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Wells Fargo has selected two Singapore payments companies — Alpha Payments Cloud and Jewel Paymentech — for investments of up to $500,000. They will now join the spring 2016 class of the bank’s Startup Accelerator.

“Regularly collaborating with startups on a wide range of technologies through the Startup Accelerator helps Wells Fargo explore big ideas outside our walls and industry for our customers’ benefit,” says Steve Ellis, head of Wells Fargo’s Innovation Group. “We’re excited to invest in Alpha Payments Cloud and Jewel Paymentech through our Startup Accelerator. Their solutions are particularly interesting for merchants in terms of facilitating international payments and minimising transaction fraud risk.”

The bank looks to work with startups in the areas of analytics, mobile, cybersecurity, payments, lending, user-interaction design, artificial intelligence, virtual reality, digital marketing, and operations. It pairs each venture with a mentor who provides guidance around the process of approaching and selling products and services to a Fortune 500 company. Since its inception in 2014, the Startup Accelerator has received applications from more than 800 companies in over 40 countries.

By Scott Thompson

by Scott Thompson
Scott is Senior Editor at IBS Intelligence. You can follow him on Twitter and contact him at: Scott.Thompson@ibsintelligence.com
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