyond. With over 64,000 start-ups and 500 official corporate partners, we have created the ultimate start-up ecosystem in many industries.
We provide active investments with 200 leading Silicon Valley VCs, and host more than 1,000 networking events per year. Companies in our community have raised over $9 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal. For more information: visit www.plugandplayapac.com