Hatch, LAN gear up to launch Sri Lanka’s first fintech accelerator
View(s):Hatch in partnership with Lankan Angel Network (LAN) and through the support of the Ford Foundation, will this month officially launch the first chapter of its start-up accelerator programme ‘HatchX’, establishing Sri Lanka’s first fintech accelerator.
The programme’s strategic partner will be the Fintech Association of Sri Lanka (FASL). It has also received the endorsement of the Central Bank (CB).
“This first chapter will stay true to HatchX’s unique vision of moving beyond the traditional accelerator model by linking six innovative start-ups with financial regulators in order to bridge the divide between the two in the start-up ecosystem. The programme is being launched at a time when Sri Lanka is urgently looking towards fintech solutions to address essential needs, especially as businesses and financial institutions are seeking digital solutions to deliver timely services to their customers in order to meet unprecedented demand,” Hatch said in a media release.
HatchX acts as a platform that supports start-ups and mature companies to scale their products and services in Sri Lanka and the region, while also opening up opportunities for collaboration, encouraging sharing and enabling access. 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.
Commenting on the new programme, Hatch co-founder Jeevan Gnanam said: “This will really put our group of start-ups through the mill. They’ll learn everything they need to about making it in a tough space and emerge stronger and more investible. They’ll be linked directly with banks, investors, and service providers as well as the CB. Eventually, they will become products that will hugely improve how we access finance in Sri Lanka and beyond. Especially now, that the country is waking up to the need for digital financial solutions to meet their daily needs. Everyone benefits, and everyone learns.”
The fintech chapter of HatchX is funded by the Ford Foundation through LAN, a platform for angel and private investors who invest in high-growth early stage Sri Lankan ventures. Since 2012, LAN has supported more than 30 start-ups via funding and mentored over 1,000 start-ups. Recently, LAN launched Sri Lanka’s first Angel Fund to back early-stage start-ups via a structure fund.
Commenting on the venture, Kasturi Wilson, Board Member of LAN and Managing Director of Hemas Pharmaceuticals, Surgical and Diagnostics as well as its logistics and maritime cluster said: “We’re thrilled to support the first FinTech start-up accelerator in Sri Lanka and deliver the same free of charge to start-ups. Thanks to the support of Ford Foundation, we’re able to back start-ups addressing challenges around inequality in Sri Lanka. Furthermore, it has helped us attract global experts with extensive experience in running accelerators. We hope that this learning and exposure will accelerate the growth of fintech start-ups in Sri Lanka.”
Speaking on behalf of both FASL and the fintech community, FASL President Rajkumar Kanagasingam noted that this was an important first step for fintechs in Sri Lanka. “This program will nurture our eco-system. Since FASL is a MoU signed partner of the Singapore Fintech Association, Fintech Association of Hong Kong and the Fintech Association of Japan, we try to connect the community here with the experiences of other ecosystems, especially on how the regulators have enhanced fintech innovation. So, it’s very encouraging that the CB is working with such programmes and builds regulations around it.”