HSBC opens ‘Innovation Lab’ in Singapore
(30 October 2015 – Singapore) HSBC has announced the opening of its Singapore Innovation Lab, the bank’s first foray in the ‘fintech’ space in Asia Pacific.
The bank has said that the initiative will initially concentrate on corporate banking needs in payments, trade and supply chain, particularly for companies with a regional focus, eventually expanding to all of HSBC’s products and services.
The Singapore lab will extend its support and expertise to the development and testing of digital and mobile banking innovation projects in other ASEAN countries where the bank has an active presence, including Malaysia, Indonesia and the Philippines.
HSBC will work with partners - including clients, technology firms, academia and the government - to share expertise and showcase trends and new technologies. The collaboration will also serve to generate new ideas and concepts for prototyping. Cutting-edge client propositions will be put to trial through business simulations to derive practical insights into digital disruptions, and fine-tuned before being fully launched in the market.
Marcus Treacher, global head, innovation for payments and cash management, HSBC, said: "The HSBC innovation lab will not only provide extensive exposure to the latest financial technology trends to our partners and clients for earlier strategic response but position HSBC as a digital banking thought-leader in the Asia Pacific."
Guy Harvey-Samuel, HSBC Group General Manager and CEO of HSBC Singapore, added: "Much of the corporate management activity across ASEAN emanates from Singapore, and the city- state is making a concerted push to develop itself as a technology innovation centre, attracting a growing start-up community and forging ties with other leading innovation centres, such as London.”
"It will strengthen the bank's world-wide program of innovation, leveraging our international reach and connectivity to accelerate and amplify the benefits and opportunities to our clients with international ambitions,” he said.
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