HSBC has opened a fintech innovation lab in Singapore that will focus on developing digital and mobile banking services tailored to clients in Asia Pacific.
The lab will eventually work with all parts of the business but will initially concentrate on corporate banking needs in payments, trade and supply chains, particularly for companies with a regional focus.
HSBC says that it will work with clients, tech firms, academics and governments to develop new ideas and concepts, prototyping and trialing technology that will hopefully make it to market.
Marcus Treacher, global head, innovation for payments and cash management, HSBC, says: "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."
HSBC has been actively ramping up its involvement in fintech, mentoring startups in London and Hong Kong and backing the Stone & Chalk hub in Sydney.
Meanwhile, Singapore has been busy working to establish itself as a global fintech hub, recently committing S$225 million over the next five years to a scheme designed to build a vibrant ecosystem for the sector.
Part of the money has been earmarked to convince banks to set up their R&D and innovation labs on the island. Metlife and UBS are among those that have already applied for funds.