Amazon Web Services (AWS), which provides information technology infrastructure services to businesses in the form of web services, announced on Wednesday the launch of the AWS Global Fintech Accelerator programme at the Collision Conference.
The inaugural cohort will choose 150 financial startups from throughout North America (NAMER), Europe, the Middle East and Africa (EMEA), and Latin America (LATAM) that are using AI and ML technologies.
The accelerator application period began today and will be accepted until August 14. Application criteria can be checked here.
Howard Wright, VP and Global Head of Startups, says, “We are making big bets on the potential of generative AI to significantly change every customer experience out there, especially as it relates to financial services.”
“In the long term, we expect generative AI to usher in the era of self-driving money, when every consumer with a smartphone can have access to an affordable, trusted financial advisor that will help them improve their financial health. These solutions will leverage what the cloud does best: it democratises access for everyone,” adds Wright.
What does the AWS Global Fintech Accelerator offer?
The Accelerator, launched in collaboration with NVIDIA, is focused on assisting early-stage fintech businesses that use AI/ML to revolutionise financial services.
Sam Edge, Global Head of Fintech for Startups at AWS, adds, “More and more consumers want a future when access to finance is cheaper, greener, and decentralised.”
“Arming fintech startups with powerful AI and machine learning tools will unlock new opportunities for them to reach and delight these ever-demanding customers—that is the goal of this programme,” adds Edge.
The six-week programme will offer 150 chosen international startups access to specialised resources and technologies that will enable fintech innovation as well as partnership opportunities with investors and advisors.
These startups will also get up to $25,000 in AWS Activate credits to help them develop their products and services.
The top 15 fintech startups (5 from each region) will be given up to $75K in extra AWS Activate credits and invited to a Demo Day (an event to be held in the US) where they will be able to showcase their products and services to a select group of potential investors and clients.
The programme will be remotely hosted between September 18 to October 27, 2023.
About Amazon Web Services
AWS claims to be the world’s most comprehensive and broadly adopted cloud offering for over 15 years.
AWS has expanded its services to support virtually any cloud workload and now offers over 200 featured services for compute, storage, databases, networking, analytics, ML and AI, IoT, mobile, security, hybrid, VR and AR, media, and application development, deployment, and management from 84 Availability Zones (AZs) across 26 geographical locations.
AWS also intends to open 24 additional Availability Zones and eight additional AWS regions in Australia, Canada, India, Israel, New Zealand, Spain, Switzerland, and the UAE.
The company’s clients rely on AWS to power their infrastructure, become more agile, and save expenses, including the fastest-growing startups, largest companies, and leading government organisations.