HSBC has unveiled a fintech innovation lab in Singapore with the aim of developing personalised digital and mobile services for clients in Asia Pacific.

HSBC has unveiled a fintech innovation lab in Singapore with the aim of developing personalised digital and mobile banking services for corporate clients in Asia Pacific.

The move comes in light of Citi recently launching its own Innovation Lab in Singapore which was the first Innovation Lab for Citi’s institutional clients in Asia Pacific.

Guy Harvey-Samuel, Group General Manager and CEO of HSBC Singapore, said the lab will initially concentrate on “corporate banking needs” in payments, trade and supply chains, particularly for companies with a regional focus.

HSBC confirmed the lab’s scope will also be subsequently expanded to cover the full range of HSBC services, including retail banking.

“The HSBC innovation lab will bring focus to the Singapore market on the global stage, harnessing and showcasing its strong talent pool and technologies to take newly defined propositions to other markets and geographies,” he said.

“More strategically, 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.”

According to HSBC, the lab will allow the bank to work closely with a variety of partners including clients, technology firms, academics and the government to share expertise and showcase new trends and technologies. The collaboration will also serve to generate new ideas and concepts for prototyping.

Previously, HSBC has signalled its intentions for fintech investment across Asia Pacific, signing on as a founding partner of the Stone and Chalk fintech hub in Sydney, as well as mentoring startups Hong Kong in a 12 week program that ran in August.