-------------------
By Uwin Lugoda
The restrictions introduced in an effort to reduce the global health crisis are bringing financial technology (fintech) and other digital technologies to the forefront as consumers change their day-to-day behaviour and businesses to alter how they operate.
Seeing this demand, Hatch Works, a Sri Lankan accelerator for start-ups, virtually launched the country’s first fintech accelerator programme ”HatchX” on 23 April. The programme was carried out in partnership with Lankan Angel Network (LAN) and funded by the Ford Foundation, with the endorsement of the Central Bank of Sri Lanka (CBSL) and Fintech Association of Sri Lanka (FASL), which according to Hatch Works CEO Randhula De Silva will be instrumental in start-ups reaching out to and collaborating with fintech ecosystems across the region.
Fintech start-ups are now set to use this programme to find easier, faster, and affordable solutions for the country’s as well as the South Asia region’s financial services by navigating sophisticated financial markets and remaining globally competitive.
Speaking to The Sunday Morning Business, De Silva stated that the financial inclusion, especially in developing markets like Sri Lanka, had proven to be significantly more important during this pandemic. This is due to the usual forms of transaction and accessibility cut off, and with e-commerce activities taking a surge, technology has begun to play a critical role. She explained that because of this, fintechs are now given the opportunity to play a unique role in extending financial services and inclusion to support the sustenance of people’s daily lives.
“Over the years, fintech was identified as a key area needing intervention in Sri Lanka, and HatchX fintech chapter came about as a result of this.”
According to HatchX Programme Director Nio Liyanage and Programme Manager Sanchitha Silva, as a programme, HatchX acts as a platform that supports start-ups and mature companies by enhancing the capability of the teams and accelerating business growth while scaling their products and services. The programme is set to run for a span of 16 weeks involving a rigorous curriculum, a vast mentor network, and hands-on business support functions. They went on to state that this is one of the first accelerators in the South Asian region with both virtual and physical interaction.
Liyanage and Silva explained that the core challenges HatchX looks to solve include business and fintech specific expertise, access to banks and regulators, as well as the ability to raise capital.
“Through HatchX’s foundational pillars focused on education, investment readiness, and networking, entrepreneurs can access knowledge, expertise, collaboration, and investment opportunities – all within the safe space of a curated accelerator programme designed by an internationally experienced expert team.”
The seven start-ups that are currently in the programme include Digital Insurance Lanka Brokers which offers insurance solutions through telecommunication operators, Direct Pay which introduces a cashless payment system, Flipbox.com which finds the best rates for fixed deposits, Helios P2P which is a peer-to-peer lending platform, iLoan which is a blockchain-powered enabler service, MintPay which is a “buy now, pay later” service, and OGO Pay which is a unified platform to connect anyone to any financial institution.
Both Liyanage and Silva stated that from an educational standpoint, the programme will focus on business and entrepreneurial fundamentals, financial modelling, banking and fintech nuances, raising capital, pitch coaching, sales and marketing, team and culture, soft skills, and legal advice.
“HatchX also offers expertise and networking opportunities through its close relationships with the Central Bank of Sri Lanka, Fintech Association (FASL), and the financial sector as a whole.”
They also stated that the start-ups will have a unique chance to access a variety of different investment opportunities such as the LAN, institutional investors, corporations, and high-net-worth individuals.
Speaking of the finances behind such a programme, De Silva stated that the programme is cost-intensive and is supported by the Ford Foundation, facilitated through LAN, which allows Hatch to provide free access to the programme for the most deserving start-ups selected through a well-streamlined selection process.
“The programme has a fixed curriculum running across four months and is open to start-ups that apply and get selected. We will be initiating our next programme later this year on fintech, and potentially other vertices as well, which will be announced publicly for any suitable start-up to apply.”
[caption id="attachment_85151" align="alignleft" width="300"]
Hatch Works Co-Founder Jeevan Gnanam[/caption]
Hatch Works Co-Founder Jeevan Gnanam stated that it was important to have new innovation in the country’s financial ecosystem because it fundamentally improves the quality, efficiency, and accessibility of financial services to the Sri Lankan consumer.
Furthermore, he noted that banks and businesses in general will benefit tremendously by better technologies, innovative processes, and a more inclusive financial system. Examples of specific use cases solved by companies in the programme include better payment methods, improved access to capital, and credit and risk scoring advancements, as well as enhancing knowledge and access related to investment and insurance services.
HatchX is also the first virtual accelerator to be launched in the overall South Asian region during the Covid-19 pandemic.
Seeing this demand, Hatch Works, a Sri Lankan accelerator for start-ups, virtually launched the country’s first fintech accelerator programme ”HatchX” on 23 April. The programme was carried out in partnership with Lankan Angel Network (LAN) and funded by the Ford Foundation, with the endorsement of the Central Bank of Sri Lanka (CBSL) and Fintech Association of Sri Lanka (FASL), which according to Hatch Works CEO Randhula De Silva will be instrumental in start-ups reaching out to and collaborating with fintech ecosystems across the region.
Fintech start-ups are now set to use this programme to find easier, faster, and affordable solutions for the country’s as well as the South Asia region’s financial services by navigating sophisticated financial markets and remaining globally competitive.
Speaking to The Sunday Morning Business, De Silva stated that the financial inclusion, especially in developing markets like Sri Lanka, had proven to be significantly more important during this pandemic. This is due to the usual forms of transaction and accessibility cut off, and with e-commerce activities taking a surge, technology has begun to play a critical role. She explained that because of this, fintechs are now given the opportunity to play a unique role in extending financial services and inclusion to support the sustenance of people’s daily lives.
“Over the years, fintech was identified as a key area needing intervention in Sri Lanka, and HatchX fintech chapter came about as a result of this.”
According to HatchX Programme Director Nio Liyanage and Programme Manager Sanchitha Silva, as a programme, HatchX acts as a platform that supports start-ups and mature companies by enhancing the capability of the teams and accelerating business growth while scaling their products and services. The programme is set to run for a span of 16 weeks involving a rigorous curriculum, a vast mentor network, and hands-on business support functions. They went on to state that this is one of the first accelerators in the South Asian region with both virtual and physical interaction.
Liyanage and Silva explained that the core challenges HatchX looks to solve include business and fintech specific expertise, access to banks and regulators, as well as the ability to raise capital.
“Through HatchX’s foundational pillars focused on education, investment readiness, and networking, entrepreneurs can access knowledge, expertise, collaboration, and investment opportunities – all within the safe space of a curated accelerator programme designed by an internationally experienced expert team.”
The seven start-ups that are currently in the programme include Digital Insurance Lanka Brokers which offers insurance solutions through telecommunication operators, Direct Pay which introduces a cashless payment system, Flipbox.com which finds the best rates for fixed deposits, Helios P2P which is a peer-to-peer lending platform, iLoan which is a blockchain-powered enabler service, MintPay which is a “buy now, pay later” service, and OGO Pay which is a unified platform to connect anyone to any financial institution.
Both Liyanage and Silva stated that from an educational standpoint, the programme will focus on business and entrepreneurial fundamentals, financial modelling, banking and fintech nuances, raising capital, pitch coaching, sales and marketing, team and culture, soft skills, and legal advice.
“HatchX also offers expertise and networking opportunities through its close relationships with the Central Bank of Sri Lanka, Fintech Association (FASL), and the financial sector as a whole.”
They also stated that the start-ups will have a unique chance to access a variety of different investment opportunities such as the LAN, institutional investors, corporations, and high-net-worth individuals.
Speaking of the finances behind such a programme, De Silva stated that the programme is cost-intensive and is supported by the Ford Foundation, facilitated through LAN, which allows Hatch to provide free access to the programme for the most deserving start-ups selected through a well-streamlined selection process.
“The programme has a fixed curriculum running across four months and is open to start-ups that apply and get selected. We will be initiating our next programme later this year on fintech, and potentially other vertices as well, which will be announced publicly for any suitable start-up to apply.”
[caption id="attachment_85151" align="alignleft" width="300"] Hatch Works Co-Founder Jeevan Gnanam[/caption]
Hatch Works Co-Founder Jeevan Gnanam stated that it was important to have new innovation in the country’s financial ecosystem because it fundamentally improves the quality, efficiency, and accessibility of financial services to the Sri Lankan consumer.
Furthermore, he noted that banks and businesses in general will benefit tremendously by better technologies, innovative processes, and a more inclusive financial system. Examples of specific use cases solved by companies in the programme include better payment methods, improved access to capital, and credit and risk scoring advancements, as well as enhancing knowledge and access related to investment and insurance services.
HatchX is also the first virtual accelerator to be launched in the overall South Asian region during the Covid-19 pandemic.