CBA launches innovation lab in Hong Kong

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The Commonwealth Bank of Australia has unveiled an innovation lab in Hong Kong as part of a broader move to establish a “global approach” to innovation.

The Commonwealth Bank of Australia (CBA) has unveiled an innovation lab in Hong Kong as part of a broader move to establish a “global approach” to innovation.

The announcement comes on the back of the bank’s plans to develop a $1.6 million cyber-security education centre, with a partnership with the University of New South Wales announced last month.

Kelly Bayer Rosmarin, Group Executive, Institutional Banking and Markets at CBA, said that Hong Kong was an optimal location for the bank to establish an “innovation presence” in Asia due to its highly developed financial sector, strong entrepreneurial culture and proximity to China.

“The Hong Kong Lab will allow us to partner with the brightest minds across the city’s accelerator, government, university, startup and fintech communities to further develop creative and innovative solutions for our clients,” she said.

“The strong interest in our Sydney Innovation Lab demonstrates the emphasis business and government place on innovation as an integral part to a successful future.”

The Hong Kong Lab will have three main zones to encourage collaboration and drive experimentation.

  • The incubation garage space will help cross-functional project teams work together on bringing ideas to life.
  • The collaboration hub will encourage co-creation with clients to find bespoke solutions, address specific challenges and test prototypes.
  • The usability room provides clients with a live testing facility and new “eye-tracking technology” to improve their digital platforms.

For CBA, the Hong Kong Innovation Lab is seen as a “natural extension” of the bank’s Sydney Innovation Lab, with plans to expand to London later this year currently under way.

According to Bayer Rosmarin, the bank’s Sydney Innovation Lab hosted over 40,000 guests in one year, collaborating with major Australian corporates, government organisations and universities, as well as successfully overseeing a live blockchain workshop last month.

“This innovation space has strengthened our culture of innovation and we look forward to continuing this success on a global scale,” she said.