VIISA: Vietnam (Fintech) Accelerator launched to Build Global Startups from Vietnamby Fintechnews Singapore October 5, 2016
The Vietnam Innovative Startup Accelerator (VIISA) announced that it is launching the call for applications into its inaugural batch in Nov 2016. VIISA is an open ended fund that is a partnership of major corporations, BIDV, Dragon Capital, FPT and Hanwha Investment. VIISA will invest US$8 million into startups that will build global companies out of Vietnam.
With Vietnam’s rapidly growing middle class, an increasingly digital population and availability of technical talent, it is increasingly becoming a startup hub of choice in Southeast Asia. VIISA aims to attract foreign and local entrepreneurs to seize the opportunities and build their startup from Vietnam.
VIISA will invest up to US $15,000 into each company and provide up to $200,000 worth of technical resources, office accommodation, accountancy and bank account services and access to more than 100+ world class mentors and investors. Promising startups will also receive up to to $500,000 of follow-on funding.
Mr Adrian TAN, Program Director of VIISA said, “There are more than 650 million people in Southeast Asia and a fast growing middle class. We believe that VIISA can help entrepreneurs create value through innovative products and services for the emerging markets that can impact millions of people.”.
Mr DO Huy Hoai, CEO of BIDV Securities Company said, “We are excited about this collaboration as it brings together strategic corporate partners that will invest and scale up the innovative startups that will be the large companies of tomorrow.”
“Technology is transforming our lives completely” – said Dominic SCRIVEN, Chairman of Dragon Capital Group. “It is imperative for all of us, individuals and companies, to keep abreast of technology trends, and turn them to our advantage. VIISA is well positioned to help us with that.”
Mr TRAN Huu Duc, Head of FPT Ventures: “To spur the growth of a startup ecosystem, we need to bring together great founders, local and foreign investors, innovative government leaders. We are privileged for the support for VIISA, we will be able to create a platform to accelerate innovation in the country.”
Mr Jong Min KIM, Head, New Business team at Hanwha said, “VIISA will be positioned as a focal point in the Vietnam start-up ecosystem. We believe that synergies between different co-founding partners from different industries will help to trigger Vietnam to become the next start-up hub in Southeast Asia.”
VIISA officially launches the call for applicants. Shortlisted startups will be accepted into a one month online pre-accelerator program, before 10 final companies will attend an onsite program for the next 3 months.
The teams will present their pitches in a Demo Day March 2017 to invited investors.