Visa (NYSE: V), which claims to be a world leader in digital payments, is announcing an open call for startups across the APAC region in order to apply for the Visa Accelerator Program 2023 and applications will close on January 10, 2022.
Currently in its third year, the Visa Accelerator Program aims to select a small group of high-potential startups in order to collaborate on some of the most critical challenges in the payments sector.
The 2023 program will primarily focus on creating solutions in the following areas: Web 3.0, international money movement, embedded finance, merchant and small business enablers, and open banking solutions.
The Visa Accelerator Program was introduced back in 2019 and has enabled the growth of some of Asia Pacific’s most innovative startups.
The five startups from the 2022 cohort have reportedly presented their proof-of-concepts at the Visa Accelerator Spotlight event, which came after working with Visa product and business development teams to bring their concepts to life and also expand their businesses into new markets.
Startups from the 2021 and 2022 cohorts were able to finalize nine commercial deals with Visa’s customers and partners in the APAC region. In addition to this, Visa has entered into six partnership and commercial agreements with various startups, emphasizing the value that startups may bring to the larger payments sector.
Ng Kong Boon, Visa Country Manager for Malaysia stated:
“It is exciting to see great products co-developed by the successful startups from the previous cohorts, who have also become our valued partners. Expectations are high as we recruit for the third cohort, because we want to continue bringing the best startups across the region into Visa’s payments network. We’re looking forward to seeing applications from Malaysia for the 2023 Accelerator Program.”
As noted in the update, applications for the Visa Accelerator Program 2023 are currently open and will be closing on 10 January 2023.
The program is the appropriate fit for startups that are at Series A and above, have a long-term commitment to Asia Pacific growth and ongoing operations in the region, and have a proven solution.
The 6-month program will allow selected startups to work with Visa’s payment professionals, product architects and business development teams to develop, test, and iterate solutions, while pursuing go-to-market opportunities with Visa’s network of financial institutions, merchants and partners.