DAXTER FEATURE — Spotlight on the community at DBS Asia X (DAX)
DBS ASIA X (DAX) was launched just last year, as a dedicated innovation centre where DBS experiments and explores the future of banking. Key to that is partnering with rising start-ups and FinTech companies as well as engaging with the start-up and innovation community. That’s why we run the DAX residency programme, where start-ups can apply to be based at DAX — rent-free!
We sat down with the founders of three start-ups — Inncee, Seedly and Toucan — that recently completed their residencies with us to learn more about their journey over the past few months. All three start-ups joined the residency programme after graduating from DBS HotSpot Pre-Accelerator 2016.
What was the motivation behind your startup?
Inncee: Inncee was founded to help e-Commerce retailers sell better through the development of an automated tool for data analysis. Think of Inncee as a “data analyst on subscription”!
Seedly: Seedly was started with a mission to help millennials better manage their personal finances. That’s why we created Seedly, a personal finance app to helps users keep track of their money. The app aggregates all your banking and credit card statements and daily expenses.
Toucan: We really wanted to address the issue of financial inclusion in the ASEAN region. To do so, we’re working with micro-finance institutions and co-operatives to issue credit e-wallets to underbanked customers.
What was your best day or best memories of DAX?
Inncee: Every single day when we had a trial user convert to a paying subscription.
Seedly: Being invited to be part of the DAX tour during the Singapore FinTech Festival was definitely a big plus.
Toucan: Same for us, just being here during the first ever Singapore FinTech Festival when DAX was launched. It was great to be one of the start-ups invited to exhibit during the launch of DAX.
How has DAX/DBS helped you and your business?
Seedly: DBS has played quite a big role (in our development). From being provided with funding to a space for us to work out off, we really enjoyed our HotSpot experience.
Toucan: I’d say it was the mentorship. We had an advisor, Kenneth Kwan, who helped us understand what a bank really needs. That was really useful for our business.
Inncee: We’ve been really grateful for the connections and support from DBS, especially funding from the HotSpot (programme). That gave us a platform (to talk about our product) that we wouldn’t otherwise have. It was also during our residency that we launched our paying product! Having a dedicated workspace helped our team focus and progress. What’s more, having access to other residents who were also start-up founders, kindred spirits so to speak, was a big source of comfort and motivation. Being here at DAX, I’ve met a lot of people who ultimately had a huge influence on my business decisions.
How does DAX compare to other co-working spaces?
Inncee: Compared to where we are now, the energy levels at DAX are high!
Seedly: It is very different. People here are more corporate whereas at NUS (National University of Singapore) they are graduates. Ultimately the mindsets are different, because everyone is focused on different projects.
What did you enjoy most about your time at DAX?
Seedly: The community events were really fun, especially Paddle Royale. We got to meet lots of different people (outside the immediate DAX community) like folks from MetLife and LucasFilms. DAX’s location at the heart of the innovation and start-up community is really ideal.
Toucan: Networking at events. Being at DAX helped expand our circle, leading to partnership opportunities with at least two big consulting firms. I really appreciated DAX’s facilities too, like the open concept, availability of whiteboards and collaborative spaces. And the location is great too!
Inncee: DAX is top notch with great facilities like an open space. It was a very nice space to work in. I’d rate the workspace a 10 — the location was really convenient for our team, and (throughout my association with DBS) I have made a lot of important connections.
To Inncee, Seedly and Toucan — thank you for the great memories and we wish you all the best in your journey! We do hope to see you back at DAX soon.
