UOB has launched The FinLab, a new initiative aimed at accelerating the growth and development of fintech startups and innovators in Singapore.
United Overseas Bank has launched The FinLab, a new initiative aimed at accelerating the growth and development of fintech startups and innovators in Singapore.
By partnering with Infocomm Investments Pte Ltd (IIPL), UOB joins HSBC and Citi in unveiling its own fintech lab in a move aimed at unlocking innovation in such areas as payments, wealth management, customer experience management, data analytics, small-to-medium enterprise (SME) banking, as well as mobile banking.
The FinLab was formed with the promise of accelerating the “innovation journey” of at least 30 startups across the region through a series of three-month workshops to be run at IIPL’s startup launchpad, Build Amazing Startups Here (BASH).
According to Janet Young, Head of Group Channels and Digitalisation at UOB, the innovation lab will foster collaboration between startups, software developers, product managers and senior bankers from UOB.
“The FinLab will bring together Asia’s most promising startups and UOB employees to help transform emerging technologies into what could be the future of financial services,” Young said.
“UOB has long believed in nurturing businesses to their full potential. This innovation lab is yet another example of how we can help develop fintech startups from a very early stage.”
The bank confirmed it has also signed on Leslie Loh of Red Dot Ventures and Eddie Chau of TNF Ventures – in addition to a series of “successful entrepreneurs” and venture capitalists – to work closely with the startups by providing mentoring support and guidance.
“We also want our colleagues to enhance their skills in the field of innovation and encourage them to join the program,” Young said.
Head of IIPL, Dr. Alex Lin, said the fintech hub will help accelerate the development of “commercially viable” fintech products that can grow and scale globally, benefiting Singapore as well as Asia Pacific from a regional perspective.
“This partnership is a commitment to incorporate innovation that not only shapes the fintech landscape in Singapore and Southeast Asia, but also builds a strong pipeline of sustainable fintech startups in our regional ecosystem,” he said.
