Luxembourg, July 01, 2024 – The Luxembourg House of Financial Technology (LHoFT) is pleased to announce the successful conclusion of the inaugural edition of Catapult: Financial Inclusion Southeast Asia, a unique acceleration program designed to empower fintech startups to achieve significant growth and to drive innovation. Hosted over two intensive weeks in Bangkok, Thailand, and Luxembourg, the program offered a dynamic platform for collaboration and development in financial services.
A Premier Acceleration Initiative
Catapult, renowned for accelerating fintech startups globally since 2016, closed its first edition in Asia with resounding success. Supported by the Directorate for Development Cooperation and Humanitarian Affairs, the program welcomed 15 impactful fintech startups from 10 countries. Over two weeks in Bangkok and Luxembourg, participants engaged in 37 workshops and over 90 hours of intensive training, guided by 40+ mentors and involving 32 partners from ASEAN fintech associations and Luxembourg stakeholders. This immersive experience provided startups with essential tools, personalised mentoring, and unparalleled networking opportunities, including participation in Money 20/20 Bangkok and Nexus 2050 in Luxembourg.
Deputy Director for Development Cooperation and Humanitarian Affairs, Geneviève Hengen: “This first edition of the Catapult: Inclusion Southeast Asia has been a transformative journey for all participants, fostering diversity and innovation by empowering underrepresented fintech entrepreneurs with the resources, mentorship, and global network needed to develop solutions that uplift the most vulnerable communities, ensuring inclusive growth and financial accessibility.“
Innovative Startup Cohort
This edition featured diverse fintech startups, spanning blockchain, digital banking, payments, credit scoring, risk management, IT consulting, and sustainable financing. InvestEd (Philippines), with their Gen Z-focused lending platform, won the competition and were awarded 10,000 euros. Farmvocacy (Philippines), with their farm sustainability efforts, won the “Coup de Coeur” prize and were awarded a full invitation to the African Microfinance Week.
Among the Catapult Alumni were AIForesee (Indonesia), BlueDuck (Malaysia), Ekko (Vietnam), Fina Fintech (Laos), Finfra (Indonesia), GoodTech Information Systems Inc. (Philippines), Global CreditPros, iCare Group (Singapore), Laneth Tech Company (Thailand), Lao Mobile Money (Laos), LTS VENTURES (Laos), Noburo Wealth-Being (Thailand), and Wahine Capital (Malaysia). Each brought unique technologies and perspectives, enriching the vibrant fintech innovation ecosystem in the region.
Bridging Fintech Ecosystems: Catapult’s Impact
Catapult: Inclusion Southeast Asia’s debut yields impressive outcomes; startups report major improvements in business strategies and vision. Notably, collaborations like the partnership between Farmvocacy and Laneth Tech, born from the program, exemplify Catapult’s transformative potential. This marks the first official partnership among several announced within the cohort. Startups are also actively pursuing investments from top financial institutions and venture capitalists, as well as forging essential connections with potential clients.
Catapult’s central mission is to generate impact by connecting fintech ecosystems worldwide with Luxembourg, fostering cross-border collaboration and knowledge exchange to enhance global competitiveness. This initiative not only opens doors to new customer bases and investment opportunities but also cultivates synergies across diverse markets.
LHoFT CEO, Nasir Zubairi, expressed, “Catapult: Financial Inclusion Southeast Asia has demonstrated the power of fintech to bridge markets and foster sustainable growth. This program underscores Luxembourg’s commitment to being a pivotal hub for global financial innovation and inclusion.”
Catalysing Fintech Innovation
The LHoFT drives global financial inclusion by expanding its Catapult program to new regions and fostering innovative approaches. Their commitment to diverse and pioneering cohorts solidifies their position as a leading fintech accelerator in Luxembourg and Europe.
The latest edition of Catapult highlights the impact of collaboration and innovation in the fintech sector. The program accelerates not only business growth but also cultivates a global fintech community, uniting brilliant minds from across the globe. With three more editions slated for 2024 – Catapult: Green Fintech, Catapult: Inclusion Ukraine, and Catapult: Inclusion Africa – the journey towards fintech advancement is just beginning.
To learn more and apply for upcoming Catapult editions: https://lhoft.com/the-catapult-acceleration-programs/
