OCBC Bank has launched a fintech co-working space and innovation unit in Singapore and its first accelerator program to identify and collaborate with startups.
The new Fintech unit is to be the «nerve centre» for OCBC’s innovations, driving collaborations with the Fintech ecosystem, «sandboxing» new ideas with real customer data, and eventually commercialising winning prototypes, according to a press release sent on Monday.
The new unit is housed in a specially-created 2,400 square foot space where Fintech start-ups can work with in-house OCBC Bank experts to employ OCBC Bank’s data sandbox and application programme interfaces (APIs) to bring innovative solutions quickly to the market.
Five strategic areas of innovation
Led by Pranav Seth, OCBC Bank’s Head of E-Business and Business Transformation, The Open Vault at OCBC is focused on opening OCBC Bank’s doors to external innovation and ideas, and connecting with the Fintech eco-system to spot potential solutions to create innovative solutions for customers and employees.
The new Fintech hub will focus on five key fields, Wealth Management, Insurance, Cyber Security, Artificial Intelligence, Credit and Financing.
«Our key focus is to deliver tangible outcomes and value; without this, we would not want to play in the Fintech arena,» said Samuel Tsien, OCBC Bank’s Group Chief Executive Officer.
