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DBS Bank initiative to help start-ups

DBS Bank has announced that it would invest S$10 million over the next five years in initiatives aimed at helping homegrown start-ups to thrive. These initiatives will include a variety of DBS-owned programs, partnerships with accelerators, as well as other programs that will benefit homegrown start-ups. One such initiative is a pre-accelerator program called DBS HotSpot, which aims to help fledgling start-ups. Selected companies will be offered a S$25,000 entrepreneur award, workspace facilities and access to industry mentors. DBS HotSpot participants will be coached by industry mentors, angel investors and DBS executives. The bank said that it will not take an equity stake in the participating firms.

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