Singapore's status as a top fintech hub has been boosted by the news that Bank of China and Deutsche Bank have both opened innovation labs on the island.
Bank of China's lab is the first of its kind for the lender and will spearhead regional and global research and development work as well as build a talent pipeline and foster partnerships with local startups, universities and the government.
The lab will also act as a showcase for developments in areas such as AI, blockchain, cloud and big data. A robotic customer service officer with facial recognition capabilities will be on duty and visitors can experience how the bank's customers in China tour house sales via VR.
Liu Liange, president, Bank of China, says: "The Bank of China Innovation Lab (Singapore) marks a new milestone in our journey in Southeast Asia as we lead the future with technology from Asia’s fintech hub, Singapore."
Meanwhile, Deutsche Bank has opened its own innovation lab in the island, completing a global network of sites, which spans from Berlin to London, New York, Palo Alto and now Singapore.
Deutsche says that its top priority with the new centre is to find the best startup opportunities across Asia Pacific.
Werner Steinmueller, CEO, Deutsche Bank, Asia Pacific, says: "Asia, particularly Singapore, is proving to be fertile ground for talented startups and we are very excited about the potential for partnerships here."