HSBC launches Fintech innovation lab in Singapore

The lab will focus on corporate banking needs in payments, trade and supply chain.

HSBC has launched a financial technology (Fintech) innovation lab in Singapore, which will enable the bank to work collaboratively with corporates in developing the next generation of digital and mobile banking services.

The opening of the HSBC Singapore Innovation Lab is the first of such a dedicated and strategic space for the bank in Asia Pacific.

Staffed with a team of business and technology experts, the bank’s innovation lab in Singapore will focus on corporate banking needs in payments, trade and supply chain, particularly for companies with a regional focus. Its scope will also be subsequently expanded to cover the full range of HSBC services, including retail banking.

HSBC is honoured to have the Monetary Authority of Singapore’s (MAS) support in the launch of its innovation lab in Singapore.

Mr Sopnendu Mohanty, Chief Fintech Officer at MAS, said: “The financial sector is an integral part of Singapore’s ambition to becoming a ‘Smart Nation’ as financial services are increasingly driven and powered by technology. The industry offers fertile ground for innovation and the application of technology advancements.”

“MAS is delighted that HSBC can be a key contributor to the Fintech eco-system with the launch of its innovation lab in Singapore. The setting up of such innovation centres in Singapore is a step in the right direction in promoting a more pervasive culture of innovation and the more effective utilisation of technology.”