DBS pushes forward with digital mindset
(14 November 2016 – Singapore) DBS Bank has launched its Singapore Innovation Lab DBS Asia X (DAX).
Located at the Sandcrawler Building in Fusionopolis, DAX is a 16,000 sq ft innovation space that has project pods and spaces, journey rooms, co-working spaces for up to 100 people as well as an auditorium and cafe.
According to the bank, “over the past three years, DBS has been deeply immersed in furthering its digital transformation agenda.” DBS says this includes “changing the culture and mindset of staff, re-architecting the bank's technology infrastructure, and leveraging Big Data, biometrics and artificial intelligence to reimagine banking.”
Additionally, the bank has engaged with fintech firms with programmes such as the DBS HotSpot, the first pre-accelerator programme created and wholly-run by an Asian bank. Over 40 startups were accelerated as part of the programme, which will now be housed at DAX.
Said Piyush Gupta, CEO of DBS Bank: “DBS Asia X underscores DBS’ ongoing commitment to shaping the future of banking and embracing the future of work. It is a purpose built facility for DBS employees from all over the region to come together, design and develop iconic customer journeys and work in close collaboration with start-ups and the broader fintech community. We look towards helping to further Singapore's Smart Nation agenda as we transform DBS into a 22,000 person start-up. "
Deputy Managing Director, Monetary Authority of Singapore who helped launch the Lab said: “The opening of DBS Asia X today is a new milestone in DBS’ innovation journey. With the building up of its innovation capabilities at DBS Asia X, and the development and delivery of innovative solutions across a wide range of business areas, DBS Asia X will play an important role in bringing DBS’ strategic priorities in the area of technology and innovation to fruition. It will also increase DBS’ contribution to the development of Singapore’s fintech ecosystem, which is an important area of focus for Singapore. We believe that innovation-led growth will drive our next phase of development towards a Smart Financial Centre.”
In the statement, Neal Cross, Chief Innovation Officer, DBS Bank said: “As a crucial component of our digital agenda, we are making good headway in creating a “fintech-like” workforce that is consumed with disrupting and redesigning the customer experience.”
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