Phnom Penh, December 16, 2020 – Visa, the world’s leader in digital payments, is announcing an accelerator program for startups across Asia Pacific that are looking to expand their businesses into new markets. Visa will select an elite group of up to six startups to be part of the first program cohort. The Visa Accelerator Program will focus on creating defined commercial opportunities for the startups to collaborate with Visa and its extensive network of bank and merchant partners in the region.
The Visa Accelerator Program is designed for startups that have launched successful solutions in their home markets, but are looking towards the next stage of growth. As the engine of global commerce, Visa is uniquely positioned to help startups break into new geographies and reach new customer groups.
“In Visa’s ongoing work with the startup community, we often see companies face challenges when taking their business from a local success story to becoming a player in multiple markets,” said Chris Clark, regional president, Asia Pacific, Visa. “Visa has global expertise that can help startups take their expansion plans off the white board and into the real world.”
Digital economy, small businesses, open data all key focus areas
Startups in the Visa Accelerator Program should be ready to work on some of the most pressing financial and technological opportunities in Asia Pacific. Visa is looking for startups that want to address areas such as:
• Expanding access to the digital economy to consumers and businesses that may be underserved or cash-dependent
• Supporting small businesses as they grapple with changing technology demands and the ongoing impacts of the COVID-19 pandemic
• Leveraging the growing open data environment in the region to develop more personalised banking and shopping experiences
• Developing new ways of moving money that aren’t dependent on traditional credit and debit cards
The Visa Accelerator Program could have a transformative impact for startups in places like Cambodia where despite the current dominance of cash the appetite for digital payments is strong. According to the Visa Consumer Payment Attitudes Study 2020 , 42 percent of Cambodian consumers expect the country to go cashless in the future. The Accelerator Program will ensure that Cambodian businesses are equipped with the latest advances in digital payments needed to compete in this market.
“There is no shortage of fantastic solutions coming out of the Asia Pacific startup community. What’s most important to Visa is how we can support those solutions getting elevated to a stage where in a few months’ time they could be pitched as a commercial deal to a leading bank, retailer or technology company in the region. A big differentiator for the Visa Accelerator Program is our concentration on a small number of startups that are truly ready to unlock that next level,” said Clark.
Ms. Chum Monika, Visa Country Manager for Cambodia said: “The Visa Accelerator Program is a fantastic opportunity to fast-track deserving businesses into the digital economy. While Cambodia is home to innovative potential, startups often lack access to the required technical expertise needed to thrive. By giving them the opportunity to tap into Visa’s network of clients and partners, as well as providing them with dedicated support from Visa’s solution architects, the Accelerator Program can help Cambodia’s brightest startups flourish beyond their own borders.”
Join the program
The Visa Accelerator Program is a new part of Visa’s broader set of platforms and activities for the startup community in Asia Pacific. With its dedication to supporting international expansion, the Visa Accelerator Program is the right fit for startups that are Series A and above, have a long-term commitment to Asia Pacific growth and existing operations in the region, and have a market-validated, proven solution.
For more information, including how to apply, visit: https://www.visa.com.sg/apaccelerator